The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving
The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving
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DOI：
10.1515/1538-0645.1430
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发表时间：
2006-07
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影响因子：
--
通讯作者：
Karen Pence
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文献类型：
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作者：
Karen Pence
摘要研究人员可能想要估计一个变量的百分比变化，例如家庭财富或公司利润，这些变量在经济上具有重要的非正值。然而，使用对数变换需要丢弃非正值的观测值。本文描述了这一问题的一种可能的解决方案--反双曲正弦变换--并展示了如何在中值回归的情况下最优地实现这种变换。为了说明这种转变的用处，我重温了一份有时用来评估税收激励对家庭储蓄影响的指标。
Abstract Researchers may want to estimate the percentage change of a variable, such as household wealth or corporate profits, that takes on economically significant nonpositive values. Using the logarithmic transformation, however, requires discarding observations with nonpositive values. This paper describes a possible solution to this problem-the inverse hyperbolic sine transformation-and shows how to implement this transformation optimally in the case of median regression. As an illustration of the usefulness of this transformation, I revisit a specification sometimes used to estimate the effect of tax incentives on household saving.