Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Econometrics (771)
- International and Area Studies (321)
- Asian Studies (316)
- Finance (221)
- Economic Theory (186)
-
- Behavioral Economics (170)
- International Economics (154)
- Business (148)
- Growth and Development (110)
- Labor Economics (87)
- Public Economics (84)
- Macroeconomics (81)
- Public Affairs, Public Policy and Public Administration (80)
- Industrial Organization (69)
- Health Economics (53)
- Real Estate (48)
- Sociology (47)
- Medicine and Health Sciences (44)
- Political Economy (38)
- Transportation (33)
- Education (31)
- Income Distribution (28)
- Physical Sciences and Mathematics (27)
- Finance and Financial Management (26)
- Urban Studies and Planning (21)
- Economic Policy (19)
- Statistics and Probability (19)
- Family, Life Course, and Society (16)
- Keyword
-
- Singapore (85)
- Specification test (28)
- China (25)
- Panel data (24)
- Bootstrap (23)
-
- Fixed effects (22)
- Strategy-proofness (21)
- COVID-19 (19)
- Economic growth (17)
- Employment (17)
- High-frequency data (16)
- Cointegration (15)
- Dynamic panel (14)
- Empirical likelihood (14)
- Endogeneity (14)
- Financial frictions (14)
- Heterogeneity (14)
- Realized volatility (14)
- Structural change (14)
- Autoregression (13)
- Incentive compatibility (13)
- Markov chain Monte Carlo (13)
- Robustness (13)
- Semimartingale (13)
- Bias (12)
- Growth (12)
- Interactive fixed effects (12)
- Monotonicity (12)
- Nonparametric regression (12)
- Nonstationarity (12)
- Publication Year
Articles 691 - 720 of 1733
Full-Text Articles in Economics
Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide
Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide
Research Collection School Of Economics
It is costly to collect the household- and individual-level data that underlies official estimates of poverty and health. For this reason, developing countries often do not have the budget to update their estimates of poverty and health regularly, even though these estimates are most needed there. One way to reduce the financial burden is to substitute some of the real data with predicted data. An approach referred to as double sampling collects the expensive outcome variable for a sub-sample only while collecting the covariates used for prediction for the full sample. The objective of this study is to determine if …
Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide
Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide
Research Collection School Of Economics
It is costly to collect the household- andindividual-level data that underlies official estimates of poverty and health. Forthis reason, developing countries often do not have the budget to update their estimatesof poverty and health regularly, even though these estimates are most neededthere. One way to reduce the financial burden is to substitute some of the realdata with predicted data. An approach referred to as double sampling collectsthe expensive outcome variable for a sub-sample only while collecting thecovariates used for prediction for the full sample. The objective of this studyis to determine if this would indeed allow for realizing meaningful reductionsin …
Testing Of Non-Inferiority And Superiority For Three-Arm Clinincal Studies With Multiple Experimental Treatments, Junjiang Zhong, Koon Shing Kwong, Siu Hung Cheung
Testing Of Non-Inferiority And Superiority For Three-Arm Clinincal Studies With Multiple Experimental Treatments, Junjiang Zhong, Koon Shing Kwong, Siu Hung Cheung
Research Collection School Of Economics
The purpose of a non-inferiority trial is to assert the efficacy of an experimental treatment compared with a reference treatment by showing that the experimental treatment retains a substantial proportion of the efficacy of the reference treatment. Statistical methods have been developed to test multiple experimental treatments in three-arm non-inferiority trials. In this paper, we report the development of procedures that simultaneously test the non-inferiority and the superiority of experimental treatments after the assay sensitivity has been established. The advantage of the proposed test procedures is the additional ability to identify superior treatments while retaining an non-inferiority testing power comparable …
Free Entry And Social Inefficiency In Vertical Relationships: The Case Of The Japanese Mri Industry, Ken Onishi, Naoki Wakamori, Chiyo Hashimoto, Shun-Ichiro Bessho
Free Entry And Social Inefficiency In Vertical Relationships: The Case Of The Japanese Mri Industry, Ken Onishi, Naoki Wakamori, Chiyo Hashimoto, Shun-Ichiro Bessho
Research Collection School Of Economics
This paper quantifies the welfare consequences of the medical arms race in the context of MRI adoption. We build and estimate a model of the vertical structure of the industry where MRI manufacturers sell high- and low-quality MRIs in the upstream market, whereas medical institutions provide medical services to patients in the downstream market. Simulation results suggest that the current free-entry policy in Japan leads to excess MRI adoption. Furthermore, regulating medical institutions’ MRI adoption, taxing MRI purchases, or softening competition among MRI manufacturers would increase social welfare substantially by mitigating the business-stealing effect in the downstream market.
