Accepted Papers

The Review of Economic Studies is one of the most highly respected academic journals in the field of economics. It is known for publishing leading research in all areas of economics, from microeconomics to macroeconomics. The journal is published by the Oxford University Press.

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Investing in influence: Investors, portfolio firms, and political giving

Marianne Bertrand, Matilde Bombardini, Raymond Fisman, Francesco Trebbi, and Eyub Yegen

We examine how the rise of institutional ownership has influenced firms’ political activities. We find that, after the acquisition of a large stake, a firm’s political action committee giving mirrors more closely that of the acquiring investor. Consistent with a causal interpretation, this pattern is also observed for acquisitions driven by new index inclusions.

New

Inference Based on Time-Varying SVARs Identified with Sign Restrictions

Jonas E. Arias, Juan F. Rubio Ramírez, Minchul Shin, and Daniel F. Waggoner

We propose an approach for Bayesian inference in time-varying structural vector autoregressions (SVARs) identified with sign restrictions. The linchpin of our approach is a class of rotation-invariant time-varying SVARs in which the prior and posterior densities of any sequence of structural parameters belonging to the class are invariant to orthogonal transformations of the sequence.

New

The Illiquidity of Water Markets

Javier D. Donna and José A. Espín-Sánchez

We investigate the efficiency of a market relative to a non-market institution—an auction relative to a quota—as allocation mechanisms in the presence of frictions. We use data from water markets in southeastern Spain and explore a specific change in the institutions to allocate water. On the one hand, frictions arose because poor farmers were liquidity constrained. On the other hand, farmers who were part of the wealthy elite were not liquidity constrained.

New

Patent Term, Innovation, and the Role of Technology Disclosure Externalities

Fabio Bertolotti

I examine the impact of patent term on R&D and innovation in the presence of policy anticipation, common in real-world settings. Using a difference-in-difference design, I exploit quasi-experimental variation in U.S. patent term across technological fields due to the ratification of TRIPs agreements in 1995. Despite a general increase in average patent term, in most fields innovators faced a considerable probability of patent term reduction for future innovations.

New

Selection in Surveys: Using Randomized Incentives to Detect and Account for Nonresponse Bias

Deniz Dutz, Ingrid Huitfeldt, Santiago Lacouture, Magne Mogstad, Alexander Torgovitsky, and Winnie van Dijk

We show how to use randomized participation incentives to test and account for nonresponse bias in surveys. We first use data from a survey about labor market conditions, linked to full-population administrative data, to provide evidence of large differences in labor market outcomes between survey participants and nonparticipants, differences which would not be observable to an analyst who only has access to the survey data.

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Announcement📢:

We are pleased to welcome @andreamoro (Vanderbilt University) as our new Data Editor, effective 1 January 2026. We look forward to collaborating with him in this new role.

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"Free markets failed for 700 years. When poor farmers couldn't pay, a simple quota beat auctions. Sometimes the invisible hand needs handcuffs."

New paper by @javdito & @JosespinSanchez

https://www.restud.com/the-illiquidity-of-water-markets/

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Patent term boosts long run innovation, but policy anticipation creates surprising, medium term dynamics: innovation rises before expected cuts and remains high due to spillovers.

New paper by @EconFaber:

https://www.restud.com/patent-term-innovation-and-the-role-of-technology-disclosure-externalities/

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"We investigate how irreversible investment, arising from a wedge between capital purchase and resale price, affects aggregate capital fluctuations."

New paper by @isaacbaley & @jandres_blanco.

https://www.restud.com/the-macroeconomics-of-irreversibility/

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