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Persistent link: https://www.econbiz.de/10003399106
A pervasive concern with the use of self-reported health and disability measures in behavioral models is that they are biased and endogenous. A commonly suggested explanation is that survey respondents exaggerate the severity of health problems and incidence of disabilities in order to...
Persistent link: https://www.econbiz.de/10012471248
This paper discusses how optimal monetary policy is affected by differences in the combination of shocks an economy experiences and the rigidities it exhibits. Without both nominal rigidities and economic shocks, monetary policy would be irrelevant. Recognizing this, policymakers increasingly...
Persistent link: https://www.econbiz.de/10012471294
In this paper I offer an alternative identification assumption that allows one to test for changing patterns regarding the international propagation of shocks when endogenous variables, omitted variables, and heteroskedasticity are present in the data. Using this methodology, I demonstrate that...
Persistent link: https://www.econbiz.de/10012471430
This paper examines stock market co-movements. It begins with a discussion of several conceptual issues involved in measuring these movements and how to test for contagion. Standard tests examine if cross-market correlation in stock market returns increase during a period of crisis. The measure...
Persistent link: https://www.econbiz.de/10012471523
We propose a general method of moments technique to identify measurement error in self-reported and transcript …, because the measurement error in educational attainment is non-classical, IV estimates also tend to be biased, although the … magnitude of the bias depends upon the nature of the measurement error in the region of educational attainment affected by the …
Persistent link: https://www.econbiz.de/10012471555
This paper presents evidence on attitude changes among investors in the US stock market. Two basic attitudes are explored: bubble expectations and investor confidence. Semiannual time-series indicators of these attitudes are presented for US stock market institutional investors based on...
Persistent link: https://www.econbiz.de/10012471792
how this framework might be used to improve measurement of health care prices and output …
Persistent link: https://www.econbiz.de/10012471836
We develop a measure of upward mobility that distills central features of the relative and absolute approaches to measuring mobility. The former is embodied in the Growth Progressivity axiom: transfers of instantaneous growth rates from relatively rich to poor individuals increases upward...
Persistent link: https://www.econbiz.de/10012938765
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013210074