Why is micro evidence on the effects of uncertainty not replicated in macro data? /
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| Author / Creator: | Bond, Stephen, author. |
|---|---|
| Imprint: | Washington, D.C. : International Monetary Fund, Office of the Executive Director for Italy, ©2005. |
| Description: | 1 online resource (35 pages) : illustrations. |
| Language: | English |
| Series: | IMF working paper ; WP/05/158 IMF working paper ; WP/05/158. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/13510731 |
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| 100 | 1 | |a Bond, Stephen, |e author. |0 http://id.loc.gov/authorities/names/nr89005889 | |
| 245 | 1 | 0 | |a Why is micro evidence on the effects of uncertainty not replicated in macro data? / |c prepared by Stephen Bond and Domenico Lombardi. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, Office of the Executive Director for Italy, |c ©2005. | ||
| 300 | |a 1 online resource (35 pages) : |b illustrations. | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/05/158 | |
| 504 | |a Includes bibliographical references (pages 34-35). | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a This study investigates the relationship between uncertainty and investment using U.K. data at different levels of aggregation. Motivated by a comparative econometric analysis using a firm-level panel and aggregate time-series data, we analyze the implications of aggregating nonlinear microeconomic processes. Replicating firm-level evidence that uncertainty influences investment dynamics proves to be challenging. Even using perfectly consistent data sources, this requires both exact aggregation of the underlying micro equations, and controlling for the unobserved influences on investment that are commonly subsumed into time dummies in panel studies. These conditions are unlikely to be satisfied in most aggregate econometric studies. | ||
| 505 | 0 | |a ""Contents""; ""I. Introduction""; ""II. Firm-Level Investment Dynamics""; ""III. Aggregate Investment Dynamics""; ""IV. Aggregation Issues: A First Exploration""; ""V. Aggregation Issues: Common Time-Varying Shocks""; ""VI. Empirical Analysis Under Observed Aggregation""; ""VII. Empirical Analysis Under Exact Aggregation""; ""VIII. Results from a Monte Carlo Analysis""; ""IX. Conclusions""; ""I. Firm-Level Data""; ""II. Aggregate Data""; ""III. The Aggregate Error Correction Term""; ""IV. The Monte Carlo Experiment""; ""References"" | |
| 546 | |a English. | ||
| 650 | 0 | |a Uncertainty |x Econometric models. | |
| 650 | 0 | |a Investments |z Great Britain |x Econometric models. | |
| 650 | 6 | |a Incertitude |x Modèles économétriques. | |
| 650 | 6 | |a Investissements |z Grande-Bretagne |x Modèles économétriques. | |
| 650 | 7 | |a Investments |x Econometric models. |2 fast |0 (OCoLC)fst00978254 | |
| 650 | 7 | |a Uncertainty |x Econometric models. |2 fast |0 (OCoLC)fst01160833 | |
| 651 | 7 | |a Great Britain. |2 fast |0 (OCoLC)fst01204623 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Lombardi, Domenico, |e author. |0 http://id.loc.gov/authorities/names/no2004039697 | |
| 710 | 2 | |a International Monetary Fund. |b Office of the Executive Director for Italy, |e issuing body. |0 http://id.loc.gov/authorities/names/no2005105675 | |
| 776 | 0 | 8 | |i Print version: |a Bond, Stephen. |t Why is micro evidence on the effects of uncertainty not replicated in macro data? |d Washington, D.C. : International Monetary Fund, Office of the Executive Director for Italy, ©2005 |w (OCoLC)62241158 |
| 830 | 0 | |a IMF working paper ; |v WP/05/158. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2005/158/001.2005.issue-158-en.xml |y INTERNATIONAL MONETARY FUND |
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