Financial Econometrics Chapter 5.Mediation Effect and Moderating Effect Jin Ling School of Finance,Zhongnan University of Economics and Law 1
Financial Econometrics Chapter 5. Mediation Effect and Moderating Effect Jin Ling School of Finance, Zhongnan University of Economics and Law 1
Outline Causal Identification ·Mediation Effect ·Moderating Effect 2
• Causal Identification • Mediation Effect • Moderating Effect 2 Outline
Causal ldentification The strategy for causal identification: Causal inference:Causal identification and statistical inference Causal identification:the causal model to rationalize the correlation. D D (a)基本因果模型T (b)基本因果模型川 (c)基本因果模型Ⅲ 3
• The strategy for causal identification: • Causal inference: Causal identification and statistical inference. • Causal identification: the causal model to rationalize the correlation. 3 Causal Identification
Causal ldentification The strategy for causal identification: Experiment design:Assignment mechanism. Randomized experiment is hard to design in reality. ·无法设计客观存在的现象。Bank competition. Assignment mechanism is endogenous.Consumer coupon. ·设计的实验难以探讨大的现实问题。Anti-poverty program
• The strategy for causal identification: • Experiment design: Assignment mechanism. • Randomized experiment is hard to design in reality. • 无法设计客观存在的现象。Bank competition. • Assignment mechanism is endogenous. Consumer coupon. • 设计的实验难以探讨大的现实问题。Anti-poverty program. 4 Causal Identification
Causal ldentification The strategy for causal identification: ·Testable implications(相关性含义)for causal effect. If the causal effect is true,what will happen? Implications from specific causal effects are different. M D M D 5
• The strategy for causal identification: • Testable implications (相关性含义) for causal effect. • If the causal effect is true, what will happen? • Implications from specific causal effects are different. 5 Causal Identification