Econometric policy evaluation: A critique

Econometric Poeicy Evaluation: a Critique

Structural Equations , Treatment Effects , and Econometric Policy Evaluation

This paper uses the marginal treatment effect (MTE) to unify the nonparametric literature on treatment effects with the econometric literature on structural estimation using a nonparametric analog of a policy invariant parameter; to generate a variety of treatment effects from a common semiparametric functional form; to organize the literature on alternative estimators; and to explore what poli...

Chapter Title: an Optimization-based Econometric Framework for the Evaluation of Monetary Policy Optimization-based Econometric Framework F or T He Evaluation O F Monetary Policy

Q, Cash Flow and Investment: An Econometric Critique

Q, Cash Flow and Investment: An Econometric Critique The effects of measurement and speci…cation error on estimates of the Q and cash ‡ow model of investment are investigated. Two sources of error are considered: expensing of R&D expenditures and failing to identify that component of cash ‡ow which relaxes …nancing constraints. We apply random-effects and instrumental variables estimators to a ...

Austrian Monetary Policy Views: a Short Critique

Austrian business cycle theory is enjoying a comeback because explanations of the recent recession in the U.S. and the current sluggish recovery often have an Austrian flavor (e.g., Laidler 2003; Eichengreen and Mitchener 2003; Economist 2002; Oppers 2002). In a nutshell, Austrian business cycle theory postulates that “too low” interest rates induced by monetary policy trigger a credit-financed...