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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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Are Capital Controls Prudential? An Empirical Investigation
Fernández, Andrés - 2013
A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in a large number of...
Persistent link: https://www.econbiz.de/10013072573
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World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernández, 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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Inequality in Human Capital and Endogenous Credit Constraints
Hai, Rong - 2017
This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit constraints. We develop and estimate a model in which individuals face uninsured human capital risks and invest in education, acquire work experience, accumulate assets and smooth...
Persistent link: https://www.econbiz.de/10012966600
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Learning to Live in a Liquidity Trap
Arifovic, Jasmina - 2017
The Taylor rule in combination with the zero lower bound on nominal rates has been shown to create an unintended liquidity-trap equilibrium. The relevance of this equilibrium has been challenged on the basis that it is not stable under least-square learning. In this paper, we show that the...
Persistent link: https://www.econbiz.de/10012949395
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Estimating the Technology of Cognitive and Noncognitive Skill Formation
Cunha, Flávio - 2015
This paper formulates and estimates multistage production functions for children's cognitive and noncognitive skills. Skills are determined by parental environments and investments at different stages of childhood. We estimate the elasticity of substitution between investments in one period and...
Persistent link: https://www.econbiz.de/10013039154
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Exchange Rates and Uncovered Interest Differentials : The Role of Permanent Monetary Shocks
Schmitt-Grohé, Stephanie - 2018
This paper estimates an empirical model of exchange rates and uncovered interest rate differentials with permanent U.S. monetary policy shocks. Using post-Bretton-Woods data from the United States, the United Kingdom, Japan, and Canada, it reports two main findings: First, monetary shocks that...
Persistent link: https://www.econbiz.de/10012906317
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General Equilibrium Treatment Effects : A Study of Tuition Policy
Heckman, James J.; Lochner, Lance; Taber, Christopher - 2021
This paper defines and estimates general equilibrium treatment effects. The conventional approach in the literature on treatment effects ignores interactions among individuals induced by the policy interventions being studied. Focusing on the impact of tuition policy, and using estimates from...
Persistent link: https://www.econbiz.de/10013218411
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Causal Parameters and Policy Analysis in Economcs : a Twentieth Century Retrospective
Heckman, James J. - 2021
The major contributions of twentieth century econometrics to knowledge were the definition of causal parameters when agents are constrained by resources and markets and causes are interrelated, the analysis of what is required to recover causal parameters from data (the identification problem),...
Persistent link: https://www.econbiz.de/10013219291
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Optimal Simple and Implementable Monetary and Fiscal Rules
Schmitt-Grohé, Stephanie; Uribe, Martín - 2021
The goal of this paper is to compute optimal monetary and fiscal policy rules in a real business cycle model augmented with sticky prices, a demand for money, taxation, and stochastic government consumption. We consider simple policy rules whereby the nominal interest rate is set as a function...
Persistent link: https://www.econbiz.de/10013220424