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Assessing Australian monetary policy in the twenty-first century
Gross, Isaac; Leigh, Andrew - 2022
Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the...
Persistent link: https://www.econbiz.de/10013373260
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Matching methods in practice : three examples
Imbens, Guido - 2014
There is a large theoretical literature on methods for estimating causal effects under unconfoundedness, exogeneity, or selection-on-observables type assumptions using matching or propensity score methods. Much of this literature is highly technical and has not made inroads into empirical...
Persistent link: https://www.econbiz.de/10010259540
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Robust confidence intervals for average treatment effects under limited overlap
Rothe, Christoph - 2015
Estimators of average treatment effects under unconfounded treatment assignment are known to become rather imprecise if there is limited overlap in the covariate distributions between the treatment groups. But such limited overlap can also have a detrimental effect on inference, and lead for...
Persistent link: https://www.econbiz.de/10010467806
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Policy discontinuity and duration outcomes
Berg, Gerard J. van den; Bozio, Antoine; Dias, Mónica Costa - 2014
Causal effects of a policy change on hazard rates of a duration outcome variable are not identified from a comparison of spells before and after the policy change, if there is unobserved heterogeneity in the effects and no model structure is imposed. We develop a discontinuity approach that...
Persistent link: https://www.econbiz.de/10010403911
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Identifying program benefits when participation is misreported
Tommasi, Denni; Zhang, Lina - 2022
In cases of non-compliance with a prescribed treatment, estimates of causal effects typically rely on instrumental variables. However, when participation is also misreported, this approach can be severely biased. We provide an instrumental variable method that researchers can use to identify the...
Persistent link: https://www.econbiz.de/10013286037
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Bounding program benefits when participation is misreported
Tommasi, Denni; Zhang, Lina - 2020
In empirical research, measuring correctly the benefits of welfare interventions is incredibly relevant for policymakers as well as academic researchers. Unfortunately, the endogenous program participation is often misreported in survey data and standard instrumental variable techniques are not...
Persistent link: https://www.econbiz.de/10012243324
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Financial development and economic growth : evidence from ten new EU members
Caporale, Guglielmo Maria; Rault, Christophe; Sova, Robert - 2014
This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007. The evidence suggests that the...
Persistent link: https://www.econbiz.de/10010398778
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Financial development, environmental quality, trade and economic growth : what causes what in MENA countries
Omri, Anis; Daly, Saida; Rault, Christophe; Chaibi, Anissa - 2015
is evidence of bidirectional causality between CO2 emissions and economic growth. Economic growth and trade openness are … interrelated i.e. bidirectional causality. Feedback hypothesis is validated between trade openness and financial development …. Neutrality hypothesis is identified between CO2 emissions and financial development. Unidirectional causality running from …
Persistent link: https://www.econbiz.de/10010488272
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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under the scenarios of both certainty and uncertainty. We...
Persistent link: https://www.econbiz.de/10012099522
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012099559