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作者：Hausman, Jerry A.; Newey, Whitney K.; Woutersen, Tiemen; Chao, John C.; Swanson, Norman R.
作者单位：Massachusetts Institute of Technology (MIT); University of Arizona; University System of Maryland; University of Maryland College Park; Rutgers University System; Rutgers University New Brunswick
摘要：This paper gives a relatively simple, well behaved solution to the problem of many instruments in heteroskedastic data. Such settings are common in microeconometric applications where many instruments are used to improve efficiency and allowance for heteroskedasticity is generally important. The solution is a Fuller (1977) like estimator and standard errors that are robust to heteroskedasticity and many instruments. We show that the estimator has finite moments and high asymptotic efficiency i...
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作者：Salcedo, Alejandrina; Schoellman, Todd; Tertilt, Michele
作者单位：Bank of Mexico; Arizona State University; Arizona State University-Tempe; University of Mannheim; National Bureau of Economic Research
摘要：Living arrangements have changed enormously over the last two centuries. While the average American today lives in a household of only three people, in 1850 household size was twice that figure. Furthermore, both the number of children and the number of adults in a household have fallen dramatically. We develop a simple theory of household size where living with others is beneficial solely because the costs of household public goods can be shared. In other words, we abstract from intrafamily r...
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作者：Nakajima, Makoto
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model can capture two contrasting views: the positive view, which links increased indebtedness to financial innovation and thus better consumption smoothing, and the negative view, which is associated with cons...
