Comment

IF 7.5 1区经济学 Q1 ECONOMICS

Nber Macroeconomics Annual Pub Date : 2021-01-01 DOI:10.1086/712323

V. Ramey

引用次数: 1

Abstract

This insightful paper byGuren,McKay,Nakamura, and Steinsson (Guren et al.) contributes to the literature that seeks to translate effects estimated on data at one level of geographic aggregation to another level of geographic aggregation. It can also be seen as a companion paper to their paper on the effects of variations of housingwealth on consumption (Guren et al. forthcoming). The current paper develops a very clever method for recovering “partial equilibrium” effects from regressions using variation across subnational units, such as cities and states. It then applies thismethod to estimating the marginal propensity to consume out of housing wealth. Separately, it offers a solution to a puzzle that has arisen with respect to the widely used Saiz (2010) instrument used for house prices.

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这篇由Guren、McKay、Nakamura和Steinsson (Guren et al.)撰写的有见地的论文为寻求将一个地理聚集水平的数据估计效应转化为另一个地理聚集水平的文献做出了贡献。它也可以被视为他们关于住房财富变化对消费影响的论文的配套论文(Guren等人即将出版)。目前的论文开发了一种非常聪明的方法，可以利用城市和州等次国家单位的变化，从回归中恢复“部分平衡”效应。然后将该方法应用于估算住房财富的边际消费倾向。另外，它为广泛使用的用于房价的Saiz(2010)工具所产生的难题提供了解决方案。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Nber Macroeconomics Annual ECONOMICS-

CiteScore

5.10

自引率

0.00%

发文量

期刊介绍： The Nber Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields.