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ivcrc: An Instrumental Variables Estimator for the Correlated Random Coefficients Model
We present the ivcrc command, which implements an instrumental variables (IV) estimator for the linear correlated random coefficients (CRC) model. This model is a natural generalization of the standard linear IV model that allows for endogenous, multivalued treatments and unobserved heterogeneity in treatment effects. The proposed estimator uses recent semiparametric identification results that allow for flexible functional forms and permit instruments that may be binary, discrete, or continuous. The command also allows for the estimation of varying coefficients regressions, which are ...
Consumption and the Great Recession
In 2009, Medicaid spent over $75 billion on 5.3 million elderly beneficiaries. This article describes the Medicaid rules for the elderly and discusses their economic implications.
How do sudden large losses in wealth affect labor force participation?
The authors assess whether the sudden large losses in household wealth due to recent declines in stock and home values have significantly affected the U.S. labor market. They find that the overall labor force participation rate would be 0.7 percentage points lower were it not for the declines in the values of stocks and houses over the 2006?10 period.
Are There Competitive Concerns in "Middle Market" Lending?
This note analyzes competition and concentration in "middle market" lending using loan level data obtained from large bank holding companies' Y14 reports to the Federal Reserve. The middle market segment is typically considered to be credit for firms larger than small businesses but too small for large-scale commercial lending or syndicated credit. Lender choice and the supply of credit to large and small firms has been studied extensively by academics and policy makers.
How do Rural and Urban Retail Banking Customers Differ?
This note documents differences and similarities between rural and urban retail banking clients using data from the Board's Survey of Consumer Finances (SCF). Understanding geographic differences in local demand conditions for banking is important for designing effective public policy.
Macroeconomic policy and labor markets: lessons from Dale Mortensen’s research
On April 15?16, 2011, Northwestern University and the Chicago Fed co-sponsored a conference in honor of Dale Mortensen?a Northwestern University professor, Chicago Fed consultant, and co-recipient (along with Peter Diamond and Christopher Pissarides) of the 2010 Nobel Prize in economics, awarded for his analysis of markets with search frictions. This article summarizes one panel that presented work on the current state of the U.S. labor market, using Mortensen?s research.