Bounding High Dimensional Comparative Statics
Speaker: Dr Jordan Norris
Affiliation: NYU Abu Dhabi
Location: Room 101, Chamberlain Building (#35), UQ St Lucia Campus.
Online via Zoom: https://uqz.zoom.us/j/82603079317
Abstract
A prime purpose of economic modeling is to conduct comparative static analysis. Often one is interested in its qualitative features, such as if the effect of a shock is positive, or dependence on structural parameters. Yet, except in highly-stylized models, the theoretically implied relationships are intractable, obscuring the economics, and empirically demanding, requiring complete identification of the model. I derive new bounds on comparative statics that are more tractable and feasible under partial identification. I require only that the Jacobian satisfies a condition that is often invoked for uniqueness — intuitively, requiring there to be limited feedback in the model. Importantly, the model can be of otherwise arbitrary dimensionality and heterogeneity. I demonstrate the results in an open-economy model of fiscal multipliers with many heterogeneous locations, and provide a simple condition for when the local fiscal multiplier is greater than one.
About the presenter's meeting
If you would like to meet with Dr Norris, please contact Dr Fu Ouyang
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