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Granular Instrumental Variables
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AI
DOI：10.1086/728743.png)
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摘要
En 中文
We develop a new method to construct instruments in a broad class of economic environments. In the economies we study, a few large firms, industries, or countries account for an important share of economic activity. Idiosyncratic shocks to these large players significantly affect aggregate outcomes and are valid instruments. We provide a methodology to extract these idiosyncratic shocks to create granular instrumental variables (GIVs), which are size-weighted sums of idiosyncratic shocks. We show how GIVs enable us to estimate causal parameters, such as elasticities and multipliers, and are applicable in a broad range of empirically relevant settings.
Keyword:
IDENTIFICATION
DYNAMICS
ORIGINS
SHOCKS
FIRMS
期刊
IF:
6.3
论文数:
2.6K
被引数:
3.2W
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