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Non-Parametric Demand Analysis with an Application to the Demand for Fish

Angrist, Joshua D. - 1995

Instrumental variables (IV) estimation of a demand equation using time series data is shown to produce a weighted average derivative of heterogeneous potential demand functions. This result adapts recent work on the causal interpretation of two-stage least squares estimates to the simultaneous...

Persistent link: https://www.econbiz.de/10012473812

Pitfalls and Opportunities : What Macroeconomists Should Know About Unit Roots

Campbell, John Y. - 1991

This paper is an introduction to unit root econometrics as applied in macroeconomics. The paper first discusses univariate time series analysis, emphasizing the following topics: alternative representations of unit root processes, unit root testing procedures, the power of unit root tests, and...

Persistent link: https://www.econbiz.de/10012475344

Temporal Aggregation and Structural Inference in Macroeconomics

Christiano, Lawrence J. - 1986

money and various measures of aggregate output. Our second example investigates the possibility that temporal aggregation …

Persistent link: https://www.econbiz.de/10012477059

A Stochastic Approach to Disequilibrium Macroeconomics

Honkapohja, Seppo - 1979

In this paper, our aim is to develop an alternative approach to analyzing a macroeconomic model where markets do not clear. Earlier approaches have had difficulties in interpreting effective demand, a key concept in disequilibrium macroeconomics. We propose a new definition of effective demand...

Persistent link: https://www.econbiz.de/10012478755

Semiparametric Estimation of Instrumental Variable Models for Causal Effects

Abadie, Alberto - 2000

This article introduces a new class of instrumental variable (IV) estimators of causal treatment effects for linear and nonlinear models with covariates. The rationale for focusing on nonlinear models is to improve the approximation to the causal response function of interest. For example, if...

Persistent link: https://www.econbiz.de/10012470874

Approximation Bias in Linearized Euler Equations

Ludvigson, Sydney - 1999

of these is the large and growing literature on precautionary saving that examines how consumption growth and saving … expected consumption growth and uncertainty in consumption growth, with a slope coefficient that is a function of the … (and the coefficient of relative risk aversion) from regressions of consumption growth on uncertainty in consumption growth …

Persistent link: https://www.econbiz.de/10012471817

Exchange-Rate Dynamics and Optimal Asset Accumulation Revisited

Obstfeld, Maurice - 1988

It has recently been observed that when equations of motion for state variables are nonautonomous, optimal control problems involving Uzawa's endogenous rate of time preference cannot be solved using the change-of-variables method common in the literature. Instead, the problem must be solved by...

Persistent link: https://www.econbiz.de/10012476565

Alternative Nonnested Specification Tests of Time Series Investment Models

Bernanke, Ben - 1985

compares their performance on four conventional models of aggregate investment demand using quarterly U.S. investment data from … that the tests are occasionally intransitive in their assessments. Before rejecting these conventional models of investment … critical levels for this finite sample bias, we conclude that the accelerator model of equipment investment cannot be rejected …

Persistent link: https://www.econbiz.de/10012477458

The Role of Economic Policy After the New Classical Macroeconomics

Buiter, Willem H. - 1980

The paper considers the implications of the rational expectations - New Classical Macroeconomics revolution for the "rules versus discretion" debate. The following issues are covered 1) The ineffectiveness of anticipated stabilization policy, 2) Non-causal models and rational expectations, 3)...

Persistent link: https://www.econbiz.de/10012478557

An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy : Expanded Version

Rotemberg, Julio J. - 1998

optimizing behavior under rational expectations, both on the part of the purchasers of goods and upon that of the sellers. The …

Persistent link: https://www.econbiz.de/10012472266