Lumpy Investment, Lumpy Inventories, Ruediger Bachmann, Lin Ma
Lumpy Investment, Lumpy Inventories, Ruediger Bachmann, Lin Ma
Research Collection School Of Economics
The link between the microenvironment (frictions and heterogeneity) and the macroeconomic dynamics of general equilibrium macromodels is influenced by exactly how general equilibrium closes the model. We make this observation concrete using the recent literature on how nonconvex capital adjustment costs influence aggregate investment dynamics. We introduce inventories into a two-sector lumpy investment model and find that nonconvex capital adjustment costs dampen and propagate investment impulse responses, more so than without inventories. With two means of transferring consumption into the future, fixed capital and inventories, the tight link between aggregate saving and fixed capital investment is broken.
Sequential Auctions With Descending Reserve Prices, Massimiliano Landi
Sequential Auctions With Descending Reserve Prices, Massimiliano Landi
Research Collection School Of Economics
No abstract provided.
Productivity Growth And Structural Transformation, Roberto Samaniego, Juliana Y. Sun
Productivity Growth And Structural Transformation, Roberto Samaniego, Juliana Y. Sun
Research Collection School Of Economics
Economies diversify and then re-specialize as they develop. These “stages of diversification” may result from productivity-driven structural change if initially resources are concentrated in industries other than those that dominate economic structure in the long run. A calibrated multi-industry growth model with many countries and with industry differences in productivity growth rates replicates the main features of the “stages of diversification”. We also present evidence that countries systematically shift resources towards manufacturing industries with rapid productivity growth, and towards sectors with low productivity growth, consistent with the model and supporting the “productivity mechanism” for structural transformation.
Gray's Anatomy: Understanding Uncertainty, Juliana Yu Sun, Roberto M. Samaniego
Gray's Anatomy: Understanding Uncertainty, Juliana Yu Sun, Roberto M. Samaniego
Research Collection School Of Economics
We explore the key mechanisms whereby uncertainty impacts the business cycle by exploring the interaction of uncertainty with growth in industries with di⁄erent technologies of production. We nd that uncertainty shocks are particularly detrimental to growth in industries with rapid capital depreciation or high investment adjustment costs. The ndings are consistent with real options theory: uncertainty leads rms to delay investment in new projects, but high depreciation and xed costs of investment make delay more costly. On the other hand, we do not nd evidence of a signicant role of nancial markets in the generation nor propagation of uncertainty shocks.
Singapore: Real State Control, Sock Yong Phang
Singapore: Real State Control, Sock Yong Phang
Research Collection School Of Economics
The author explains how the government of Singapore has taken on the role of land use planner and housing developer to ensure affordable housing. Numerous instruments have been devised by governments to provide affordable housing. These can be classified into four broad categories: taxes and subsidies, land use and market regulations, public-private partnerships, and institutions that supply housing or provide financing.
Generalized Method Of Integrated Moments For High-Frequency Data, Jia Li, Dacheng Xiu
Generalized Method Of Integrated Moments For High-Frequency Data, Jia Li, Dacheng Xiu
Research Collection School Of Economics
We propose a semiparametric two‐step inference procedure for a finite‐dimensional parameter based on moment conditions constructed from high‐frequency data. The population moment conditions take the form of temporally integrated functionals of state‐variable processes that include the latent stochastic volatility process of an asset. In the first step, we nonparametrically recover the volatility path from high‐frequency asset returns. The nonparametric volatility estimator is then used to form sample moment functions in the second‐step GMM estimation, which requires the correction of a high‐order nonlinearity bias from the first step. We show that the proposed estimator is consistent and asymptotically mixed Gaussian and …
Inference Theory On Volatility Functional Dependencies, Jia Li, Viktor Todorov, George. Tauchen
Inference Theory On Volatility Functional Dependencies, Jia Li, Viktor Todorov, George. Tauchen
Research Collection School Of Economics
We develop inference theory for models involving possibly nonlinear transforms of the elements of the spot covariance matrix of a multivariate continuous-time process observed at high frequency. The framework can be used to study the relationship among the elements of the latent spot covariance matrix and processes defined on the basis of it such as systematic and idiosyncratic variances, factor betas and correlations on a fixed interval of time. The estimation is based on matching model-implied moment conditions under the occupation measure induced by the spot covariance process. We prove consistency and asymptotic mixed normality of our estimator of the …
Testing For Monotonicity In Unobservables Under Unconfoundedness, Stefan Hoderlein, Liangjun Su, Halbert White, Thomas Tao Yang
Testing For Monotonicity In Unobservables Under Unconfoundedness, Stefan Hoderlein, Liangjun Su, Halbert White, Thomas Tao Yang
Research Collection School Of Economics
