-
作者：Ejrnaes, Mette; Browning, Martin
作者单位：University of Copenhagen; University of Oxford
摘要：We consider the decomposition of shocks to a dynamic process into a persistent and a transitory component. Without additional assumptions (such as zero correlation) the decomposition of shocks into a persistent and transitory component is indeterminate. The assumption that is conventional in the earnings literature is that there is no correlation. The Beveridge-Nelson decomposition that is widely used in time series analysis assumes a perfect correlation. Without restrictions on the correlatio...
-
作者：Henry, Marc; Kitamura, Yuichi; Salanie, Bernard
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Yale University; Columbia University
摘要：We consider partial identification of finite mixture models in the presence of an observable source of variation in the mixture weights that leaves component distributions unchanged, as is the case in large classes of econometric models. We first show that when the number J of component distributions is known a priori, the family of mixture models compatible with the data is a subset of a J(J-1)-dimensional space. When the outcome variable is continuous, this subset is defined by linear constr...
-
作者：Blundell, Richard; Matzkin, Rosa L.
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of California System; University of California Los Angeles
摘要：The control function approach (Heckman and Robb (1985)) in a system of linear simultaneous equations provides a convenient procedure to estimate one of the functions in the system using reduced form residuals from the other functions as additional regressors. The conditions on the structural system under which this procedure can be used in nonlinear and nonparametric simultaneous equations has thus far been unknown. In this paper, we define a new property of functions called control function s...
-
作者：Gill, David; Prowse, Victoria
作者单位：University of Oxford; Cornell University
摘要：In a real effort experiment with repeated competition we find striking differences in how the work effort of men and women responds to previous wins and losses. For women, losing per se is detrimental to productivity, but for men, a loss impacts negatively on productivity only when the prize at stake is big enough. Responses to luck are more persistent and explain more of the variation in behavior for women, and account for about half of the gender performance gap in our experiment. Our findin...
-
作者：Helmers, Christian; Patnam, Manasa
作者单位：Santa Clara University
摘要：This paper identifies the effect of neighborhood peer groups on childhood skill acquisition using observational data. We incorporate spatial peer interaction, defined as a child's nearest geographical neighbors, into a production function of child cognitive development in Andhra Pradesh, India. Our peer group definition takes the form of networks, whose structure allows us to identify endogenous peer effects and contextual effects separately. We exploit variation over time to avoid confounding...
-
作者：Albanesi, Stefania; Olivetti, Claudia
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR); Boston University; National Bureau of Economic Research
摘要：Fertility in the United States rose from a low of 2.27 children for women born in 1908 to a peak of 3.21 children for women born in 1932. It dropped to a new low of 1.74 children for women born in 1949, before stabilizing for subsequent cohorts. We propose a novel explanation for this boom-bust pattern, linking it to the huge improvements in maternal health that started in the mid-1930s. Our hypothesis is that the improvements in maternal health contributed to the mid-twentieth century baby bo...
-
作者：Den Haan, Wouter J.; Sedlacek, Petr
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Bonn
摘要：This paper develops a model according to which the costs of business cycles are nontrivial because they reduce the average level of output. The reason is an interaction between job creation costs and an agency problem. The agency problem triggers separations during economic downturns even though both the employer and the worker would be better off if the job was not discontinued, that is, affected jobs have strictly positive surplus values. Similarly, booms make it possible for more jobs to ov...
-
作者：Chiappori, Pierre-Andre; Samphantharak, Krislert; Schulhofer-Wohl, Sam; Townsend, Robert M.
作者单位：Columbia University; University of California System; University of California San Diego; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Massachusetts Institute of Technology (MIT)
摘要：We show how to use panel data on household consumption to directly estimate households' risk preferences. Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity. There is substantial, statistically significant heterogeneity in estimated risk preferences. Full insurance cannot be rejected. As the risk-sharing as-if-complete-markets theory might predict, estimated risk preferenc...
-
作者：Lippi, Francesco; Schivardi, Fabiano
作者单位：University of Sassari; Luiss Guido Carli University
摘要：In firms with concentrated ownership the controlling shareholder may pursue nonmonetary private returns, such as electoral goals in a firm controlled by politicians or family prestige in family firms. We use a simple theoretical model to analyze how this mechanism affects the selection of executives and, through this, the firm's productivity compared to a benchmark where the owner only cares about the value of the firm. We discuss identification and derive two structural estimates of the model...
-
作者：Hansen, Bruce E.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper examines the asymptotic risk of nested least-squares averaging estimators when the averaging weights are selected to minimize a penalized least-squares criterion. We find conditions under which the asymptotic risk of the averaging estimator is globally smaller than the unrestricted least-squares estimator. For the Mallows averaging estimator under homoskedastic errors, the condition takes the simple form that the regressors have been grouped into sets of four or larger. This conditi...
