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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Capital Unemployment

Pablo Ottonello

This paper studies the unemployment of physical capital—defined as idle units searching to be traded—and its macroeconomic implications. I provide evidence documenting that capital unemployment is large, volatile, and increases during economic downturns. I construct a capital-accumulation model that explains these patterns, with trading frictions in capital markets, which give rise to equilibrium capital unemployment, and financial shocks, which lead to large fluctuations in trading probabilities and capital unemployment.

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An optimal test for strategic interaction in network formation games

Andrin Pelican and Bryan S. Graham

Consider a setting where N players, partitioned into K observable types, form a directed network. Agents’ preferences over the form of the network consist of an arbitrary network benefit function (e.g., agents may have preferences over their network centrality) and a private, or dyadic, component which is additively separable in own links. This latter component allows for unobserved heterogeneity in the costs of sending and receiving links across agents (respectively out- and in- degree heterogeneity) as well as homophily/heterophily across the K types of agents.

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Optimal Age-based Policies for Pandemics: An Economic Analysis of Covid-19 and Beyond

Luiz Brotherhood, Philipp Kircher, Cezar Santos, and Michèle Tertilt

This paper investigates the importance of the age composition for pandemic policy design. To do so, it introduces an economic framework with age heterogeneity, individual choice, and incomplete information, emphasizing the value of testing. Calibrating the model to the US Covid-19 pandemic reveals an 80% reduction in the death toll due to voluntary actions and the lockdown implemented in the US.

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How You Pay Drives What You Choose: Mental Accounting in Health Insurance Plan Choice

Jonathan Gruber, Mengyun Lin, Haoming Liu, and Junjian Yi

We document that the source of funds for paying health insurance premiums has a dramatic impact on plan choices. We focus on the MediSave program in Singapore, a medical savings account that is used to pay out-of-pocket medical spending. Residents can also pay their health insurance premiums with cash or MediSave funds, but are subject to limits that vary by age and over time.

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Foreign Exchange Intervention with UIP and CIP Deviations

Philippe Bacchetta, Kenza Benhima, and Brendan Berthold

We examine the welfare-based opportunity cost of foreign exchange (FX) intervention when both CIP and UIP deviations are present. We consider a small open economy that receives international capital flows through constrained international financial intermediaries. Deviations from CIP come from limited arbitrage or through a convenience yield, while UIP deviations are also affected by global risk.

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Marriage, Assortative Mating and Wealth Inequality

Andreas Fagereng, Luigi Guiso, and Luigi Pistaferri

We use population data on capital income and wealth holdings for Norway to measure asset positions and wealth returns before individuals marry and after the household is formed. These data allow us to establish a number of novel facts. First, individuals sort on personal wealth rather than parental wealth. Second, people match also on their personal returns to wealth and assortative mating on returns is as strong as that on wealth.

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Informative Certification: Screening vs. Acquisition

Gorkem Celik and Roland Strausz

We study monopolistic certification in markets where sellers possess partial private information about product quality. A certifier can provide information through two channels: screening sellers’ private information (soft information) and acquiring new quality data (hard information). We prove that any certification menu achieving less than maximal screening is Pareto dominated by one with full screening.

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New paper by Fagereng, Guiso, and Pistaferri

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New paper by Celik and Strausz

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People respond in a forward looking way to pension reforms. Evidence from Poland's switch from a Defined Benefit to a Notional Defined Contribution (NDC) scheme.

New paper by @EconFrench, @attilalindner, @cormacodea, and Zawisza

https://www.restud.com/labor-supply-and-the-pension-contribution-benefit-link/

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New paper by Villa

https://www.restud.com/macro-shocks-and-firm-dynamics-with-oligopolistic-financial-intermediaries/

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