A standard approach to estimating structural parameters in life-cycle models imposes sufficient assumptions on the data to identify the "age profile" of outcomes, then chooses model parameters so that the model's age profile matches this empirical age profile. I show that this approach is both...

We compare sparse and dense representations of predictive models in macroeconomics, microeconomics, and finance. To deal with a large number of possible predictors, we specify a prior that allows for both variable selection and shrinkage. The posterior distribution does not typically concentrate...

Introduction: Taking structure seriously -- Structure and its measurement in econometrics -- Theory, structure and models -- Two strands of demand analysis -- Trygve Haavelmo and measuring the structure of the consumption function -- Milton Friedman and the emergence of the permanent income...