Monotonicity in a scalar unobservable is a common assumption when modeling heterogeneity in structural models. Among other things, it allows one to recover the underlying structural function from certain conditional quantiles of observables. Nevertheless, monotonicity is a strong assumption and in some economic applications unlikely to hold, e.g., random coefficient models. Its failure can have substantive adverse consequences, in particular inconsistency of any estimator that is based on it. Having a test for this hypothesis is hence desirable. This paper provides such a test for cross-section data. We show how to exploit an exclusion restriction together With a conditional independence …
Double Asymptotics For Explosive Continuous Time Models, Xiaohu Wang, Jun Yu
Double Asymptotics For Explosive Continuous Time Models, Xiaohu Wang, Jun Yu
Research Collection School Of Economics
This paper establishes a double asymptotic theory for explosive continuous time Levy-driven processes and the corresponding exact discrete time models. The double asymptotic theory assumes the sample size diverges because the sampling interval (h) shrinks to zero and the time span (N) diverges. Both the simultaneous and sequential double asymptotic distributions are derived. In contrast to the long-time span asymptotics (N -> infinity with fixed h) where no invariance principle applies, the double asymptotic distribution is derived without assuming Gaussian errors, so an invariance principle applies, as the asymptotic theory for the mildly explosive process developed by Phillips and Magdalinos …
Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue
Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue
Research Collection School Of Economics
We study a two-period saving model where theagent’s future income might be ambiguous. Our agent has a version of the smoothambiguity decision criterion (Klibano, Marinacci and Mukerji (2005)), where theagent’s perception about ambiguity is described by a second-order belief overfirst-order risks. We model increasing ambiguity as a spreading-out of thesecond-order belief. We show that under a “Risk Comonotonicity” condition, ouragent saves more when ambiguity in future income increases. We argue that thecondition is indispensable for our result.
Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee
Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee
Research Collection School Of Economics
This paper explores in several prototypical models a convenient inference procedure for nonstationary variable regression that enables robust chi-square testing for a wide class of persistent and endogenous regressors. The approach uses the mechanism of self-generated instruments called IVX instrumentation developed by Magdalinos and Phillips (2009b). We first show that these methods remain valid for regressors with local unit roots in the explosive direction and mildly explosive roots, where the roots are further from unity in the explosive direction than 0 (n(-1)). It is also shown that Wald testing procedures remain robust for multivariate regressors with certain forms of mixed …
Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C. B. Phillips, Jiti Gao
Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C. B. Phillips, Jiti Gao
Research Collection School Of Economics
We obtain uniform consistency results for kernel-weighted sample covariances in a nonstationary multiple regression framework that allows for both fixed design and random design coefficient variation. In the fixed design case these nonparametric sample covariances have different uniform asymptotic rates depending on direction, a result that differs fundamentally from the random design and stationary cases. The uniform asymptotic rates derived exceed the corresponding rates in the stationary case and confirm the existence of uniform super-consistency. The modelling framework and convergence rates allow for endogeneity and thus broaden the practical econometric import of these results. As a specific application, we establish …
Hospital-Skilled Nursing Facility Referral Linkage Reduces Readmission Rates Among Medicare Patients Receiving Major Surgery, Andrew J. Schoenfeld, Xuan Zhang, David C. Grabowski, Vincent Mor, Joel S. Weissman, Momotazur Rahman
Hospital-Skilled Nursing Facility Referral Linkage Reduces Readmission Rates Among Medicare Patients Receiving Major Surgery, Andrew J. Schoenfeld, Xuan Zhang, David C. Grabowski, Vincent Mor, Joel S. Weissman, Momotazur Rahman
Research Collection School Of Economics
BACKGROUND:In the health reform era, rehospitalization after discharge may result in financial penalties to hospitals. The effect of increased hospital-skilled nursing facility (SNF) linkage on readmission reduction after surgery has not been explored.METHODS:To determine whether enhanced hospital-SNF linkage, as measured by the proportion of surgical patients referred from a hospital to a particular SNF, would result in reduced 30-day readmission rates for surgical patients, we used national Medicare data (2011-2012) and evaluated patients who underwent 1 of 5 operative procedures (coronary artery bypass grafting [CABG], hip fracture repair, total hip arthroplasty, colectomy, or lumbar spine surgery). Initial evaluation was performed …
Efficient Dynamic Mechanisms With Interdependent Valuations, Wei He, Jiangtao Li
Efficient Dynamic Mechanisms With Interdependent Valuations, Wei He, Jiangtao Li
Research Collection School Of Economics
This paper considers a dynamic environment with interdependent valuations and evolving private information. Under the assumption of “independent types”, we construct an efficient, incentive-compatible mechanism that is also budget-balanced in every period of the game. Our mechanism works in environments where in each period, each agent observes her own realized outcome-decision payoff from the previous period. This extends the insight of Mezzetti (2004) to the dynamic setting.
