It is commonly thought that a picture is worth a thousand words. If that is so, one might ask how much data is a piece of advice worth. In other words, if advice is important than we should be able to measure it in two ways: How much data would a rational decision maker be willing to give up in...

In this paper we build on the Cunha, Heckman and Navarro (2005) and show that labor earnings risk has increased considerably over time and it has increased more for lower skill groups than higher skill groups

This paper estimates a structural model of firm growth and partially sunk investment. In the model, the firm's optimal adjustment keeps the gap between the actual capital stock and its frictionless counterpart between two boundaries. We show that any two quantiles of output growth conditional on...