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作者：Arcidiacono, Peter; Aucejo, Esteban M.; Fang, Hanming; Spenner, Kenneth I.
作者单位：Duke University; National Bureau of Economic Research; University of Pennsylvania; Duke University
摘要：We argue that once we take into account the students' rational enrollment decisions, mismatch in the sense that the intended beneficiaries of affirmative action admission policies are made worse off ex ante can only occur if selective universities possess private information. Ex ante mismatch occurs when revelation of this information would have changed the student's choice of school. This necessary condition for mismatch provides the basis for a new test. The test is implemented using data fr...
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作者：Liu, Zheng; Waggoner, Daniel F.; Zha, Tao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; National Bureau of Economic Research
摘要：We examine the sources of macroeconomic fluctuations by estimating a variety of richly parameterized DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. We propose an efficient methodology for estimating regime-switching DSGE models. Our counterfactual exercises show that changes in the inflation target are not the main driving force of high inflation in the 1970s. The model that best fits the U. S. time-series data is ...
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作者：Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sorensen, Bent E.
作者单位：University of Alberta; Northeastern University; University of Houston System; University of Houston
摘要：We study the determinants of individual attitudes toward risk and, in particular, why some individuals exhibit extremely high risk aversion. Using data from the Panel Study of Income Dynamics, we find that policy induced increases in high school graduation rates lead to significantly fewer individuals being highly risk averse in the next generation. Other significant determinants of risk aversion are age, sex, and parents' risk aversion. We verify that risk aversion matters for economic behavi...
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作者：Canova, Fabio; Ferroni, Filippo
摘要：We propose a method to estimate time invariant cyclical dynamic stochastic general equilibrium models using the information provided by a variety of filters. We treat data filtered with alternative procedures as contaminated proxies of the relevant model-based quantities and estimate structural and nonstructural parameters jointly using a signal extraction approach. We employ simulated data to illustrate the properties of the procedure and compare our conclusions with those obtained when just ...
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作者：Griffith, Rachel; Lee, Sokbae; Van Reenen, John
作者单位：University of Manchester; Seoul National University (SNU); National Bureau of Economic Research
摘要：We examine the home bias of knowledge spillovers (the idea that knowledge spreads more slowly over international boundaries than within them) as measured by the speed of patent citations. We present econometric evidence that the geographical localization of knowledge spillovers has fallen over time, as we would expect from the dramatic fall in communication and travel costs. Our proposed estimator controls for correlated fixed effects and censoring in duration models, and we apply it to data o...
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作者：DeJong, David N.; Espino, Emilio
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We measure the extent to which the cyclical behavior of the turnover of equity shares generated by individual investors on the New York Stock Exchange can be accounted for by a single source of trade embedded in a neoclassical growth economy with dynamically complete markets. The source of trade is heterogeneity in agents' financial wealth. In the post-war United States, turnover has been more than seven times as volatile as output and has exhibited asynchronous cyclical characteristics: lagge...
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作者：Judd, Kenneth L.; Maliar, Lilia; Maliar, Serguei
作者单位：Stanford University; National Bureau of Economic Research; Universitat d'Alacant
摘要：We develop numerically stable and accurate stochastic simulation approaches for solving dynamic economic models. First, instead of standard least-squares approximation methods, we examine a variety of alternatives, including least-squares methods using singular value decomposition and Tikhonov regularization, least-absolute deviations methods, and principal component regression method, all of which are numerically stable and can handle ill-conditioned problems. Second, instead of conventional ...
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作者：Fox, Jeremy T.; Kim, Kyoo Il; Ryan, Stephen P.; Bajari, Patrick
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT)
摘要：We propose a simple mixtures estimator for recovering the joint distribution of parameter heterogeneity in economic models, such as the random coefficients logit. The estimator is based on linear regression subject to linear inequality constraints, and is robust, easy to program, and computationally attractive compared to alternative estimators for random coefficient models. For complex structural models, one does not need to nest a solution to the economic model during optimization. We presen...
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作者：Mehra, Rajnish; Piguillem, Facundo; Prescott, Edward C.
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：The neoclassical growth model is extended to include costly intermediated borrowing and lending between households. This is an important extension as substantial resources are used to intermediate the large amount of borrowing and lending between households. In 2007, in the United States, the amount intermediated was 1.7 times gross national product (GNP), and the resources used in this intermediation amounted to at least 3.4 percent of GNP. The theory implies that financial intermediation ser...
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作者：Bhattacharya, Debopam; Mazumder, Bhashkar
作者单位：University of Oxford; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Lower intergenerational income mobility for blacks is a likely cause behind the persistent interracial gap in economic status in the United States. However, few studies have analyzed black-white differences in intergenerational income mobility and the factors that determine these differences. This is largely due to the absence of appropriate methodological tools. We develop nonparametric methods to estimate the effects of covariates on two measures of mobility. We first consider the traditiona...
