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Econometrics and the Design of Economic Reform
Bruno, Michael - 2010
The concept of Economic Reform is described as a planned shift from one, Pareto inefficient, but quasi-stable, equilibrium (or 'trap') to a new Pareto superior equilibrium which is, or is designed to become, stable too. The concept is applied to recent 'shock' stabilization programs, with...
Persistent link: https://www.econbiz.de/10013135342
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Solving Large Scale Rational Expectations Models
Gaspar, Jess - 2010
We explore alternative approaches to numerical solutions of large rational expectations models. We discuss and compare several current alternatives, focussing on the tradeoffs in accuracy, space, and speed. The models range from representative agent models with many goods and capital stocks, to...
Persistent link: https://www.econbiz.de/10012763554
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Econometrics for Decision Making : Building Foundations Sketched by Haavelmo and Wald
Manski, Charles F. - 2019
initiated his own seminal development of statistical decision theory. Haavelmo favorably cited Wald, but econometrics …In the early 1940s, Haavelmo proposed a probabilistic structure for econometric modeling, aiming to make econometrics … subsequently did not embrace statistical decision theory. Instead, it focused on study of identification, estimation, and …
Persistent link: https://www.econbiz.de/10012857670
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Instrumental Variables : An Econometrician's Perspective
Imbens, Guido W. - 2014
I review recent work in the statistics literature on instrumental variables methods from an econometrics perspective. I …
Persistent link: https://www.econbiz.de/10013056855
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Quantifier Elimination for Deduction in Econometrics
Mulligan, Casey B. - 2018
When combined with the logical notion of partially interpreted functions, many nonparametric results in econometrics … Roy model. This paper also discusses the computational complexity of real QE and its implementation in software used for …
Persistent link: https://www.econbiz.de/10012919312
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Data Problems in Econometrics
Griliches, Zvi - 2021
This review of data problems in econometrics has been prepared for the Handbook of Econometrics (Vol. 3, Chap. 25 … VII) with some final remarks on the existential problem of econometrics: life with imperfect data and inadequate theories …
Persistent link: https://www.econbiz.de/10013216520
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Monotone Instrumental Variables with an Application to the Returns to Schooling
Manski, Charles F.; Pepper, John V. - 2021
Econometric analyses of treatment response commonly use instrumental variable (IV) assumptions to identify treatment effects. Yet the credibility of IV assumptions is often a matter of considerable disagreement, with much debate about whether some covariate is or is not a "valid instrument" in...
Persistent link: https://www.econbiz.de/10013247435
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Econometric Models of Limit-Order Executions
Lo, Andrew W.; Mackinlay, A. Craig; Zhang, June - 2021
This paper attempts to assess whether money can generate persistent economic" fluctuations in dynamic general equilibrium models of the business cycle. We show that a small" nominal friction in the goods market can make the response of output to monetary shocks large" and persistent if it is...
Persistent link: https://www.econbiz.de/10013248406
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Observational Agency and Supply-Side Econometrics
Philipson, Tomas - 2021
A central problem in applied empirical work is to separate out the patterns in the data that are due to poor production of the data, such as e.g. non-response and measurement errors, from the patterns attributable to the economic phenomena studied. This paper interprets this inference problem as...
Persistent link: https://www.econbiz.de/10013249584
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Analysis of the Monetary Transmission Mechanism : Methodological Issues
McCallum, Bennett T. - 2021
This paper argues that, in studying the monetary policy transmission process, more emphasis should be given to the systematic portion of policy behavior and correspondingly less to random shocks basically because shocks account for a very small fraction of policy-instrument variability. Analysis...
Persistent link: https://www.econbiz.de/10013212576