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This paper uses newly available Chinese micro data to estimate the return to college education for late 20th century China when allowing for heterogeneous returns among individuals selecting into schooling based on these differences. We use recently developed semiparametric methods to identify...
Persistent link: https://www.econbiz.de/10013221843
Empirical researchers routinely encounter sample selection bias whereby 1) the regressor of interest is assumed to be …
Persistent link: https://www.econbiz.de/10013235319
This paper discusses the definition and identification of external treatment effects and experimental designs capable of detecting these effects. External effects occur when the outcome of a given individual is affected by the treatment assignments of other individuals. The paper argues that...
Persistent link: https://www.econbiz.de/10013242937
This paper considers causal inference and sample selection bias in non-experimental settings in which: (i) few units in … treated units and, hence, in alleviating the bias due to systematic differences between the treated and comparison units …
Persistent link: https://www.econbiz.de/10013214591
of the associated IV results. We discuss potential adjustments to IV estimates in the presence of this bias …
Persistent link: https://www.econbiz.de/10013018725
Empirical researchers often combine multiple instrumental variables (IVs) for a single treatment using two-stage least squares (2SLS). When treatment effects are heterogeneous, a common justification for including multiple IVs is that the 2SLS estimand can be given a causal interpretation as a...
Persistent link: https://www.econbiz.de/10012889954
effect having an opposite sign from the true effect. We present an expression for the asymptotic bias of both OLS and IV … estimators and discuss the conditions under which sign reversal may occur. We provide a method for eliminating this bias when …
Persistent link: https://www.econbiz.de/10012941169
American politics have been characterized by a high degree of partisan conflict in recent years. Combined with a divided government, this has led not only to significant Congressional gridlock, but also to spells of high fiscal policy uncertainty. The unusually slow recovery from the Great...
Persistent link: https://www.econbiz.de/10013021015
When a rate of return is regressed on a lagged stochastic regressor, such as a dividend yield, the regression disturbance is correlated with the regressor's innovation. The OLS estimator's finite-sample properties, derived here, can depart substantially from the standard regression setting....
Persistent link: https://www.econbiz.de/10012763765
Although ARCH-related models have proven quite popular in finance, they are less frequently used in macroeconomic applications. In part this may be because macroeconomists are usually more concerned about characterizing the conditional mean rather than the conditional variance of a time series....
Persistent link: https://www.econbiz.de/10012759101