Asymptotic local power analysis has become an important and increasingly used technique in econometrics. This paper reviews the history of local power analysis and delineates the contribution of J. Neyman, E.J.G. Pitman, and G. Noether

This paper examines whether identification is a 'common' or 'rare' phenomenon in nonlinear parametric models. For several broad classes of models, it is shown that there is an open and dense subset of identified models, and that consequently the set of nonidentified models is nowhere dense. The...

This paper examines the potential market impacts of continuous forbearance mortgages (CFM). This mortgage design embeds an insurance contract at origination that reduces the interest bearing balance to the smaller of the unpaid balance and an estimate of the current home value in exchange for an...

We show that the PIN and the Duarte and Young (2009) (APIN) models do not match the variability of noise trade in the data and that this limitation has severe implications for how these models identify private information. We examine two alternatives to these models, the Generalized PIN model...