https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/758 2026-07-04T08:50:03Z https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/213248 Title: Semi-nonparametric models of multidimensional matching: An optimal transport approach Authors: Kim, Dongwoo; Lee, Young Jun Abstract: This paper develops a set of empirically tractable and flexible sieve estimators for semi-nonparametric multidimensional matching models with transferable utility, focusing on worker-job matching. We generalize the parametric quadratic-Gaussian framework employed by Bojilov and Galichon (2016) and Lindenlaub (2017), which relies on joint normality of observed characteristics. We allow unrestricted distributions of characteristics and show identification of the production technology and the equilibrium wage and matching functions using optimal transport theory. Given identification, we propose efficient, consistent, and asymptotically normal sieve estimators. We revisit Lindenlaub’s empirical application and show that, between 1990 and 2010, the U.S. economy experienced much larger technological progress favoring cognitive abilities than the original findings suggest. Furthermore, our flexible model specifications provide a significantly better fit for patterns in the evolution of wage inequality. 2026-07-01T00:00:00Z https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/212493 Title: Detecting identification failure in models with conditional moment restrictions: A bootstrap approach Authors: Han, Hyojin Abstract: This paper proposes a simple graphical diagnostic for global identification failure that can arise when point-identifying conditional moment restrictions are converted into unconditional ones. Our procedure uses the standard bootstrap to generate an empirical distribution of the GMM estimator. We illustrate that the standard bootstrap successfully reproduces the key features of the GMM estimator’s sampling distribution in such non-standard cases. Specifically, the bootstrap distribution becomes multi-modal in the presence of multiple solutions and flat or widely dispersed when the parameter is set-identified. This visual distinction provides a useful diagnostic and helps researchers to detect and understand the nature of the identification problem. Monte Carlo simulations support the usefulness of our approach. 2026-05-01T00:00:00Z https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/217613 Title: Asymmetric effects of personal income tax changes on economic activity: Increases, cuts, and for whom Authors: Hwang, Sunju Abstract: This paper explores whether changes in personal income tax have asymmetric effects on US economic activity. Using narrative measures of exogenous variation in personal income tax liabilities, we estimate the effects of these changes based on their direction and targeted income groups. We find that the contractionary effect of tax increases is approximately twice as large as the expansionary effect of tax cuts and this larger contractionary effect is mainly driven by tax increases for low- and middle-income groups. To investigate the mechanisms behind this asymmetry, we develop a heterogeneous agent model featuring downward wage rigidities and income-specific unemployment risks. The model suggests that labor demand shortfalls after tax increases amplify output and employment losses, primarily by reducing employment among the bottom 90% of income groups. 2026-04-01T00:00:00Z https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/210825 Title: Can the tone of central bankers’ speeches help shape inflation expectations?: Evidence from Japan Authors: Cho, Dooyeon; Rho, Seunghwa Abstract: Using survey data on households’ inflation expectations in Japan, this study investigates how the tone of central bankers’ speeches, measured with FinBERT, a domain-specific large language model, affects these expectations across the business cycle. Our findings indicate that a positive tone in central bank communications significantly boosts inflation expectations during recessions by increasing public confidence and promoting beliefs about future inflation. By contrast, during expansions, this positive tone has little impact. We also find that monetary policy shocks do not significantly affect inflation expectations in Japan. Given the country’s unique economic challenges and prolonged deflation, these findings can provide important policy implications for Japan, as managing inflation expectations is critical to its monetary policy. Overall, our results suggest that central bankers’ speeches in Japan play an important role in shaping inflation expectations, particularly during economic downturns, beyond the influence of conventional policy rate adjustments. 2026-03-01T00:00:00Z