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81.
This paper considers binary response models where errors are uncorrelated with a set of instrumental variables and are independent of a continuous regressor v, conditional on all other variables. It is shown that these exclusion restrictions are not sufficient for identification and that additional identifying assumptions are needed. Such an assumption, introduced by Lewbel [Semiparametric qualitative response model estimation with unknown heteroskedasticity or instrumental variables. Journal of Econometrics 97, 145–177], is that the support of the continuous regressor is large, but we show that it significantly restricts the class of binary phenomena which can be analysed. We propose an alternative additional assumption under which β remains just identified and the estimation unchanged. This alternative assumption does not impose specific restrictions on the data, which broadens the scope of the estimation method in empirical work. The semiparametric efficiency bound of the model is also established and an existing estimator is shown to achieve that bound. The efficient estimator uses a plug-in density estimate. It is shown that plugging in the true density rather than an estimate is inefficient. Extensions to ordered choice models are provided. 相似文献
82.
While other industrial nations' health care systems have their own problems, they have more leeway to address those problems than does the United States, which spends twice as much on per capita health care as the average for other industrial capitalist democracies yet ranks average or below average in many comparative measures of health care quality. In fact, the authors of this article argue that international experience shows that assurance of universal access through expanded government involvement could provide savings while actually improving the quality of U.S. health care. In addition, universal access would recognize health care as a basic human right, not a commodity to be bartered in the marketplace and allocated based on class, race and social position. 相似文献
83.
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85.
We examine the distributional impact of large dams on cropland productivity in Africa. As our unit of analysis we use a hydrology based spatial breakdown of the continent that allows one to exactly define regions in terms of their upstream/downstream relationship at a highly disaggregated level. We then use satellite data to derive measures of cropland productivity within these areas. Our econometric analysis shows that while regions downstream benefit from large dams, no beneficial effects accrue to cropland within the vicinity. Moreover, we find that the productivity enhancing impact of upstream dams is dependent on the local climate. Overall our results suggest that upstream dams have quantitatively on average provided up to 12% of the minimum daily per capita amount of kilocalorie needs in downstream communities and increased agricultural production by 1%. 相似文献
86.
We examine the properties of a two-country dynamic Heckscher–Ohlin model that allows for preferences to be non-homothetic.
We show that the model has a continuum of steady state equilibria under free trade, with the initial conditions determining
which equilibrium will be attained. We establish conditions under which a static Heckscher–Ohlin theorem will hold in the
steady state, and also conditions for a dynamic Heckscher–Ohlin theorem to hold. If both goods are normal, each country will
have a unique autarkic steady state, and all steady state equilibria are saddle points. We also consider the case in which
one good is inferior, and show that this can lead to multiple autarkic steady states, violations of the static Heckscher–Ohlin
theorem in the steady state. Furthermore, there may exist steady state equilibria that Pareto dominate other steady states.
These steady states will be unstable if discount factors are the same in each country, although they may exhibit dynamic indeterminacy
if discount factors differ. 相似文献
87.
Increases in government spending trigger substitution effects—both inter- and intra-temporal—and a wealth effect. The ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active monetary policy and passive fiscal policy typically find that government consumption crowds out private consumption: higher future taxes create a strong negative wealth effect, while the active monetary response increases the real interest rate. This paper estimates Markov-switching policy rules for the United States and finds that monetary and fiscal policies fluctuate between active and passive behavior. When the estimated joint policy process is imposed on a conventional new Keynesian model, government spending generates positive consumption multipliers in some policy regimes and in simulated data in which all policy regimes are realized. The paper reports the model's predictions of the macroeconomic impacts of the American Recovery and Reinvestment Act's implied path for government spending under alternative monetary–fiscal policy combinations. 相似文献
88.
Inflation and the fiscal limit 总被引:1,自引:0,他引:1
We use a rational expectations framework to assess the implications of rising debt in an environment with a “fiscal limit”. The fiscal limit is defined as the point where the government no longer has the ability to finance higher debt levels by increasing taxes, so either an adjustment to fiscal spending or monetary policy must occur to stabilize debt. We give households a joint probability distribution over the various policy adjustments that may occur, as well as over the timing of when the fiscal limit is hit. One policy option that stabilizes debt is a passive monetary policy, which generates a burst of inflation that devalues the existing nominal debt stock. The probability of this outcome places upward pressure on inflation expectations and poses a substantial challenge to a central bank pursuing an inflation target. The distribution of outcomes for the path of future inflation has a fat right tail, revealing that only a small set of outcomes imply dire inflationary scenarios. Avoiding these scenarios, however, requires the fiscal authority to renege on some share of future promised transfers. 相似文献
89.
Drawing on configuration theory, we develop and test a model which posits that overall firm performance will be influenced by how well the marketing organization??s cultural orientation (i.e., market, adhocracy, hierarchy, or clan) complements alternative business strategies (i.e., Prospector, Analyzer, Low-Cost Defender, Differentiated Defender) after controlling for other, key firm-level variables. Responses from a sample of senior marketing managers provide partial support for the model and demonstrate that high-performing businesses of one strategy type have a different cultural orientation than high-performing businesses of the other strategy types. And, contrary to previous research, the results of this study show that each of the cultural orientations may play a role in creating superior performance. We conclude with a discussion of the implications for scholars and for managers. 相似文献
90.