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Nonlinear panel data methods for dynamic heterogeneous agent models

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  • Manuel Arellano

    (Institute for Fiscal Studies and Centre for Monetary and Financial Studies (CEMFI))

  • Stéphane Bonhomme

    (Institute for Fiscal Studies and University of Chicago)

Abstract

Recent developments in nonlinear panel data analysis allow identifying and estimating general dynamic systems. In this review we describe some results and techniques for nonparametric identifi cation and flexible estimation in the presence of time-invariant and time-varying latent variables. This opens the possibility to estimate nonlinear reduced forms in a large class of structural dynamic models with heterogeneous agents. We show how such reduced forms may be used to document policy-relevant derivative e ffects, and to improve the understanding and facilitate the implementation of structural models.

Suggested Citation

  • Manuel Arellano & Stéphane Bonhomme, 2016. "Nonlinear panel data methods for dynamic heterogeneous agent models," CeMMAP working papers CWP51/16, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    • Handle: RePEc:ifs:cemmap:51/16
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    Cited by:

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    3. Laura Liu & Mikkel Plagborg-M{o}ller, 2021. "Full-Information Estimation of Heterogeneous Agent Models Using Macro and Micro Data," Papers 2101.04771, arXiv.org, revised Jun 2022.
    4. De Groote, Olivier, 2019. "Dynamic Effort Choice in High School: Costs and Benefits of an Academic Track," TSE Working Papers 19-1002, Toulouse School of Economics (TSE), revised Jun 2023.
    5. Victor Aguirregabiria & Jesus Carro, 2021. "Identification of Average Marginal Effects in Fixed Effects Dynamic Discrete Choice Models," Working Papers tecipa-701, University of Toronto, Department of Economics.
    6. Thierry Mamadou Asngar & Médard Mengue Bidzo, 2019. "Impact of External Capital on Economic Growth in EMCCA Countries," International Business Research, Canadian Center of Science and Education, vol. 12(6), pages 90-98, June.
    7. Laura Liu & Mikkel Plagborg‐Møller, 2023. "Full‐information estimation of heterogeneous agent models using macro and micro data," Quantitative Economics, Econometric Society, vol. 14(1), pages 1-35, January.
    8. Laura Liu & Alexandre Poirier & Ji-Liang Shiu, 2021. "Identification and Estimation of Partial Effects in Nonlinear Semiparametric Panel Models," Papers 2105.12891, arXiv.org, revised Jul 2024.
    9. Laura Liu & Mikkel Plagborg-M{o}ller, 2021. "Full-Information Estimation of Heterogeneous Agent Models Using Macro and Micro Data," Papers 2101.04771, arXiv.org, revised Jun 2022.

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    More about this item

    Keywords

    dynamic models; structural economic models; panel data; unobserved heterogeneity.;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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