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Computing Stochastic Dynamic Economic Models with a Large Number of State Variables: A Description and Application of a Smolyak-Collocation Method
Krueger, Dirk; Kubler, Felix; Malin, Benjamin - National Bureau of Economic Research (NBER) - 2007
We describe a sparse grid collocation algorithm to compute recursive solutions of dynamic economies with a sizable number of state variables. We show how powerful this method may be in applications by computing the nonlinear recursive solution of an international real business cycle model with a...
Persistent link: https://www.econbiz.de/10005248654
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U.S. Exports, 1972-1994: With State Exports and Other U.S. Data
Feenstra, Robert C. - National Bureau of Economic Research (NBER) - 1997
This paper describes data on U.S. exports from 1972-1994, classified according to the Schedule B' system, Harmonized System (HS), Standard International Trade Classification (SITC, Revisions 2 and 3), and Standard Industrial Classification (SIC, 1972 basis), along with various concordances. All...
Persistent link: https://www.econbiz.de/10005774468
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The "Names Game": Harnessing Inventors' Patent Data for Economic Research
Trajtenberg, Manuel; Shiff, Gil; Melamed, Ran - National Bureau of Economic Research (NBER) - 2006
The goal of this paper is to lay out a methodology and corresponding computer algorithms, that allow us to extract the detailed data on inventors contained in patents, and harness it for economic research. Patent data has long been used in empirical research in economics, and yet the information...
Persistent link: https://www.econbiz.de/10005778256
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Computing Stochastic Dynamic Economic Models with a Large Number of State Variables: A Description and Application of a Smolyak-Collocation Method
Krueger, Dirk; Kubler, Felix; Malin, Benjamin - National Bureau of Economic Research (NBER) - 2007
We describe a sparse grid collocation algorithm to compute recursive solutions of dynamic economies with a sizable number of state variables. We show how powerful this method may be in applications by computing the nonlinear recursive solution of an international real business cycle model with a...
Persistent link: https://www.econbiz.de/10005779064
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Improving Policy Functions in High-Dimensional Dynamic Games
Manzanares, Carlos A.; Jiang, Ying; Bajari, Patrick - National Bureau of Economic Research (NBER) - 2015
In this paper, we propose a method for finding policy function improvements for a single agent in high-dimensional Markov dynamic optimization problems, focusing in particular on dynamic games. Our approach combines ideas from literatures in Machine Learning and the econometric analysis of games...
Persistent link: https://www.econbiz.de/10011272307
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The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself
Jorda, Oscar; Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2009
The carry trade is the investment strategy of going long in high-yield target currencies and short in low-yield funding currencies. Recently, this naive trade has seen very high returns for long periods, followed by large crash losses after large depreciations of the target currencies. Based on...
Persistent link: https://www.econbiz.de/10008628426
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Currency Carry Trades
Jorda, Oscar; Taylor, Alan M.; Berge, Travis J. - National Bureau of Economic Research (NBER) - 2010
A wave of recent research has studied the predictability of foreign currency returns. A wide variety of forecasting structures have been proposed, including signals such as carry, value, momentum, and the forward curve. Some of these have been explored individually, and others have been used in...
Persistent link: https://www.econbiz.de/10008684847
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Agricultural Decisions after Relaxing Credit and Risk Constraints
Karlan, Dean; Udry, Christopher; Osei, Robert Darko; … - National Bureau of Economic Research (NBER) - 2012
The investment decisions of small‐scale farmers in developing countries are conditioned by their financial environment. Binding credit market constraints and incomplete insurance can reduce investment in activities with high expected profits. We conducted several experiments in northern Ghana...
Persistent link: https://www.econbiz.de/10010969291
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Exporting and Plant-Level Efficiency Gains: It's in the Measure
Marin, Alvaro Garcia; Voigtländer, Nico - National Bureau of Economic Research (NBER) - 2013
identify export-related efficiency gains within plants. This non-result is derived from revenue productivity (TFPR), thus also … marginal cost as an efficiency measure that is not affected by output prices. For export entrants, we find within …-plant efficiency gains of 15-25%. Because markups remain relatively stable after export entry, most of these gains are passed on to …
Persistent link: https://www.econbiz.de/10010969319
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The Performance of U.S. Wind and Solar Generating Units
Schmalensee, Richard - National Bureau of Economic Research (NBER) - 2013
Government subsidies have driven rapid growth in U.S. wind and solar generation. Using data on hourly outputs and prices for 25 wind and nine solar generating plants, some results of those subsidies are studied in detail: the value of these plants' outputs, the variability of output at plant and...
Persistent link: https://www.econbiz.de/10010950644