Early research has documented that the large scale equity market liberalizations of the last decade led the subsequent rise in aggregate equity indices, investment booms, capital flows and economic growth. An important and unaddressed issue is the normative question of whether and how these...

The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing...

China is on the eve of a demographic shift that will have profound consequences on its economic and social landscape. Within a few years the working age population will reach a historical peak, and then begin a precipitous decline. This fact, along with anecdotes of rapidly rising migrant wages...

This paper derives the asymptotic distribution theory for censored regression models with endogenous covariates under no parametric assumptions on the disturbance distribution, extending the modeling framework of Powell (1986). While it is well known that under some restrictions the use of...

This paper develops minimum distance estimators for nonparametric models where the dependent variable is known only to fall in a specified group with observable thresholds, while its true value remains unobserved and possibly censored. Such data arise commonly in major U.S and U.K data sets...

This paper presents new instrumental variables estimators for nonparametric models with discrete endogenous regressors. The model specification is sufficiently general to include structural models, triangular simultaneous equations and certain models of measurement error. One motivation of the...

The induced demand model postulates that physicians respond to adverse income shocks by electing to perform more remunerative procedures. Recent work verifies the predictions of this model, finding a strong shift away from natural deliveries to the more highly reimbursed cesarean delivery in...

Sample selection models provide an important way of accounting for economic decisions that combine discrete and continuous choices and of correcting for nonrandom sampling. Nonparametric estimators for these models are developed in this paper. These can be used for estimating shapes and...

We present estimators for semiparametric regression models where the dependent variable is grouped, that is, known to fall in a specified group with observable thresholds while its true value remains latent. Income, weeks unemployed, and treatment length are examples of such variables. Because...