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Author:Ho, Paul 

Working Paper
Global Robust Bayesian Analysis in Large Models

This paper develops a tool for global prior sensitivity analysis in large Bayesian models. Without imposing parametric restrictions, the methodology provides bounds for posterior means or quantiles given any prior close to the original in relative entropy, and reveals features of the prior that are important for the posterior statistics of interest. The author develops a sequential Monte Carlo algorithm and uses approximations to the likelihood and statistic of interest to implement the calculations. Applying the methodology to the error bands for the impulse response of output to a monetary ...
Working Paper , Paper 20-07

Working Paper
Bubbles and the Value of Innovation

Episodes of booming innovation coincide with intense speculation in financial markets leading to bubbles—increases in market valuations and firm creation followed by a crash. We provide a framework reproducing these facts that makes a rich set of predictions on how speculation changes both the private and social values of innovation. We confirm the theory in the universe of U.S. patents issued from 1926 through 2010. Measures based on financial market information indicate that speculation increases the private value of innovation and reduces negative spillovers to competing firms. No ...
Working Paper , Paper 20-08

Discussion Paper
Forecasting the COVID-19 Pandemic in the Fifth District

How many COVID-19 cases will there be in the coming days and months? While the Fifth District appears to be past the peak number of daily cases, a wide range of future outcomes is still possible.
Regional Matters



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