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Using Panel Data for Macroeconomic Policy Evaluation: A Survey

Yıl 2019, Cilt 19, Sayı 4, 389 - 399, 26.10.2019
https://doi.org/10.21121/eab.638571

Öz

In order to measure the macroeconomic effect of some policy or event, a “treatment”, we need to construct a “counterfactual”, a prediction of what would have happened in the absence of treatment, which is unobserved. Panel data for countries and regions, where the number of units and time periods are large, potentially provide untreated control groups which can be used to construct the counterfactual. A number of different procedures have been suggested for such policy evaluations, including the synthetic control method, SCM, and the panel data approach, PDA. We survey these and other methods.

Kaynakça

  • Abadie, A. & M. D Cattaneo (2018). Econometric methods for program evaluation. Annual Review of Economics, 10, 465-503.
  • Abadie, A., A. Diamond, & J. Hainmueller (2010) Synthetic Control Methods for Comparative Case Studies: Estimating the Effect of California’s Tobacco Control Program, Journal of the American Statistical Association,105(490) 493--505.
  • Abadie, A., A. Diamond, & J. Hainmueller (2015) Com- parative politics and the synthetic control method,
  • American Journal of Political Science, 59(2), 495-510. Abadie, A. & J. Gardeazabal, Javier (2003) The Economic
  • Costs of Conflict: A Case Study of the Basque Coun- try, American Economic Review, 93(1) 113-132.
  • Akhmadieva, V & R. P. Smith (2019) The macroeconomic impact of the euro, BCAM Working Paper 1903. Birk- beck, University of London, London, UK, forthcom- ing in Scientific Annals of Economics and Business.
  • Angrist, J. D., O. Jorda & G. Kuersteiner (2018): Semipar- ametric estimates of monetary policy effects: string theory revisited, Journal of Business & Economic Statistics, 36:3, 371-387,
  • Bai, J. (2009) Panel Data models with interactive fixed effects, Econometrica, 77(4) 1229-1279.
  • Bove, V, L. Elia and R.P. Smith (2017) On the heterog- enous consequences of civil war Oxford Economic Papers, 69(3) 550-568.
  • Chan, M.K. & S. Kwok (2016) Policy Evaluation with Interactive Fixed Effects. University of Sydney Eco- nomics Working paper 2016-11.
  • Chudik, A & M.H. Pesaran (2016) Theory and Practice of GVAR Modeling, Journal of Economic Surveys, 30(1) 165-197.
  • Gardeazabal, J., Vega-Bayo, A., (2016). An empirical comparison between the synthetic control method and Hsiao et al.’s panel data approach to program evaluation. Journal of Applied Econometrics, 32 (5), 983--1002.
  • Geng, H & Q. Zhou (2018) Estimation and inference of treatment effects using a new panel data approach with application to the impact of US SYG Law on state level murder rate,
  • Gobillon, L. & T. Magnac (2016) Regional Policy Eval- uation: Interactive Fixed Effects and Synthetic Controls, Review of Economics and Statistics, 98(3) 535-551.
  • Hsiao, C., H.S. Ching, and K. W. Shui (2012), A panel data approach for program evaluation: measuring the benefits of political and economic integration of Hong kong with mainland China, Journal of Applied Econometrics, 27(5) p705--740.
  • Hsiao, C & Q. Zhou (2019) Panel parameteric, semipara- metric and nonparametric construction of counter- factuals, Journal of Applied Econometrics
  • Li, K., & Bell, D. (2017). Estimation of average treatment effects with panel data: Asymptotic theory and im- plementation. Journal of Econometrics, 197, 65--75.
  • Jorda O. & A.M.Taylor (2016) The time for austerity: esti- mating the average treatment effect of fiscal policy.
  • Economic Journal, 126(1) 219-255. Pesaran, M.H. (2006) Estimation and Inference in Large Heterogeneous Panels with a multifactor error structure, Econometrica, 74(4) 967-1012.
  • Pesaran, M.H., L.V Smith and R.P. Smith (2007) What if the UK or Sweden had joined the Euro in 1999? An empirical evaluation using a Global VAR. Interna- tional Journal of Finance and Economics, 12, 55-87.
  • Pesaran, M.H., and R.P. Smith (2016) Counterfactual analysis in macroeconometrics: an empirical in- vestigation into the effects of quantitative easing, Research in Economics, 70(2), 262-280.
  • Pesaran M.H. & Smith R.P. (2018) Tests of policy interven- tions in DSGE models, Oxford Bulletin of Economics and Statistics, 80(3), 457-484.
  • Terzi, A. (2019) The Euro Crisis and Economic Growth:A Novel Counterfactual Approach, CESifo working paper, 7746.
  • Wan, S-K, Y Xie, C. Hsiao (2018) Panel data approach vs synthetic control method, Economics Letters 164, 121-123..
  • Xu, Y. (2017). Generalized synthetic control method: Causal inference with interactive fixed effects mod- el. Political Analysis, 25(1), 57--76.

