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作者：Kinsler, Josh
作者单位：University of Rochester
摘要：Value-added models of teacher effectiveness yield consistent estimates of teacher quality under the assumption that students are randomly assigned to classrooms conditional on ability. Rothstein (2010) tested and rejected this underlying sorting assumption, casting doubt on the usefulness of the value-added framework. In this paper, I illustrate that the falsification tests employed by Rothstein perform quite poorly in small samples and I propose an alternative testing strategy that is less se...
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作者：Hryshko, Dmytro
作者单位：University of Alberta
摘要：Idiosyncratic labor incomes are typically modeled either by stochastic processes with heterogeneous income profiles (HIPs) or restricted income profiles (RIPs). The HIP assumes that individual labor income grows deterministically at an unobserved rate and contains a persistent but stationary component, while the RIP assumes that income contains a random walk, a stationary component, and no unobserved deterministic growth-rate component. I show that if idiosyncratic labor income contains a pers...
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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：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...
