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  1. The informativeness of estimation moments
    Erschienen: [2020]
    Verlag:  Cemmap, Centre for Microdata Methods and Practice, The Institute for Fiscal Studies, Department of Economics, UCL, [London]

    This paper introduces measures for how each moment contributes to the precision of parameter estimates in GMM settings. For example, one of the measures asks what would happen to the variance of the parameter estimates if a particular moment was... mehr

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    This paper introduces measures for how each moment contributes to the precision of parameter estimates in GMM settings. For example, one of the measures asks what would happen to the variance of the parameter estimates if a particular moment was dropped from the estimation. The measures are all easy to compute. We illustrate the usefulness of the measures through two simple examples as well as an application to a model of joint retirement planning of couples. We estimate the model using the UK-BHPS, and we find evidence of complementarities in leisure. Our sensitivity measures illustrate that the estimate of the complementarity is primarily informed by the distribution of di?erences in planned retirement dates. The estimated econometric model can be interpreted as a bivariate ordered choice model that allows for simultaneity. This makes the model potentially useful in other applications.

     

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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/241878
    Schriftenreihe: Cemmap working paper ; CWP20, 3
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  2. Sensitivity of estimation precision to moments with an application to a model of joint retirement planning of couples
    Erschienen: [2019]
    Verlag:  Cemmap, Centre for Microdata Methods and Practice, The Institute for Fiscal Studies, Department of Economics, UCL, [London]

    This paper introduces measures for how each moment contributes to the precision of the parameter estimates in GMM settings. For example, one of the measures asks what would happen to the variance of the parameter estimates if a particular moment was... mehr

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    This paper introduces measures for how each moment contributes to the precision of the parameter estimates in GMM settings. For example, one of the measures asks what would happen to the variance of the parameter estimates if a particular moment was dropped from the estimation. The measures are all easy to compute. We illustrate the usefulness of the measures through two simple examples as well as an application to a model of joint retirement planning of couples. We estimate the model using the UK-BHPS, and we find evidence of complementarities in leisure. Our sensitivity measures illustrate that the precision of the estimate of the complementarity is primarily driven by the distribution of the differences in planned retirement dates. The estimated econometric model can be interpreted as a bivariate ordered choice model that allows for simultaneity.This makes the model potentially useful in other applications.

     

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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/211129
    Schriftenreihe: Cemmap working paper ; CWP19, 36
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  3. Can consumers distinguish persistent from transitory income shocks?
    Erschienen: [2018]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258898
    Schriftenreihe: CEBI working paper series ; 18, 03
    Schlagworte: Consumption; Saving; Income Shocks; Learning; Consumer Information
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  4. High frequency income dynamics
    Erschienen: [2021]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258952
    Schriftenreihe: CEBI working paper series ; 21, 08
    Schlagworte: Consumption-saving; income dynamics; panel data models
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  5. Welfare reforms and the division of parental leave
    Erschienen: [2021]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258953
    Schriftenreihe: CEBI working paper series ; 21, 09
    Schlagworte: Parental leave; Welfare reforms; Intrahousehold allocation
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  6. Earmarked paternity leave and the relative income within couples
    Erschienen: [2019]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258902
    Schriftenreihe: CEBI working paper series ; 19, 02
    Schlagworte: Income Share; Parental Leave; Earmarked Leave; Household Bargaining
    Umfang: 1 Online-Ressource (circa 9 Seiten), Illustrationen
  7. Sensitivity to calibrated parameters
    Erschienen: [2021]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258928
    Schriftenreihe: CEBI working paper series ; 20, 14
    Schlagworte: Sensitivity; Transparency; Structural Estimation; Calibration; Savings Motives
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  8. Fertility and family labor supply
    Erschienen: [2022]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

    We study the role of fertility adjustments for the labor market responsiveness of men and women. First, we use longitudinal Danish register data and tax reforms from 2009 to provide new empirical evidence on asymmetric fertility adjustments to tax... mehr

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    We study the role of fertility adjustments for the labor market responsiveness of men and women. First, we use longitudinal Danish register data and tax reforms from 2009 to provide new empirical evidence on asymmetric fertility adjustments to tax changes of men and women. Second, we quantify the importance of these fertility adjustments for understanding the labor supply responsiveness of couples through a life-cycle model of family labor supply and fertility. Allowing fertility adjustments increases the labor supply responsiveness of women by 28%. These adjustments affect human capital accumulation and has permanent implications for the gender wage gap within couples.

