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We propose a quantile random-coefficient regression with interactive fixedeffects to study the effects of group-level policies that are heterogeneousacross individuals. Our approach is the first to use a latent factor structureto handle the unobservable heterogeneities in the random coefficient. Theasymptotic properties and an inferential method for the policy estimators areestablished. The model is applied to evaluate the effect of the minimum wagepolicy on earnings between 1967 and 1980 in the United States. Our resultssuggest that the minimum wage policy has significant and persistent positiveeffects on black workers and female workers up to the median. Our results alsoindicate that the policy helps reduce income disparity up to the median betweentwo groups: black, female workers versus white, male workers. However, thepolicy is shown to have little effect on narrowing the income gap between low-and high-income workers within the subpopulations.

Quantile Random-Coefficient Regression with Interactive Fixed Effects: Heterogeneous Group-Level Policy Evaluation