Publications & Working Papers

Working Paper
Baqaee D, Farhi E, Mina MJ, Stock JH. Reopening Scenarios. Working Paper. PDF (Updated May 2020)
Metcalf GE, Stock JH. The Macroeconomic Impact of Europe's Carbon Taxes. Working Paper. PDF (Updated July 2020)
Aspelund KM, Droste MC, Stock JH, Walker CD. Identification and Estimation of Undetected COVID-19 Cases Using Testing Data from Iceland. Working Paper. PDF (Updated July 2020)
Müller UK, Stock JH, Watson MW. An Econometric Model of International Long-run Growth Dynamics. Working Paper. PDF Appendix
Kolokotrones T, Stock JH. Is Newey-West Optimal Among q = 1 Kernels?. Working Paper. PDF
Stock JH, Watson MW. Trend, Seasonal, and Sectoral Inflation in the Euro Area. Working Paper. PDF
Montiel JL, Stock JH, Watson MW. Inference in Structural Vector Autoregressions with External Instruments. Working Paper. PDF
Stock JH, Watson MW. Slack and Cyclically Sensitive Inflation. Working Paper. PDF (Updated June 2020)
Stock JH. Reforming the Renewable Fuel Standard. Working Paper. PDF
Knittel CR, Meiselman BS, Stock JH. The Pass-Through of RIN Prices to Wholesale and Retail Fuels under the Renewable Fuel Standard: Analysis of Post-March 2015 Data. Working Paper. PDF
Lazarus E, Lewis DJ, Stock JH. The Size-Power Tradeoff in HAR Inference. Working Paper :1-60. PDF Supplement
Forthcoming
Baqaee D, Farhi E, Mina M, Stock JH. Policies for a Second Wave, in Brookings Papers on Economic Activity. ; Forthcoming. PDF (Updated Aug 2020)
Baqaee D, Farhi E, Mina M, Stock JH. Policies for a Second Wave, in Brookings Papers on Economic Activity. ; Forthcoming. PDF (Updated June 2020) Replication Files Online Appendix (Updated July 2020)
Stock JH, Metcalf GE. Measuring the Macroeconomic Impact of Carbon Taxes. American Economic Review . Forthcoming. PDF Supplemental Figures
Andrews I, Stock JH, Sun L. Weak Instruments in IV Regression: Theory and Practice. Annual Review of Economics. Forthcoming.Abstract
When instruments are weakly correlated with endogenous regressors, conventional methods for instrumental variables estimation and inference become unreliable. A large literature in econometrics develops procedures for detecting weak instruments and constructing robust condence sets, but many of the results in this literature are
limited to settings with independent and homoskedastic data, while data encountered in practice frequently violate these assumptions. We review the literature on weak instruments in linear IV regression with an emphasis on results for non-homoskedastic (heteroskedastic, serially correlated, or clustered) data. To assess the practical importance of weak instruments, we also report tabulations and simulations based on a survey of papers published in the American Economic Review from 2014 to 2018 that use instrumental variables. These results suggest that weak instruments remain an important issue for empirical practice, and that there are simple steps researchers can take to better handle weak instruments in applications.
 
PDF Appendix
2020
Gerarden TD, Reeder WS, Stock JH. Federal Coal Program Reform, the Clean Power Plan, and the Interaction of Upstream and Downstream Climate Policies. American Economic Journal: Economic Policy. 2020;12 (1) :167-99. PDF
Montamat G, Stock JH. Quasi-Experimental Estimates of the Transient Climate Response using Observational Data. Climatic Change. 2020;1 :1-11. PDF
Metcalf G, Stock JH. Measuring the Macroeconomic Impact of Carbon Taxes. American Economic Review: Papers and Proceedings. 2020;110 :101-06. PDF
Lewis D, Mertens K, Stock J. U.S. Economic Activity During the Early Weeks of the SARS-Cov-2 Outbreak. Covid Economics. 2020;6 (April 17) :1-21. PDF
Stock JH. Data Gaps and the Policy Response to the Novel Coronavirus. Covid Economics. 2020;3 :1-11. PDF

Pages