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作者：Fruehwirth, Jane Cooley
作者单位：University of Cambridge; University of Cambridge
摘要：This paper develops a new approach to identifying peer achievement spillovers in the context of an equilibrium model of student effort choices. By focusing on the effect of contemporaneous peer achievement, this framework integrates previously unexplored types of heterogeneity in peer spillovers in the achievement production context. Applying the strategy to North Carolina public elementary school students, I find peer achievement spillovers exist primarily within race-based reference groups, ...
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作者：Chen, Xiaohong; Favilukis, Jack; Ludvigson, Sydney C.
作者单位：Yale University; University of London; London School Economics & Political Science; New York University; National Bureau of Economic Research
摘要：This paper presents estimates of key preference parameters of the Epstein and Zin (1989, 1991) and Weil (1989) recursive utility model, evaluates the model's ability to fit asset return data relative to other asset pricing models, and investigates the implications of such estimates for the unobservable aggregate wealth return. Our empirical results indicate that the estimated relative risk aversion parameter ranges from 17 to 60, with higher values for aggregate consumption than for stockholde...
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作者：Rau, Tomas
作者单位：Pontificia Universidad Catolica de Chile
摘要：In this paper, I present a general modeling framework for nonparametric models with endogenous regressors and heterogeneity. I show that many existing models in the literature can be derived from a structural equation with unobserved heterogeneity by imposing constancy assumptions on the first and second derivatives. I consider a less restrictive model that imposes constancy assumptions on the second partial derivative of the structural equation. Assuming the existence of suitable instrumental...
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作者：Blundell, Richard; Low, Hamish; Preston, Ian
作者单位：University of London; University College London; University of Cambridge
摘要：We develop a new approach to the decomposition of income risk within a non-stationary model of intertemporal choice. The approach allows for changes in income risk over the life cycle and across the business cycle, allowing for mixtures of persistent and transitory components in the dynamic process for income. We focus on what can be learned from repeated cross-section data alone. Evidence from a stochastic simulation of consumption choices in a nonstationarity environment is used to show the ...
