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The Well-meaning Economist
11 Sep 2019
RDP
2019-08
In the wages case, policymaker aversion to inequality makes it sensible to reject the arithmetic mean for another quasilinear one.
https://www.rba.gov.au/publications/rdp/2019/2019-08.html
Appendix A: Technical Material
11 Sep 2019
RDP
2019-08
For instance, under the first error specification in Equation (A39) it is implied that. ... Otherwise it is common to crudely base elasticity estimates on a straight read of.
https://www.rba.gov.au/publications/rdp/2019/2019-08/appendix-a.html
Conclusion
11 Sep 2019
RDP
2019-08
It is hence ideal to focus most income research on quasilinear means that are certainty equivalents under risk aversion. ... And with so many options to choose from, it is often hard to do objectively.
https://www.rba.gov.au/publications/rdp/2019/2019-08/conclusion.html
Introduction
11 Sep 2019
RDP
2019-08
Hence it is natural to focus most wages research on quasilinear means that reflect this risk aversion. ... When model fit is high, like it is for the inflation case, the decision tends to matter less.
https://www.rba.gov.au/publications/rdp/2019/2019-08/introduction.html
The Well-meaning Economist
1 Sep 2019
RDP
2019-08
But a case for estimating it has not, to our knowledge, been made. ... At the time it was widely understood that the correct interpretation of 100b.
https://www.rba.gov.au/publications/rdp/2019/2019-08/full.html
Existing Preferences for Targets Conflict
11 Sep 2019
RDP
2019-08
Inertia seems to play a role:. We cannot rule out that this elasticity, were it estimated robustly and without bias (a point to which we will return), might be of interest ... But a case for estimating it has not, to our knowledge, been made.
https://www.rba.gov.au/publications/rdp/2019/2019-08/existing-preferences-for-targets-conflict.html
Good Justification Comes from the Application
11 Sep 2019
RDP
2019-08
Moreover, it is often possible to argue for policymaker attitudes towards risk in general ways:. ... None of the representations are necessarily bad; it is changing them arbitrarily that is.
https://www.rba.gov.au/publications/rdp/2019/2019-08/good-justification-comes-from-the-application.html
Common Bias Corrections are Unnecessary
11 Sep 2019
RDP
2019-08
At the time it was widely understood that the correct interpretation of 100b. ... m. But it was also common for researchers to apply the same respective interpretations to 100c.
https://www.rba.gov.au/publications/rdp/2019/2019-08/common-bias-corrections-are-unnecessary.html
Quasilinear Means Generalise Arithmetic Ones
11 Sep 2019
RDP
2019-08
And strictly speaking it is a conditional arithmetic mean, which includes the unconditional type as a special case. ... I will call this a gamma-shifted-log (GSL) transformation, and denote it with gsl(Y).
https://www.rba.gov.au/publications/rdp/2019/2019-08/quasilinear-means-generalise-arithmetic-ones.html
Switching Can Transform Conclusions
11 Sep 2019
RDP
2019-08
Starting with Tinbergen (1962), it has been the subject of a large empirical literature on the determinants of trade flows in particular. ... But it turns out that in many cases the choice just amounts to deciding which quasilinear mean to target.
https://www.rba.gov.au/publications/rdp/2019/2019-08/switching-can-transform-conclusions.html