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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Demographics, Wealth, and Global Imbalances in the Twenty-First Century

Adrien Auclert, Hannes Malmberg, Frédéric Martenet, and Matthew Rognlie

We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on the returns to wealth, wealth accumulation, and global imbalances. Combining population forecasts with household survey data from 25 countries, we measure the compositional effect of aging: how a changing age distribution affects wealth-to-GDP, holding the age profiles of wealth and labor income fixed.

New

Measuring Markets for Network Goods

Leonardo Bursztyn, Matthew Gentzkow, Rafael Jiménez-Durán, Aaron Leonard, Filip Milojević, and Christopher Roth

Market definition is challenging in settings with network effects, where substitution patterns depend on changes in network size. We study these effects in the context of social media. We conduct an incentivized experiment comparing substitution in response to a proposed U.S. TikTok ban, in which all users simultaneously leave the app, with substitution when only a single user deactivates.

New

Aspiring to a Better Future: Can a Simple Psychological Intervention Reduce Poverty?

Kate Orkin, Robert Garlick, Mahreen Mahmud, Richard Sedlmayr, Johannes Haushofer, and Stefan Dercon

Do higher aspirations for the future motivate people living in poverty to make long-term investments? Do their aspirations increase when economic conditions improve? To answer these questions, we run a 415-village field experiment with 8,300 women living in poverty in rural Kenya. We design an 80-minute workshop to help people set higher aspirations and plan to achieve them.

New

Stockups, Stockouts, and the Role for Strategic Reserves

Brett Green, Cyrus Mevorach, and Curtis R. Taylor

We study how supply disruptions interact with monopoly pricing, inventory management, and consumer stockpiling in a continuous-time model. Preemption incentives—consumers prefer to stock up before a price hike while the firm prefers to hike before consumers stock up—lead to an equilibrium with gradual stockpiling and endogenous uncertainty over the timing of a price hike, which can trigger a run at the disruption onset.

New

Equity Frictions and Firm Ownership

Alessandra Peter

In this paper, I document systematic heterogeneity in ownership and financing of firms across Eurozone countries. To rationalize these differences, I build a quantitative general equilibrium model of workers and entrepreneurs who choose debt and equity financing of their firms, subject to rich country-specific financial frictions. The novel data on firm ownership and financing, combined with the structure of the model, allows me to quantify the level of debt and equity frictions in each country.

New

Public Employee Pensions and Municipal Insolvency

Sean Myers

This paper studies how municipal governments jointly manage spending, credit market borrowing, and a public employee pension system. I model governments as levered investors who must meet non-defaultable pension obligations and may value government spending more than citizens. I quantify the model using data on California cities, including a new record of fiscal emergencies, tax increases required to maintain essential city services.

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New apper by Atal, Cuesta, & Sæthre

https://www.restud.com/quality-regulation-and-competition-evidence-from-pharmaceutical-markets/

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New paper by Melcangi

https://www.restud.com/the-marginal-propensity-to-hire/

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New paper by Cavenaile, Celik, & Tian

https://www.restud.com/are-markups-too-high-competition-strategic-innovation-and-industry-dynamics/

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Standard NK models find optimal inflation well below 2%, small welfare losses from business cycles and monetary policy is neutral in the long run.

In a new paper, @mirkoabbritti, @egostino and Weber show all three conclusions break with endogenous growth & DNWR.

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