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    <title>EconStor Collection: cemmap working papers, Centre for Microdata Methods and Practice, Institute for Fiscal Studies (IFS)</title>
    <link>http://hdl.handle.net/10419/64637</link>
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      <title>GEL methods for nonsmooth moment indicators</title>
      <link>http://hdl.handle.net/10419/64723</link>
      <description>Title: GEL methods for nonsmooth moment indicators
&lt;br/&gt;
&lt;br/&gt;Authors: Parente, Paulo; Smith, Richard J.
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper considers the first order large sample properties of the GEL class of estimators for models specified by non-smooth indicators. The GEL class includes a number of estimators recently introduced as alternatives to the efficient GMM estimator which may suffer from substantial biases in finite samples. These include EL, ET and the CUE. This paper also establishes the validity of tests suggested in the smooth moment indicators case for over-identifying restrictions and specification. In particular, a number of these tests avoid the necessity of providing an estimator for the Jacobian matrix which may be problematic for the sample sizes typically encountered in practice.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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    <item>
      <title>The median is the message: Wilson and Hilferty's reanalysis of C. S. Peirce's experiments on the law of errors</title>
      <link>http://hdl.handle.net/10419/64707</link>
      <description>Title: The median is the message: Wilson and Hilferty's reanalysis of C. S. Peirce's experiments on the law of errors
&lt;br/&gt;
&lt;br/&gt;Authors: Koenker, Roger
&lt;br/&gt;
&lt;br/&gt;Abstract: Data is reanalyzed from an important series of 19th century experiments conducted by C. S. Peirce and designed to study the plausibility of the Gaussian law of errors for astronomical observations. Contrary to the findings of Peirce, but in accordance with subsequent analysis by Fréchet and Wilson and Hilferty, we find normality implausible and medians an attractive alternative to means for the analysis.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>Identification with imperfect instruments</title>
      <link>http://hdl.handle.net/10419/64705</link>
      <description>Title: Identification with imperfect instruments
&lt;br/&gt;
&lt;br/&gt;Authors: Nevo, Aviv; Rosen, Adam
&lt;br/&gt;
&lt;br/&gt;Abstract: Dealing with endogenous regressors is a central challenge of applied research. The standard solution is to use instrumental variables that are assumed to be uncorrelated with unobservables. We instead assume (i) the correlation between the instrument and the error term has the same sign as the correlation between the endogenous regressor and the error term, and (ii) that the instrument is less correlated with the error term than is the endogenous regressor. Using these assumptions, we derive analytic bounds for the parameters. We demonstrate the method in two applications.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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    <item>
      <title>Dynamic housing expenditures and household welfare</title>
      <link>http://hdl.handle.net/10419/64655</link>
      <description>Title: Dynamic housing expenditures and household welfare
&lt;br/&gt;
&lt;br/&gt;Authors: Blow, Laura; Nesheim, Lars
&lt;br/&gt;
&lt;br/&gt;Abstract: In this paper we develop a measure of current expenditures on housing services for owner-occupiers. Having such a measure is important for measuring the relative welfare of households, especially when comparing renters and owners and for measuring inflation. From a theoretical perspective expenditures equal the shadow price of housing services (the marginal rate of substitution between housing services and non-durable consumption) multiplied by the quantity of housing services consumed. In an idealised world, two simple measures of the shadow price are available; the user cost of housing capital and the rental price of an equivalent rental house. However, imperfect capital markets, risk aversion, the tax system, moving costs and systematic differences between houses available in the rental and owner occupied sectors drive a wedge between the shadow price of housing and these other two measures. This paper contributes to previous research by calibrating a lifecycle model of housing investment and consumption to data from the UK Family Expenditure Survey and by developing measures of the shadow price of housing that take into account uncertainty in house prices, interest rates and incomes, dynamic life cycle choices, and liquidity constraints that depend on both income and house value.</description>
      <pubDate>Wed, 29 Oct 2008 22:58:59 GMT</pubDate>
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