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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A Structural Analysis of Mental Health and Labor Market Trajectories

Gregory Jolivet and Fabien Postel-Vinay

We analyze the joint life-cycle dynamics of labor market and mental health outcomes while allowing for two-way interactions between work and mental health. We model selection into jobs on a labor market with search frictions, accounting for the level of exposure to stress in each job using data on occupational health contents. Taking our model to British data from Understanding Society combined with information from O*NET, we estimate the impact of job characteristics on health dynamics and the effects of health and job stress contents on career choices.

Feedback and Learning: The Causal Effects of Reversals on Judicial Decision-Making

Manudeep Bhuller and Henrik Sigstad

Do judges respond to reversals of their decisions? Using random assignment of cases across two stages of the criminal justice system in Norway and a novel dataset linking trial court decisions to reversals in appeals courts, we provide causal evidence on feedback effects in judicial decision-making. By exploiting differences in the tendencies of randomly assigned appeal panels to reverse trial court decisions, we show that trial court judges who receive a reversal of a sentence respond by updating the likelihood of imposing a prison sentence in the direction of the reversal in future cases.

Imagining the Future: Memory, Simulation, and Beliefs

Pedro Bordalo, Giovanni Burro, Katherine Cofmann, Nicola Gennaioli, and Andrei Shleifer

How do people form beliefs about novel risks, with which they have little or no experience? Motivated by survey data on beliefs about Covid we collected in 2020, we build a model based on the psychology of selective memory. When a person thinks about an event, different experiences compete for retrieval, and retrieved experiences are used to simulate the event based on how similar they are to it. The model predicts that different experiences interfere with each other in recall and that non domain-specific experiences can bias beliefs based on their similarity to the assessed event.

Convicting Corrupt Officials: Evidence from Randomly Assigned Cases

Sebastian Axbard

Can the judiciary help root out government corruption? This paper exploits the random assignment of court cases to justices who exhibit varying degrees of strictness to examine how convicting corrupt officials affects local government outcomes in the Philippines. I document that convictions improve the management of local public finances and reduce associated corruption. An exploration of mechanisms suggests that legal deterrence effects contribute to these findings.

Stock Market Participation, Inequality, and Monetary Policy

Davide Melcangi and Vincent Sterk

Recent literature has shown that the fraction of liquidity-constrained households in the population critically determines the mix of transmission channels of monetary policy. In this paper, we bring a different but important dimension of heterogeneity to the forefront: stock market participation. We show that the stock market participation rate not only shapes the mix of policy channels, but also heavily affects the aggregate responses.

Monetary Policy and Heterogeneity: An Analytical Framework

Florin O. Bilbiie

THANK is a tractable heterogeneous-agent New-Keynesian model that captures analytically core micro-heterogeneity channels of quantitative-HANK: cyclical inequality and risk; self-insurance, precautionary saving, and realistic intertemporal marginal propensities to consume. I use it to elucidate key transmission mechanisms and dynamic properties of HANK models. Countercyclical inequality yields aggregate-demand amplification and makes determinacy with Taylor rules more stringent; but solving the forward guidance puzzle requires procyclical inequality: a Catch-22.

Job Applications and Labor Market Flows

Serdar Birinci, Kurt See, and Shu Lin Wee

Job applications have risen over time, yet job-finding rates remain unchanged. Meanwhile, separations have declined. We argue that increased applications raise the probability of a good match rather than the probability of job-finding. Using a search model with multiple applications and costly information, we show that when applications increase, firms invest in identifying good matches, reducing separations.

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Recently accepted to #REStud, "Normalizations and misspecification in skill formation models," from Joachim Freyberger:

https://www.restud.com/normalizations-and-misspecification-in-skill-formation-models/

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"In a large RCT on a credit card in Mexico, cutting rates and raising minimums barely reduced default. Job loss—more disruptive to cash flow—had far greater impact."

New paper from Castellanos, @d_jimenez, @aprajitmahajan, Prous & @SeiraEnrique:

https://www.restud.com/contract-terms-employment-shocks-and-default-in-credit-cards/

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Recently accepted to #REStud, "On the optimal design of a Financial Stability Fund," from Ábraham, Carceles-Poveda, Liu and Marimon:

https://www.restud.com/on-the-optimal-design-of-a-financial-stability-fund/

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I'm glad this is finally out after several years in the works! I’m also on the academic job market this year and happy to connect with anyone to discuss potential opportunities

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