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...

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...

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...

This Selected Issues paper examines implications of capital account liberalization in Iceland. Capital controls were critical in 2008 to avoid a more severe collapse of the Icelandic economy. Six years later, capital inflows have been liberalized, but most outflows remain restricted. Iceland has...

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...