EITM: Aggregate and Individual Behavior: Bringing Theory and Empirics Together

拟议研究的主要目标是在微观经济层面研究非凸性的总体和政策影响。有充分的证据表明，非凸性在个人、家庭和公司层面都很重要。悬而未决的问题是，这些非凸性是否有聚合的影响。回答这个问题对于理解总体波动和政策评估都很重要。这里提出的应用程序共享一种共同的研究方法：在个人(公司或家庭)一级指定动态优化模型，并通过间接推理进行估计。因此，经验性工作直接与个人行为的正式建模联系在一起。由于非凸性，这些应用依赖于动态离散选择框架。研究的目标是：(I)在动态的一般均衡环境中利用这一方法来评估总体影响和(Ii)探索政策应用，例如投资税收抵免。拟议活动的广泛影响拟议的研究将有三个广泛的影响。首先，这项工作将提高我们评估税收和补贴政策对经济影响的能力，无论是在微观层面还是在总量层面。这与可能补贴购买坚固耐用品和家用耐用品的政策直接相关。这些研究成果将通过传阅论文和参加科学会议的方式传播。第二，拟议工作的一部分旨在以矩的形式创建对研究界有用的数据摘要。第三，拟议的工作将包括分享研究技术，以加强形式建模与其他研究人员的实证研究之间的联系。

The primary objective of the proposed research is to study the aggregate and policy implications of non-convexities at the microeconomic level. There is ample evidence that non-convexities matter at the individual household and firm levels. The open question is whether there are aggregate implications of these non-convexities. Answering this question is important for both understanding aggregate fluctuations and for policy evaluation. The applications proposed here share a common research methodology: the specification of a model of dynamic optimization at the individual (firm or household) level combined with estimation through indirect inference. Thus the empirical work is directly tied to the formal modeling of individual behavior. Due to non-convexities, these applications rest upon a dynamic discrete choice framework. The goals of the research are: (i) to utilize this methodology within a dynamic general equilibrium setting to evaluate aggregate implications and (ii) to explore policy applications, such as investment tax credits.Broader Impacts of Proposed ActivityThe proposed research will have three broad impacts. First, the work will advance our ability to evaluate the impact of tax and subsidy policies on the economy, both at the micro-level and at the aggregate level. This pertains directly to policy that might subsidize the purchases of firm and household durables. These research results will be disseminated through circulating papers and participation in scientific conferences. Second, part of the proposed work is intended to create data summaries in the form of moments that will be useful to the research community. Third, the proposed work will include a sharing of research techniques to enhance the linking of formal modeling with empirical studies by other researchers.