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The Economics of Human Development and Social Mobility
Heckman, James J. - 2014
This paper distills and extends recent research on the economics of human development and social mobility. It summarizes the evidence from diverse literatures on the importance of early life conditions in shaping multiple life skills and the evidence on critical and sensitive investment periods...
Persistent link: https://www.econbiz.de/10013058273
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World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernàndez, Andrés - 2016
intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …
Persistent link: https://www.econbiz.de/10012979352
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Simulation and estimation of hedonic models
Heckman, James J.; Matzkin, Rosa L.; Nesheim, Lars - 2003
Making use of restrictions imposed by equilibrium, theoretical progress has been made on the nonparametric and semiparametric estimation and identification of scalar additive hedonic models (Ekeland, Heckman, and Nesheim, 2002) and scalar nonadditive hedonic models (Heckman, Matzkin, and...
Persistent link: https://www.econbiz.de/10001784247
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Identification and estimation of hedonic models
Ekeland, Ivar; Heckman, James J.; Nesheim, Lars - 2003
This paper considers the identification and estimation of hedonic models. We establish that in an additive version of the hedonic model, technology and preferences are generically identified up to affine transformations from data on demand and supply in a single hedonic market. For a very...
Persistent link: https://www.econbiz.de/10001870920
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The Economics and Psychology of Inequality and Human Development
Cunha, Flavio - 2010
Recent research on the economics of human development deepens understanding of the origins of inequality and excellence. It draws on and contributes to personality psychology and the psychology of human development. Inequalities in family environments and investments in children are substantial....
Persistent link: https://www.econbiz.de/10012757918
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The Technology of Skill Formation
Cunha, Flavio - 2010
This paper develops a model of skill formation that explains a variety of findings established in the child development and child intervention literatures. At its core is a technology that is stage-specific and that features self productivity, dynamic complementarity and skill multipliers....
Persistent link: https://www.econbiz.de/10012760446
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A New Framework for the Analysis of Inequality
Cunha, Flavio - 2010
This paper presents a new framework for analyzing inequality that moves beyond the anonymity postulate. We estimate the determinants of sectoral choice and the joint distributions of outcomes across sectors. We determine which components of realized earnings variability are due to uncertainty...
Persistent link: https://www.econbiz.de/10012760644
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Individual Versus Aggregate Collateral Constraints and the Overborrowing Syndrome
Uribe, Martín - 2010
This paper compares the equilibrium dynamics of an economy facing an aggregate collateral constraint on external debt to the dynamics of an economy facing a collateral constraint imposed at the level of each individual agent. The aggregate collateral constraint is intended to capture an...
Persistent link: https://www.econbiz.de/10012761465
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Adjustment to Small, Large, and Sunspot Shocks in Open Economies with Stock Collateral Constraints
Schmitt-Grohé, Stephanie - 2016
This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and nonfundamental shocks. In the model, external borrowing is limited by the value of physical capital. Three results are established: (1) Adjustment to external shocks is...
Persistent link: https://www.econbiz.de/10012976973
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Is the Monetarist Arithmetic Unpleasant?
Uribe, Martín - 2016
The unpleasant monetarist arithmetic of Sargent and Wallace (1981) states that in a fiscally dominant regime tighter money now can cause higher inflation in the future. In spite of the qualifier ‘unpleasant,' this result is positive in nature, and, therefore, void of normative content. I...
Persistent link: https://www.econbiz.de/10012978518