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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Bridges

Anna Tompsett

Bridges are critical but sparse links in land transport networks. I exploit quasi-experimental variation in bridge construction over major rivers in the United States to measure the causal effects of land transport infrastructure. Bridges are more often built upstream than downstream of tributary confluences—where smaller rivers join larger rivers—generating local differences in connectivity. These local connectivity advantages have negative effects on per capita income.

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A Robust Test for Weak Instruments for 2SLS with Multiple Endogenous Regressors

Daniel J. Lewis and Karel Mertens

We develop a test for instrument strength based on the bias of two-stage least squares (2SLS) that (1) generalizes the tests of Stock and Yogo (2005) and Sanderson and Windmeijer (2016) to be robust to heteroskedasticity and autocorrelation, and (2) extends the Montiel Olea and Pflueger (2013) robust test for models with a single endogenous regressor to multiple endogenous regressors.

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Firm Quality Dynamics and the Slippery Slope of Credit Intervention

Wenhao Li and Ye Li

A salient trend in crisis intervention has emerged in recent decades: government and central banks have offered funding directly to nonfinancial firms, bypassing banks and other credit intermediaries. We analyze the long-term consequences of such policies by focusing on firm quality dynamics. In a laissez-faire economy, firms with high productivity are more likely to survive crises than those with low productivity.

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Choice and Opportunity Costs

Paola Manzini, Marco Mariotti, and Levent Ülkü

We define the (physical) opportunity cost of a choice x as the alternative that would be chosen if x were not available, and the opportunity cost of any unchosen alternative as x itself. The agent has preferences over pairs consisting of alternatives and their opportunity costs. Because costs affect choice and vice-versa, choice results from an intrapersonal equilibrium rather than from simple maximisation.

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Lifecycle Wages and Human Capital Investments: Selection and Missing Data

Laurent Gobillon, Thierry Magnac, and Sébastien Roux

We derive wage equations with individual specific coefficients from a structural model of human capital investment over the life cycle. This model allows for interruptions in labour market participation and deals with missing data and attrition problems. We propose a new framework that deals with missingness at random and is based on factor decompositions that allow for flexible control of selection.

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How do currencies become international?

Bahaj & Reis(@R2Rsquared) show that PBoC swap lines boosted RMB use abroad, revealing a policy lever to jumpstart a currency’s international status.

https://www.restud.com/jumpstarting-an-international-currency/

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Editorial update:
Gabriel Chodorow-Reich @gchodorowreich (Harvard University) has stepped down as a Foreign Editor of The Review of Economic Studies. We are grateful to Gabe for his excellent service and contributions to the journal and the REStud Tour.

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"Capital flowed to high-inflation countries during recent surge, worsening the output-inflation tradeoff. Reversing flows would have reduced volatility & tightening needs."

New paper by @LouphouC & Bengui:

https://www.restud.com/destabilizing-capital-flows-amid-global-inflation/

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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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