Yıl 2019, Cilt 19, Sayı 4, 389 - 399, 26.10.2019
https://doi.org/10.21121/eab.638571

Öz

Kaynakça

  • Abadie, A. & M. D Cattaneo (2018). Econometric methods for program evaluation. Annual Review of Economics, 10, 465-503.
  • Abadie, A., A. Diamond, & J. Hainmueller (2010) Synthetic Control Methods for Comparative Case Studies: Estimating the Effect of California’s Tobacco Control Program, Journal of the American Statistical Association,105(490) 493--505.
  • Abadie, A., A. Diamond, & J. Hainmueller (2015) Com- parative politics and the synthetic control method,
  • American Journal of Political Science, 59(2), 495-510. Abadie, A. & J. Gardeazabal, Javier (2003) The Economic
  • Costs of Conflict: A Case Study of the Basque Coun- try, American Economic Review, 93(1) 113-132.
  • Akhmadieva, V & R. P. Smith (2019) The macroeconomic impact of the euro, BCAM Working Paper 1903. Birk- beck, University of London, London, UK, forthcom- ing in Scientific Annals of Economics and Business.
  • Angrist, J. D., O. Jorda & G. Kuersteiner (2018): Semipar- ametric estimates of monetary policy effects: string theory revisited, Journal of Business & Economic Statistics, 36:3, 371-387,
  • Bai, J. (2009) Panel Data models with interactive fixed effects, Econometrica, 77(4) 1229-1279.
  • Bove, V, L. Elia and R.P. Smith (2017) On the heterog- enous consequences of civil war Oxford Economic Papers, 69(3) 550-568.
  • Chan, M.K. & S. Kwok (2016) Policy Evaluation with Interactive Fixed Effects. University of Sydney Eco- nomics Working paper 2016-11.
  • Chudik, A & M.H. Pesaran (2016) Theory and Practice of GVAR Modeling, Journal of Economic Surveys, 30(1) 165-197.
  • Gardeazabal, J., Vega-Bayo, A., (2016). An empirical comparison between the synthetic control method and Hsiao et al.’s panel data approach to program evaluation. Journal of Applied Econometrics, 32 (5), 983--1002.
  • Geng, H & Q. Zhou (2018) Estimation and inference of treatment effects using a new panel data approach with application to the impact of US SYG Law on state level murder rate,
  • Gobillon, L. & T. Magnac (2016) Regional Policy Eval- uation: Interactive Fixed Effects and Synthetic Controls, Review of Economics and Statistics, 98(3) 535-551.
  • Hsiao, C., H.S. Ching, and K. W. Shui (2012), A panel data approach for program evaluation: measuring the benefits of political and economic integration of Hong kong with mainland China, Journal of Applied Econometrics, 27(5) p705--740.
  • Hsiao, C & Q. Zhou (2019) Panel parameteric, semipara- metric and nonparametric construction of counter- factuals, Journal of Applied Econometrics
  • Li, K., & Bell, D. (2017). Estimation of average treatment effects with panel data: Asymptotic theory and im- plementation. Journal of Econometrics, 197, 65--75.
  • Jorda O. & A.M.Taylor (2016) The time for austerity: esti- mating the average treatment effect of fiscal policy.
  • Economic Journal, 126(1) 219-255. Pesaran, M.H. (2006) Estimation and Inference in Large Heterogeneous Panels with a multifactor error structure, Econometrica, 74(4) 967-1012.
  • Pesaran, M.H., L.V Smith and R.P. Smith (2007) What if the UK or Sweden had joined the Euro in 1999? An empirical evaluation using a Global VAR. Interna- tional Journal of Finance and Economics, 12, 55-87.
  • Pesaran, M.H., and R.P. Smith (2016) Counterfactual analysis in macroeconometrics: an empirical in- vestigation into the effects of quantitative easing, Research in Economics, 70(2), 262-280.
  • Pesaran M.H. & Smith R.P. (2018) Tests of policy interven- tions in DSGE models, Oxford Bulletin of Economics and Statistics, 80(3), 457-484.
  • Terzi, A. (2019) The Euro Crisis and Economic Growth:A Novel Counterfactual Approach, CESifo working paper, 7746.
  • Wan, S-K, Y Xie, C. Hsiao (2018) Panel data approach vs synthetic control method, Economics Letters 164, 121-123..
  • Xu, Y. (2017). Generalized synthetic control method: Causal inference with interactive fixed effects mod- el. Political Analysis, 25(1), 57--76.

