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Many believe that "big data" will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we...
Persistent link: https://www.econbiz.de/10010969342
Haavelmo's seminal 1943 paper is the first rigorous treatment of causality. In it, he distinguished the definition of causal parameters from their identification. He showed that causal parameters are defined using hypothetical models that assign variation to some of the inputs determining...
Persistent link: https://www.econbiz.de/10010950878
effects, OLS is generally not a consistent estimator of the sample-weighted average treatment effect (SWE). We propose two …, the SWE is statistically different from the OLS estimator; and in five, the SWE and OLS estimators are economically …
Persistent link: https://www.econbiz.de/10010969461
This paper assesses the validity and accuracy of firms' backward patent citations as a measure of knowledge flows from public research by employing a newly constructed dataset that matches patents to survey data at the level of the R&D lab. Using survey-based measures of the dimensions of...
Persistent link: https://www.econbiz.de/10010951458
Extremely long odds accompany the chance that spurious-regression bias accounts for investor sentiment's observed role in stock-return anomalies. We replace investor sentiment with a simulated persistent series in regressions reported by Stambaugh, Yu and Yuan (2012), who find higher long-short...
Persistent link: https://www.econbiz.de/10010796695
We address the ordinality of test scores by rescaling them by the average eventual educational attainment of students with a given test score in a given grade. We show that measurement error in test scores causes this approach to underestimate the black-white test score gap and use an...
Persistent link: https://www.econbiz.de/10010678467
We propose a new method for using validation data to correct self-reported weight and height in surveys that do not measure respondents. The standard correction in prior research regresses actual measures on reported values using an external validation dataset, and then uses the estimated...
Persistent link: https://www.econbiz.de/10010821783
Elections between black and white candidates tend to involve close margins and high turnout. Using a novel dataset of municipal vote returns during the rise of black mayors in U.S. cities, this paper establishes new facts about turnout and competition in close interracial elections. In the...
Persistent link: https://www.econbiz.de/10010821897
When a researcher estimates the parameters of a regression function using information on all 50 states in the United States, or information on all visits to a website, what is the interpretation of the standard errors? Researchers typically report standard errors that are designed to capture...
Persistent link: https://www.econbiz.de/10010821948
Although both economists and psychometricians typically treat them as interval scales, test scores are reported using ordinal scales. Using the Early Childhood Longitudinal Study and the Children of the National Longitudinal Survey, we examine the effect of order-preserving scale transformations...
Persistent link: https://www.econbiz.de/10011188570