Accepted Papers

Central Bank Balance Sheet Policies Without Rational Expectations

30 January 2023

Luigi Iovino and Dmitriy Sergeyev

We study the effects of central bank balance sheet policies—namely, quantitative easing and foreign exchange interventions—in a model where people form expectations through an iterative level-k thinking process.

Stalled Racial Progress and Japanese Trade in the 1970s and 1980s

24 January 2023

Mary Kate Batistich and Timothy N. Bond

We assess the impact of a rapid rise in Japanese import competition on the growth in racial earnings and employment gaps during the 1970s and 80s.

Hinterlands, city formation and growth: Evidence from the U.S. westward expansion

24 January 2023

Dávid Krisztián Nagy

I study how geography shaped city formation and aggregate development in the United States prior to the Civil War. To guide my analysis, I present a conjecture that cities’ farm hinterlands fostered both city development and aggregate growth: the hinterland hypothesis.

Estimating Production Functions of Multiproduct Firms

22 January 2023

Nelli Valmari

Multiproduct firms constitute a considerable share of firms and account for an even greater share of production. Nevertheless, the vast majority of production function estimates are based on the assumption that firms are single-product manufacturers.

Inference for Ranks with Applications to Mobility across Neighborhoods and Academic Achievement across Countries

22 January 2023

Magne Mogstad, Joseph P. Romano, Azeem M. Shaikh, and Daniel Wilhelm

It is often desired to rank different populations according to the value of some feature of each population. For example, it may be desired to rank neighborhoods according to some measure of intergenerational mobility or countries according to some measure of academic achievement. These rankings are invariably computed using estimates rather than the true values of these features.

Inference for Linear Conditional Moment Inequalities

13 January 2023

Isaiah Andrews, Jonathan Roth, and Ariel Pakes

We show that moment inequalities in a wide variety of economic applications have a particular linear conditional structure.

Retraction of: Growing up in a Recession

11 January 2023

This is a retraction of: Paola Giuliano, Antonio Spilimbergo, Growing up in a Recession, The Review of Economic Studies, Volume 81, Issue 2, April 2014, Pages 787–817.

Social Positions and Fairness Views on Inequality

5 January 2023

Kristoffer B. Hvidberg, Claus T. Kreiner, and Stefanie Stantcheva

We link survey data on Danish people’s perceived income positions and fairness views on inequality within various reference groups to administrative records on their reference groups, income histories, and life events. People are, on average, well-informed about the income levels of their reference groups.