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

拟议研究的主要目标是研究微观经济层面上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、家庭和企业层面都很重要。悬而未决的问题是，这些非凸性是否会产生综合影响。回答这个问题对于理解总波动和政策评估都很重要。这里提出的应用程序共享一个共同的研究方法：在个人（公司或家庭）水平上的动态优化模型的规范与通过间接推理的估计相结合。因此，实证工作直接与个人行为的正式建模联系在一起。由于非凸性，这些应用依赖于一个动态的离散选择框架。本研究的目标是：(i)在动态一般均衡设置中利用这种方法来评估总体影响；（ii）探索政策应用，如投资税收抵免。拟议活动的更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在微观层面和总体层面评估税收和补贴政策对经济影响的能力。这直接关系到可能补贴企业和家庭购买耐用品的政策。这些研究成果将通过传阅论文和参加科学会议来传播。其次，拟议工作的一部分旨在以时刻的形式创建数据摘要，这将对研究界有用。第三，建议的工作将包括研究技术的共享，以加强形式建模与其他研究人员的实证研究的联系。

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.