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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

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

Identification Problems in Personality Psychology

Borghans, Lex - 2011

This paper discusses and illustrates identification problems in personality psychology. The measures used by psychologists to infer traits are based on behaviors, broadly defined. These behaviors are produced from multiple traits interacting with incentives in situations. In general, measures...

Persistent link: https://www.econbiz.de/10013127766

Liquidity Traps : An Interest-Rate-Based Exit Strategy

Schmitt-Grohé, Stephanie - 2010

This paper analyzes a potential strategy for escaping liquidity traps. The strategy is based on an augmented Taylor-type interest-rate feedback rule and differs from usual specifications in that when inflation falls below a threshold, the central bank temporarily deviates from the traditional...

Persistent link: https://www.econbiz.de/10013136358

Tests of Hypotheses Arising in the Correlated Random Coefficient Model

Heckman, James J. - 2010

This paper examines the correlated random coefficient model. It extends the analysis of Swamy (1971, 1974), who pioneered the uncorrelated random coefficient model in economics. We develop the properties of the correlated random coefficient model and derive a new representation of the variance...

Persistent link: https://www.econbiz.de/10013137320

Testing the Correlated Random Coefficient Model

Heckman, James J. - 2012

The recent literature on instrumental variables (IV) features models in which agents sort into treatment status on the basis of gains from treatment as well as on baseline-pretreatment levels. Components of the gains known to the agents and acted on by them may not be known by the observing...

Persistent link: https://www.econbiz.de/10013116685

The Making of a Great Contraction with a Liquidity Trap and a Jobless Recovery

Schmitt-Grohé, Stephanie - 2012

The great contraction of 2008 pushed the U.S. economy into a protracted liquidity trap (i.e., a long period with zero nominal interest rates and inflationary expectations below target). In addition, the recovery was jobless (i.e., output growth recovered but unemployment lingered). This paper...

Persistent link: https://www.econbiz.de/10013097777

Pegs, Downward Wage Rigidity, and Unemployment : The Role of Financial Structure

Schmitt-Grohé, Stephanie - 2012

This paper studies the relationship between financial structure and the welfare consequences of fixed exchange rate regimes in small open emerging economies with downward nominal wage rigidity. The paper presents two surprising results. First, a pegging economy might be better off with a closed...

Persistent link: https://www.econbiz.de/10013103809

Intergenerational Long Term Effects of Preschool - Structural Estimates from a Discrete Dynamic Programming Model

Heckman, James J. - 2013

This paper formulates a structural dynamic programming model of preschool investment choices of altruistic parents and then empirically estimates the structural parameters of the model using the NLSY79 data. The paper finds that preschool investment significantly boosts cognitive and...

Persistent link: https://www.econbiz.de/10013081261

Estimating the Technology of Cognitive and Noncognitive Skill Formation

Cunha, Flavio - 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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