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Targeted moments: Data and model
| Moment | Source | Data | Model |
|---|---|---|---|
| Slope of BC’s first regression, τ1 | Bailey and Collins (2011) | −0.35 | −0.29 |
| Slope of BC’s second regression, τ2 | Bailey and Collins (2011) | −0.15 | −0.05 |
| Variance of log-income across counties | Bailey and Collins (2011) | 0.17 | 0.13 |
| Variance of log-income across individuals | U.S. Census | 0.35 | 0.40 |
| Proportion of adopters in 1940 | Bailey and Collins (2011) | 0.35 | 0.31 |
| Total fertility rate in 1940 | Hernandez (1996) | 2.2 | 2.55 |
