The Review of Economic Studies is one of the core journals in economics. It is essential reading for economists, consistently ranking among the top five journals.

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.

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.

We study opinion dynamics in a social network consisting of two groups. Agents update their opinions by conforming to members of their own group while rejecting the views of the opposing group (affective polarization), and by listening to a media outlet that may provide biased information.

Using Danish registry data, we study how managers’ gender attitudes shape gender inequality in the workplace by exploiting the birth of a daughter – as opposed to a son – as a plausibly exogenous shock to male managers’ gender attitudes. Comparing within-firm changes in women’s labor outcomes depending on the gender of the manager’s newborn child, we find that women’s relative earnings and employment increase by 4.4% and 2.9% respectively following the birth of the manager’s first daughter.

We show that the emergence of new economic opportunities that draw women away from their traditional domestic roles has significantly influenced the adoption of religious veiling. We measure the prevalence of veiling among young women across Indonesia’s districts for more than two decades by handcoding around a quarter million photographs attached to Indonesia’s public high school registers.

We experimentally study decentralized one-to-one matching markets with transfers. We vary the information available to participants, complete or incomplete, and the surplus structure, supermodular or submodular. Several insights emerge.