How (Not) to Identify Demand Elasticities in Dynamic Asset Markets
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https://www.nber.org/papers/w34528
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资源简介：
We evaluate approaches to estimating demand elasticities in dynamic asset markets, both theoretically and empirically. We establish strict necessary conditions that instrumented asset-price variation must satisfy for valid identification. Commonly used instruments violate these conditions, yielding
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美国国家经济研究局创建时间：
2025-12-01
