Identification in

Macroeconomics

by Emi Nakamura and Jón SteinssonJournal of Economic Perspectives

Volume 32, Number 3—Summer 2018—Pages 59–86

James J. Heckman

Econ 312, Spring 2019

Nakamura and Steinsson Identification in Macroeconomics

The Power of Portable Statistics

Micro and Macro Moments

Nakamura and Steinsson Identification in Macroeconomics

Causal Effects as Identified Moments

Aggregate versus Cross-Sectional Identification

Nakamura and Steinsson Identification in Macroeconomics

Fiscal Stimulus: Aggregate Evidence

Fiscal Stimulus: Cross-Sectional Evidence

Nakamura and Steinsson Identification in Macroeconomics

Monetary Policy: What Is the Best Evidence We Have?

Large Shocks

Nakamura and Steinsson Identification in Macroeconomics

Nakamura and Steinsson Identification in Macroeconomics

Nakamura and Steinsson Identification in Macroeconomics

Nakamura and Steinsson Identification in Macroeconomics

Discontinuity-Based Identification

Using the Narrative Record to Identify Shocks

Nakamura and Steinsson Identification in Macroeconomics

Nakamura and Steinsson Identification in Macroeconomics

Controlling for Confounding Factors

Nakamura and Steinsson Identification in Macroeconomics

Nakamura and Steinsson Identification in Macroeconomics

Nakamura and Steinsson Identification in Macroeconomics

What Do We Do with These Shocks?

Conclusion