This paper studies the robustness of estimated policy effects to changes in the distribution of covariates, a key exercise to evaluate the external validity of (quasi)-experimental results. I propose a novel scalar robustness metric. It measures the …
This paper studies the implication of a fraction of the population not responding to the instrument when selecting into treatment. We show that, in general, the presence of non-responders biases the Marginal Treatment Effect (MTE) curve and many of …
This project focuses on the exercise of comparing coefficients across regression specifications, broadly known as robustness checks, a very popular tool in applied economic research. The econometric literature has proposed to formalize this …
The classic Arrow-Debreu (1954) general equilibrium model cannot sustain or account for the existence of money. This lacuna arises because each household and firm faces a single budget constraint summarizing revenue and expense in all commodities. …
A thick market external effect is applied to a trading post model of \\( N\geq 3 \\) commodities with transaction costs and distinct bid and ask prices. We state and prove an existence theorem for general equilibrium with external effects in the …