Ayrıntılar

Birincil Dil İngilizce
Konular İktisat
Bölüm Araştırma Makalesi
Yazarlar

Ron SMİTH Bu kişi benim

Yayımlanma Tarihi 26 Ekim 2019
Yayınlandığı Sayı Yıl 2019, Cilt 19, Sayı 4

Kaynak Göster

Bibtex @araştırma makalesi { eab638571, journal = {Ege Academic Review}, issn = {1303-099X}, address = {EGE AKADEMİK BAKIŞ DERGİSİ EGE ÜNİVERSİTESİ İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ BORNOVA İZMİR}, publisher = {Ege Üniversitesi}, year = {2019}, volume = {19}, number = {4}, pages = {389 - 399}, doi = {10.21121/eab.638571}, title = {Using Panel Data for Macroeconomic Policy Evaluation: A Survey}, key = {cite}, author = {Smith, Ron} }
APA Smith, R. (2019). Using Panel Data for Macroeconomic Policy Evaluation: A Survey . Ege Academic Review , 19 (4) , 389-399 . DOI: 10.21121/eab.638571
MLA Smith, R. "Using Panel Data for Macroeconomic Policy Evaluation: A Survey" . Ege Academic Review 19 (2019 ): 389-399 <https://dergipark.org.tr/tr/pub/eab/issue/49778/638571>
Chicago Smith, R. "Using Panel Data for Macroeconomic Policy Evaluation: A Survey". Ege Academic Review 19 (2019 ): 389-399
RIS TY - JOUR T1 - Using Panel Data for Macroeconomic Policy Evaluation: A Survey AU - RonSmith Y1 - 2019 PY - 2019 N1 - doi: 10.21121/eab.638571 DO - 10.21121/eab.638571 T2 - Ege Academic Review JF - Journal JO - JOR SP - 389 EP - 399 VL - 19 IS - 4 SN - 1303-099X- M3 - doi: 10.21121/eab.638571 UR - https://doi.org/10.21121/eab.638571 Y2 - 2019 ER -
EndNote %0 Ege Akademik Bakış Dergisi Using Panel Data for Macroeconomic Policy Evaluation: A Survey %A Ron Smith %T Using Panel Data for Macroeconomic Policy Evaluation: A Survey %D 2019 %J Ege Academic Review %P 1303-099X- %V 19 %N 4 %R doi: 10.21121/eab.638571 %U 10.21121/eab.638571
ISNAD Smith, Ron . "Using Panel Data for Macroeconomic Policy Evaluation: A Survey". Ege Academic Review 19 / 4 (Ekim 2019): 389-399 . https://doi.org/10.21121/eab.638571
AMA Smith R. Using Panel Data for Macroeconomic Policy Evaluation: A Survey. eab. 2019; 19(4): 389-399.
Vancouver Smith R. Using Panel Data for Macroeconomic Policy Evaluation: A Survey. Ege Academic Review. 2019; 19(4): 389-399.
IEEE R. Smith , "Using Panel Data for Macroeconomic Policy Evaluation: A Survey", Ege Academic Review, c. 19, sayı. 4, ss. 389-399, Eki. 2019, doi:10.21121/eab.638571