RIEBセミナー

15:30 - 16:45

論題

Consumption Sensitivity to Stimulus Payments and Income Nonfungibility (co-authored with Marc K. Chan)

報告者

Kamhon KAN (Academia Sinica)

概要

We employ a novel identification strategy to quantify the role of income nonfungibility in explaining consumption sensitivity to stimulus payments. It exploits a large-scale stimulus program that converted individuals' own cash into a labeled form, i.e., a small upfront cash payment was required to receive stimulus vouchers for general spending. Not only does income nonfungibility increase the marginal propensity to consume (MPC) out of the subsidy, but it also accounts for 40%, or 10 percentage points, of the program's overall MPC. It strongly predicts consumers' response to stimulus payments and helps explain why MPCs vary substantially across program designs.

16:45 - 18:00

論題

A Guide to Useful Econometrics

報告者

Keunkwan RYU (Department of Economics, Seoul National University)

概要

In my view, the current econometric practices are not that useful as characterized by too much formalism and too little reality. Data sciences including econometrics may better pragmatically serve economic agents' decision making under uncertainty. In this lecture, I will go over a few examples of current econometric practices and suggest new avenues to pursue. Topics include difficulty with causal inference using observational data, different estimation techniques as different ways of classification, overfitting and regularization, usefulness of Bayesian perspective and model selection/averaging, data as information, Granger causality vs. transfer entropy, XAI and Shapley Value, and governmental data platform.