G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5296
DP5296 The Public Pay Gap in Britain: Small Differences That (Don?t?) Matter
Hélène Turon; Fabien Postel-Vinay
发表日期2005-10-23
出版年2005
语种英语
摘要Although economists have long been aware of Jensen's inequality, many econometric applications have neglected an important implication of it: the standard practice of interpreting the parameters of log-linearized models estimated by ordinary least squares as elasticities can be highly misleading in the presence of heteroskedasticity. This paper explains why this problem arises and proposes an appropriate estimator. Our criticism of conventional practices and the solution we propose extends to a broad range of economic applications where the equation under study is log-linearized. We develop the argument using one particular illustration, the gravity equation for trade, and apply the proposed technique to provide new estimates of this equation. We find significant differences between estimates obtained with the proposed estimator and those obtained with the traditional method.
主题International Macroeconomics ; International Trade and Regional Economics
关键词Elasticities Gravity equation Heteroskedasticity Jensen's inequality Poisson regression
URLhttps://cepr.org/publications/dp5296
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534171
推荐引用方式
GB/T 7714
Hélène Turon,Fabien Postel-Vinay. DP5296 The Public Pay Gap in Britain: Small Differences That (Don?t?) Matter. 2005.
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