     

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    Weitere Identifier:
    hdl: 10419/258967
    Schriftenreihe: CEBI working paper series ; 22, 04
    Schlagworte: Fertility; Labor supply; Human capital accumulation; Gender inequality; Tax reform; Life-Cycle
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  9. Fertility and family labor supply
    Erschienen: May 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We study the role of fertility adjustments for the labor market responsiveness of men and women. First, we use longitudinal Danish register data and tax reforms from 2009 to provide new empirical evidence on asymmetric fertility adjustments to tax... mehr

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    We study the role of fertility adjustments for the labor market responsiveness of men and women. First, we use longitudinal Danish register data and tax reforms from 2009 to provide new empirical evidence on asymmetric fertility adjustments to tax changes of men and women. Second, we quantify the importance of these fertility adjustments for understanding the labor supply responsiveness of couples through a life-cycle model of family labor supply and fertility. Allowing fertility adjustments increases the labor supply responsiveness of women by 28%. These adjustments affect human capital accumulation and has permanent implications for the gender wage gap within couples.

     

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    Weitere Identifier:
    hdl: 10419/260880
    Schriftenreihe: CESifo working paper ; no. 9750 (2022)
    Schlagworte: fertility; labor supply; human capital accumulation; gender inequality; tax reform; life-cycle
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  10. Sensitivity to calibrated parameters
    Erschienen: [2021]
    Verlag:  Cemmap, Centre for Microdata Methuods and Practice, The Institute for Fiscal Studies, Department of Economics, UCL, [London]

    A common approach to estimation of dynamic economic models is to calibrate a sub-set of model parameters and keep them fixed when estimating the remaining parameters. Calibrated parameters likely affect conclusions based on the model but estimation... mehr

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    A common approach to estimation of dynamic economic models is to calibrate a sub-set of model parameters and keep them fixed when estimating the remaining parameters. Calibrated parameters likely affect conclusions based on the model but estimation time often makes a systematic investigation of the sensitivity to calibrated parameters infeasible. I propose a simple and computationally low-cost measure of the sensitivity of parameters and other objects of interest to the calibrated parameters. In the main empirical application, I revisit the analysis of life-cycle savings motives in Gourinchas and Parker (2002) and show that some estimates are sensitive to calibrations.

     

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    Weitere Identifier:
    hdl: 10419/241949
    Schriftenreihe: Cemmap working paper ; CWP21, 13
    Schlagworte: Sensitivity; Transparency; Structural Estimation; Calibration; Savings Motives
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  11. Welfare reforms and the division of parental leave
    Erschienen: April 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We study the design of parental leave systems through the lens of an estimated model of parents’ joint willingness to pay for parental leave. We estimate the model using Danish register data on almost 200,000 births combined with sharp variation in... mehr

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    We study the design of parental leave systems through the lens of an estimated model of parents’ joint willingness to pay for parental leave. We estimate the model using Danish register data on almost 200,000 births combined with sharp variation in economic incentives created by the parental leave benefit system. The estimated model reproduces the empirical distribution of leave, including bunching at kinks in household budget sets and a large share of fathers taking little or no leave at all. We provide a menu of counterfactual policy simulations showing substantial interaction effects between earmarked leave, replacement rates and the duration of leave benefits. For example, introducing 9 weeks earmarked parental leave, as stipulated by a recent EU directive, with a low replacement rate increases the leave of fathers only slightly, while it reduces the leave of mothers significantly in our model. Finally, we discuss the efficiency costs of different policies aimed at increasing the parental leave of fathers.

     

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    Weitere Identifier:
    hdl: 10419/235405
    Schriftenreihe: CESifo working paper ; no. 9035 (2021)
    Schlagworte: parental leave; welfare reforms; intrahousehold allocation
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  12. Fertility and family labor supply
    Erschienen: [2022]
    Verlag:  Department of Economics, University of Oxford, Oxford

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    Schriftenreihe: Department of Economics discussion paper series / University of Oxford ; number 965 (March 2022)
    Schlagworte: Fertility; Laborsupply; Humancapitalaccumulation; Taxreform; Life-Cycle
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  13. Household bargaining with limited commitment
    a practitioner's guide
    Erschienen: [2024]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