Harmful Transparency In Teams, Parimal Bag, Nona Pepito
Harmful Transparency In Teams, Parimal Bag, Nona Pepito
Research Collection School Of Economics
In a two-player team project with efforts over two rounds, we demonstrate that observability of peer efforts can be strictly harmful if preferences are utilitarian. This contrasts with Mohnen et al. (2000) who show in a similar setting that observability of interim efforts induces more efforts, if team members are inequity-averse.
Competition And Gains From Trade: A Quantitative Analysis Of China Between 1995 And 2004, Wen-Tai Hsu, Yi Lu, Guiying Laura Wu
Competition And Gains From Trade: A Quantitative Analysis Of China Between 1995 And 2004, Wen-Tai Hsu, Yi Lu, Guiying Laura Wu
Research Collection School Of Economics
This paper provides a quantitative analysis of gains from trade for China over the period of 1995-2004, which was when China's openness drastically improved. We decompose gains from trade in two ways. First, we disentangle pro-competitive effects from a traditional Ricardian effect. Second, we separate the effect due to tariff reductions from that due to reductions in non-tariff trade costs. Our quantitative analysis shows that the pro-competitive effects account for 25.4% of the total welfare gains from trade, whereas the allocative effciency alone accounts for 22.3%. We also find that tariff reductions account for about 31.6% of reductions of overall …
A Characterization Of Single‐Peaked Preferences Via Random Social Choice Functions, Shurojit Chatterji, Arunava Sen, Huaxia Zeng
A Characterization Of Single‐Peaked Preferences Via Random Social Choice Functions, Shurojit Chatterji, Arunava Sen, Huaxia Zeng
Research Collection School Of Economics
This paper proves the following result: every path-connected domain of preferences that admits a strategy-proof, unanimous, tops-only random social choice function satisfying a compromise property is single-peaked. Conversely, every single-peaked domain admits a random social choice function satisfying these properties. Single-peakedness is defined with respect to arbitrary trees. The paper provides a justification of the salience of single-peaked preferences and evidence in favor of the Gul conjecture (Barber\303\240 2010).
Energy Price Shocks And External Balances, Bao Tan Huynh
Energy Price Shocks And External Balances, Bao Tan Huynh
Research Collection School Of Economics
This paper studies the impact of a wide set of energy price shocks on exter- nal balances using a two-country framework comprising multiple sectors and en- dogenous energy production with convex costs. The paper disentangles different demand and supply shocks in the energy market through their distinct impact on external balances. It provides a theoretical confirmation of Kilian et al. (2009) and a theoretical foundation to the determining role of the non-energy trade balance in the transmission of energy price shocks. The presence of durables also highlights the immediate channel through which energy prices impact the non-energy trade balance.
Macroeconomic Effects Of Energy Price Shocks On The Business Cycle, Bao Tan Huynh
Macroeconomic Effects Of Energy Price Shocks On The Business Cycle, Bao Tan Huynh
Research Collection School Of Economics
This paper proposes a framework of endogenous energy production with convex costs to investigate the general equilibrium effects of energy price shocks on the business cycle. This framework explicitly models the consumption of durables and nondurables and implements a high complementarity between energy and the usage of durables and capital. The model predicts energy price elasticities of various consumption variables that fall within reasonable agreement with empirical estimates. Convex costs in energy production produce energy price and energy supply dynamics that tallies well with empirical behavior. Our analysis confirms in a theoretical setting recent observations that not all energy price …
Nonparametric Cointegrating Regression With Endogeneity And Long Memory, Qiying Wang, Peter C. B. Phillips
Nonparametric Cointegrating Regression With Endogeneity And Long Memory, Qiying Wang, Peter C. B. Phillips
Research Collection School Of Economics
This paper explores nonparametric estimation, inference, and specification testing in a nonlinear cointegrating regression model where the structural equation errors are serially dependent and where the regressor is endogenous and may be driven by long memory innovations. Generalizing earlier results of Wang and Phillips (2009a, b, Econometric Theory 25, 710-738, Econometrica 77, 1901-1948), the conventional nonparametric local level kernel estimator is shown to be consistent and asymptotically (mixed) normal in these cases, thereby opening up inference by conventional nonparametric methods to a wide class of potentially nonlinear cointegrated relations. New results on the consistency of parametric estimates in nonlinear cointegrating …
