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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When is TSLS Actually LATE?

Christine Blandhol, John Bonney, Magne Mogstad, and Alexander Torgovitsky

Linear instrumental variable estimators, such as two-stage least squares (TSLS), are commonly interpreted as estimating non-negatively weighted averages of causal effects, referred to as local average treatment effects (LATEs). We examine whether the LATE interpretation actually applies to the types of TSLS specifications that are used in practice. We show that if the specification includes covariates—which most empirical work does—then the LATE interpretation does not apply in general.

New

Political Pressure on the Fed

Thomas Drechsel

This paper combines new data and a narrative approach to identify variation in political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not necessarily reflect political pressure, I develop a narrative identification strategy based on President Nixon’s pressure on Fed Chair Burns. I exploit this narrative through restrictions on a structural vector autoregression that includes the President-Fed interaction data.

New

Quantifying supply-side climate policies

Lassi Ahlvik, Jørgen Juel Andersen, Jonas Hveding Hamang, and Torfinn Harding

What are the effects of supply-side climate policies in the oil market? We use global company-level data to estimate the impact of 84 reforms of production taxes between 2000 and 2019 on oil production, exploration, and discoveries. We find that higher taxes primarily reduce companies’ exploration expenditures and oil discoveries, and also reduce short-term production of unconventional oil.

New

Normal Approximation in Large Network Models

Michael Leung and Hyungsik Roger Moon

We prove a central limit theorem for network formation models with strategic interactions and homophilous agents. Since data often consists of observations on a single large network, we consider an asymptotic framework in which the network size diverges. We argue that a modification of “stabilization” conditions from the literature on geometric graphs provides a useful high-level formulation of weak dependence which we utilize to establish an abstract central limit theorem.

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The Confederate diaspora—small but powerful and ideologically intense—reshaped culture across the U.S. through influence, organizational mobilization, and political leverage.

New paper by @SamuelBazzi, @Andreas_Ferrara, Fiszbein, @tpearson_tweets, and Testa:

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Why/how should multiple hypothesis testing be done differently in empirical work? We give an economic foundation trading off research costs and incentives with implications for empirical practice.

New paper by @VivianoDavide, Wüthrich, and Niehaus:

https://www.restud.com/a-model-of-multiple-hypothesis-testing/

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New paper by Liski & Salanié:

https://www.restud.com/catastrophes-delays-and-learning/

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Supply-side climate policies in the oil market: Higher taxes reduce exploration and discoveries. If only OECD countries adopt this policy, 47–73% is offset by non-OECD countries.

New paper by @AhlvikLassi, @jorgenja, Hamang, & @tfharding:

https://www.restud.com/quantifying-supply-side-climate-policies/

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