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The Data Revolution and Economic Analysis
Levin, Jonathan; Einav, Liran - National Bureau of Economic Research (NBER) - 2013
Many believe that "big data" will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we...
Persistent link: https://www.econbiz.de/10010969342
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Causal Analysis after Haavelmo
Heckman, James J.; Pinto, Rodrigo - National Bureau of Economic Research (NBER) - 2013
Haavelmo's seminal 1943 paper is the first rigorous treatment of causality. In it, he distinguished the definition of … Acyclic Graphs (DAG) used in one influential recent approach to causality (Pearl, 2000) and in the related literature on … Pearl in securing identification of economic models. We extend our framework to consider models for simultaneous causality …
Persistent link: https://www.econbiz.de/10010950878
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Program Evaluation and Research Designs
DiNardo, John Enrico; Lee, David S. - National Bureau of Economic Research (NBER) - 2010
This chapter provides a selective review of some contemporary approaches to program evaluation. One motivation for our review is the recent emergence and increasing use of a particular kind of "program" in applied microeconomic research, the so-called Regression Discontinuity (RD) Design of...
Persistent link: https://www.econbiz.de/10008627157
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Policy Evaluation in Uncertain Economic Environments
Brock, William A.; Durlauf, Steven N.; West, Kenneth D. - National Bureau of Economic Research (NBER) - 2003
This paper develops a decision-theoretic approach to policy analysis. We argue that policy evaluation should be conducted on the basis of two factors: the policymaker's preferences, and the conditional distribution of the outcomes of interest given a policy and available information. From this...
Persistent link: https://www.econbiz.de/10005778095
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Better LATE Than Nothing: Some Comments on Deaton (2009) and Heckman and Urzua (2009)
Imbens, Guido - National Bureau of Economic Research (NBER) - 2009
Two recent papers, Deaton (2009), and Heckman and Urzua (2009), argue against what they see as an excessive and inappropriate use of experimental and quasi-experimental methods in empirical work in economics in the last decade. They specifically question the increased use of instrumental...
Persistent link: https://www.econbiz.de/10005718427
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The Credibility Revolution in Empirical Economics: How Better Research Design is Taking the Con out of Econometrics
Angrist, Joshua; Pischke, Jorn-Steffen - National Bureau of Economic Research (NBER) - 2010
This essay reviews progress in empirical economics since Leamer's (1983) critique. Leamer highlighted the benefits of sensitivity analysis, a procedure in which researchers show how their results change with changes in specification or functional form. Sensitivity analysis has had a salutary but...
Persistent link: https://www.econbiz.de/10008619290
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Distinguishing Constraints on Financial Inclusion and Their Impact on GDP and Inequality
Townsend, Robert M.; Dabla-Norris, Era; Ji, Yan; Unsal, … - National Bureau of Economic Research (NBER) - 2015
We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three...
Persistent link: https://www.econbiz.de/10011119809
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Solving and Estimating Indeterminate DSGE Models
Farmer, Roger E. A.; Khramov, Vadim; Nicolò, Giovanni - National Bureau of Economic Research (NBER) - 2013
We propose a method for solving and estimating linear rational expectations models that exhibit indeterminacy and we provide step-by-step guidelines for implementing this method in the Matlab-based packages Dynare and Gensys. Our method redefines a subset of expectational errors as new...
Persistent link: https://www.econbiz.de/10011165114
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Natural Experiment Policy Evaluation: A Critique
Hennessy, Christopher A.; Strebulaev, Ilya A. - National Bureau of Economic Research (NBER) - 2015
extrapolate within the same policy process. We derive auxiliary assumptions beyond exogeneity for valid inference in dynamic …
Persistent link: https://www.econbiz.de/10011189104
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Approximating High-Dimensional Dynamic Models: Sieve Value Function Iteration
Bayer, Patrick; Arcidiacono, Peter; Bugni, Federico A.; … - National Bureau of Economic Research (NBER) - 2012
Many dynamic problems in economics are characterized by large state spaces which make both computing and estimating the model infeasible. We introduce a method for approximating the value function of high-dimensional dynamic models based on sieves and establish results for the: (a) consistency,...
Persistent link: https://www.econbiz.de/10009652758