Disentangling Greenhouse Warming And Aerosol Cooling To Reveal Earth's Climate Sensitivity, T. Storelvmo, T. Leirvik, U. Lohmann, Peter C. B. Phillips, M. Wild
Disentangling Greenhouse Warming And Aerosol Cooling To Reveal Earth's Climate Sensitivity, T. Storelvmo, T. Leirvik, U. Lohmann, Peter C. B. Phillips, M. Wild
Research Collection School Of Economics
Earth's climate sensitivity has long been subject to heated debate and has spurred renewed interest after the latest IPCC assessment report suggested a downward adjustment of its most likely range(1). Recent observational studies have produced estimates of transient climate sensitivity, that is, the global mean surface temperature increase at the time of CO2 doubling, as low as 1.3 K (refs 2,3), well below the best estimate produced by global climate models (1.8 K). Here, we present an observation-based study of the time period 1964 to 2010, which does not rely on climate models. The method incorporates observations of greenhouse gas …
Entrepreneurship, College And Credit: The Golden Triangle, Roberto M Samaniego, Juliana Yu Sun
Entrepreneurship, College And Credit: The Golden Triangle, Roberto M Samaniego, Juliana Yu Sun
Research Collection School Of Economics
We develop a model to evaluate the impact of college education finance on welfare, inequality and aggregate outcomes. Our model captures the stylized fact that entrepreneurs with college are more common and more profitable. Our calibration to US data suggests this is mainly because higher labor earnings allow college educated agents to ameliorate credit constraints when they become entrepreneurs. The welfare benefits of subsidizing education are greater than those of eliminating financing constraints on education because subsidies ameliorate the impact of financing constraints on would-be entrepreneurs.
Investment-Specific Technical Change And Growth Around The World, Roberto M. Samaniego, Juliana Yu Sun
Investment-Specific Technical Change And Growth Around The World, Roberto M. Samaniego, Juliana Yu Sun
Research Collection School Of Economics
Investment-specific technical change (ISTC) contributes little to growth in most countries. This is because in many countries the investment process does not become notably more efficient over time. Still, cross-country differences in the contribution of ISTC to growth are significant. Differences in the rate of ISTC appear due to cross-country variation in the use of R&D intensive capital goods, as well as trade costs.
Entrepreneurship, Education And Credit: The Golden Triangle, Roberto M. Samaniego, Juliana Yu Sun
Entrepreneurship, Education And Credit: The Golden Triangle, Roberto M. Samaniego, Juliana Yu Sun
Research Collection School Of Economics
We develop a model to evaluate the impact of college education finance on welfare, inequality and aggregate outcomes. Our model captures the stylized fact that entrepreneurs with college are more common and more profitable. Our calibration to US data suggests this is mainly because higher labor earnings allow college educated agents to ameliorate credit constraints when they become entrepreneurs. The welfare benefits of subsidizing education are greater than those of eliminating financing constraints on education because subsidies ameliorate the impact of financing constraints on would-be entrepreneurs.
A General Framework For Price Regulation Of Airports, Sock Yong Phang
A General Framework For Price Regulation Of Airports, Sock Yong Phang
Research Collection School Of Economics
Price cap regulation (PCR) was first implemented for privatized utilities in the UK in the 1980s. It has since been adopted by numerous countries as a regulatory regime in several sectors. This paper focuses on the development of different forms of price regulation of airports of which PCR is one variant. In countries where airport privatization is still in the early stages, the spectrum of airports and varied nature of regulatory regimes can be confusing and the lack of a general framework can itself become an obstacle to privatization. This paper proposes a general framework comprising decisions to be made …
Shrinkage Estimation Of Common Breaks In Panel Data Models Via Adaptive Group Fused Lasso, Junhui Qian, Liangjun Su
Shrinkage Estimation Of Common Breaks In Panel Data Models Via Adaptive Group Fused Lasso, Junhui Qian, Liangjun Su
Research Collection School Of Economics
In this paper we consider estimation and inference of common breaks in panel data models via adaptive group fused Lasso. We consider two approaches—penalized least squares (PLS) for first-differenced models without endogenous regressors, and penalized GMM (PGMM) for first-differenced models with endogeneity. We show that with probability tending to one, both methods can correctly determine the unknown number of breaks and estimate the common break dates consistently. We establish the asymptotic distributions of the Lasso estimators of the regression coefficients and their post Lasso versions. We also propose and validate a data-driven method to determine the tuning parameter used in …