JAD
95
96
97
2
98
99
3
100
101
102
103
104
105
106
lnXijt = a 0 + at + aij + b′ijt Zijt + eijt
𝑡 = 1,2, … , 𝑇; 𝑖 = 1,2, … , 𝑁; 𝑗 = 1,2, … , 𝑁
Zijt
Xijt
a0
at
a ij
eijt
aij = 0
bijt = bt
lnXijt = a 0 + at + b′ijt Zijt + eijt
4
107
b1 = b2 = ⋯ = bT = 𝑏
lnXijt = a 0 + at + b′Zijt + eijt
at
lnXit = a 0 + b′Zit + eit
Xit
Zit
Zit
𝑙𝑛𝑡𝑟𝑎𝑑𝑒𝑖𝑡 = 𝑎0 + 𝑏1 ln(𝑟𝑔𝑑𝑝)𝑖𝑡 + 𝑏2 ln(𝑝𝑜𝑝)𝑖𝑡 + 𝑏3 open𝑖𝑡 + 𝑏4 rer𝑖𝑡 +
𝑏5 lang 𝑖𝑡 + 𝑏6 ln(𝑑𝑖𝑠𝑡𝑤)𝑖 + 𝑒𝑖𝑡
𝑌 = 𝛼𝑖42 + 𝑋′𝑖,𝑡 𝛽 + 𝑍𝜇 𝜇 + 𝑣
𝛼
𝑖42
𝑋′𝑖,𝑡
𝛼𝑖 𝑍𝜇 = 𝐼8 ⊗ 𝑖42
𝛼
𝛽𝑂𝐿𝑆 = (𝑋 ′ 𝑋)−1 (𝑋 ′ 𝑌)
108
𝐼8
𝛽
𝛽𝐹𝐸 = (𝑋 ′ 𝑄𝑋)−1 (𝑋 ′ 𝑄𝑌)
2 2
2 2
𝜎
𝜎𝑣
′
−1
′
̌
𝛽𝑅𝐸 = [𝑋 ′ 𝑄𝑋 + ( 𝑣2) 𝑋 ′ (𝑃 − 𝐽̌
336 )𝑋] [𝑋 𝑄𝑋 + ( 2 ) 𝑋 (𝑃 − 𝐽336 )𝑌]
𝜎1
𝜎1
109
110
111
112
113
114
115
116

Financialization, the New Economy, and Wage Inequality in

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