    In this guide, we introduce the limited commitment model of dynamic household bargaining behavior over the life cycle. The guide is intended to make the limited commitment model more accessible to researchers who are interested in studying... mehr

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    In this guide, we introduce the limited commitment model of dynamic household bargaining behavior over the life cycle. The guide is intended to make the limited commitment model more accessible to researchers who are interested in studying intra-household allocations and divorce over the life cycle. We mitigate computational challenges by providing a flexible base of code that can be customized and extended to the specific use case. The main contribution is to discuss practical implementation details of the model class, and provide guidance on how to efficiently solve limited commitment models using state-of-the-art numerical methods. The setup and solution algorithm is presented through a stylized example of dynamic consumption allocation and includes accompanying Python and C++ code used to generate all results.

     

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    Weitere Identifier:
    hdl: 10419/298610
    Schriftenreihe: CEBI working paper series ; 24, 09
    Schlagworte: Household Bargaining; limited commitment; life cycle; couples; numerical dynamic programming
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  14. The endogenous grid method without analytical inverse marginal utility
    Erschienen: [2024]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

    The computational time required to solve and estimate dynamic economic models is one of the main constraints in empirical research. The Endogenous Grid Method (EGM) proposed by Carroll (2006) is known to offer impressive speed gains over more... mehr

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    The computational time required to solve and estimate dynamic economic models is one of the main constraints in empirical research. The Endogenous Grid Method (EGM) proposed by Carroll (2006) is known to offer impressive speed gains over more traditional stochastic dynamic programming methods, such as Value Function Iterations (VFI). However, existing EGM implementations implicitly require an analytical expression for the inverse marginal utility, which is not known in many interesting cases. We propose a simple and fast approach, which we refer to as the interpolated EGM (iEGM), that can be applied even when the inverse marginal utility is not known analytically. We show through two applications that the iEGM inherits the speed and accuracy of the EGM and that our approach is an order of magnitude faster than traditional approaches.

     

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    Weitere Identifier:
    hdl: 10419/298612
    Schriftenreihe: CEBI working paper series ; 24, 11
    Schlagworte: Endogenous grid method; dynamic programming; numerical methods; limited commitment
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  15. International migration
    a destination country and migrant perspective
    Erschienen: 2015

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Druck
    ISBN: 9788791342943
    Schriftenreihe: Ph.D. series ; 172
    Ph.D.-thesis / Økonomisk Institut, Københavns Universitet ; 224
    Schlagworte: Lebenszyklus; Privater Konsum; Kinder; Altersgrenze; Freizeitverhalten; Dynamische Optimierung; Variationsrechnung; Dänemark; USA
    Umfang: IV, 147 S., graph. Darst.
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    Enth. 4 Beitr

    Zsfassung in dän. Sprache

    Zugl.: Copenhagen, Univ., Diss., 2015

  16. Euler equation estimation
    children and credit constraints
    Erschienen: 2014
    Verlag:  CDR, Copenhagen

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    Schriftenreihe: Discussion papers / Department of Economics, University of Copenhagen ; 14,25
    Schlagworte: Kreditrationierung; Kinder; Lebensverlauf; Konsumtheorie; Variationsrechnung; Modellierung
    Umfang: Online-Ressource (40 S.)
  17. Life-cycle consumption and children
    evidence from a structural estimation
    Erschienen: 2015
    Verlag:  CDR, Copenhagen

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    Schriftenreihe: Discussion papers / Department of Economics, University of Copenhagen ; 15,08
    Schlagworte: Lebensverlauf; Privater Konsum; Familie; Vorsichtssparen; Schätzung; Dänemark
    Umfang: Online-Ressource (39 S.)
  18. Persistent vs. permanent income shocks in the Buffer-Stock Model
    Erschienen: June 2, 2016
    Verlag:  CDR, Copenhagen

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    Schriftenreihe: Discussion papers / Department of Economics, University of Copenhagen ; no. 16, 04
    Schlagworte: Privater Konsum; Einkommenshypothese; Lebenszyklus; Momentenmethode; Theorie
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  19. A general endogenous grid method for multi-dimensional modelswith non-convexities and constraints
    Erschienen: September 1, 2016
    Verlag:  CDR, Copenhagen

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    Schriftenreihe: Discussion papers / Department of Economics, University of Copenhagen ; no. 16, 09
    Schlagworte: Dynamische Optimierung; Stochastischer Prozess; Theorie
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen