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Del Negro, Marco - 2018

The trend in the world real interest rate for safe and liquid assets fluctuated close to 2 percent for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries have...

Persistent link: https://www.econbiz.de/10012911094

Money, Real Interest Rates, and Output : A Reinterpretation of Postwar U.S. Data

Litterman, Robert Bruce; Weiss, Laurence M. - 2021

This paper reexamines both monthly and quarterly U.S. postwar data to investigate if the observed comovements between money, real interestrates, prices and output are compatible with the money-real interest-output link suggested by existing monetary theories of output, which include both...

Persistent link: https://www.econbiz.de/10013223910

Inflation and Real Interest Rates on Assets with Different Risk Characteristics

Huizinga, John P. - 2010

Several recent studies find that ex ante real returns for short-term U.S. Treasury securities are negatively correlated both with inflation and with nominal interest rates. This paper examines whether these findings extend to the short-term holding return on publicly and privately issued...

Persistent link: https://www.econbiz.de/10012760341

The Interest Rate Effect on Private Saving : Alternative Perspectives

Aizenman, Joshua - 2016

.e., positive) effect. With the baseline estimation, we find that the real interest rate has the substitution effect on private …

Persistent link: https://www.econbiz.de/10012978514

Production Function Estimation and Capital Measurement Error

Collard-Wexler, Allan - 2016

We look into the impact of measurement error in capital on the estimation of production functions. We introduce an … identification scheme and an estimation procedure that jointly deals with measurement error in capital and the standard simultaneity … stock, while conditioning on the part of productivity that is persistent. Our estimation routine nests standard approaches …

Persistent link: https://www.econbiz.de/10012986295

Sample Selection Bias as a Specification Error (with an Application to the Estimation of Labor Supply Functions)

Heckman, James J. - 2021

In this paper, I present a simple characterization of the sample selection bias problem that is also applicable to the conceptually distinct econometric problems that arise from truncated samples and from models with limited dependent variables. The problem of sample selection bias is fit within...

Persistent link: https://www.econbiz.de/10013222664

Should Exact Index Numbers Have Standard Errors? Theory and Application to Asian Growth

Feenstra, Robert C.; Reinsdorf, Marshall B. - 2021

In this paper we derive the standard error of a price index when both prices and tastes or technology are treated as stochastic. Changing tastes or technology are a reason for the weights in the price index to be treated as stochastic, which can interact with the stochastic prices themselves. We...

Persistent link: https://www.econbiz.de/10013228273

Estimating the Value of a Statistical Life : The Importance of Omitted Variables and Publication Bias

Ashenfelter, Orley - 2011

that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts …

Persistent link: https://www.econbiz.de/10013132340

The Importance of Measurement Error in the Cost of Capital

Goolsbee, Austan - 2021

, accounting for about 20 percent of the tax term's variance. Correcting for the error with IV estimation shows that taxes …

Persistent link: https://www.econbiz.de/10013245307

An Alternative Test of Racial Prejudice in Motor Vehicle Searches : Theory and Evidence

Anwar, Shamena; Fang, Hanming - 2021

We propose a simple model of trooper behavior to design empirical tests for whether troopers of different races are monolithic in their search behavior, and whether they exhibit relative racial prejudice in motor vehicle searches. Our test of relative racial prejudice provides a partial solution...

Persistent link: https://www.econbiz.de/10013233767