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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Monetary Policy and Endogenous Financial Crises

Frédéric Boissay, Fabrice Collard, Jordi Galí, and Cristina Manea

What are the channels through which monetary policy affects financial stability? Can (and should) central banks prevent financial crises by deviating from price stability? To what extent may monetary policy itself unintentionally breed financial vulnerabilities? We answer these questions using a New Keynesian model with capital accumulation and endogenous financial crises due to adverse selection and moral hazard in credit markets.

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Money Markets, Collateral and Monetary Policy

Fiorella De Fiore, Marie Hoerova, Ciaran Rogers, and Harald Uhlig

We document dramatic changes in euro area interbank money markets during the financial and sovereign debt crises: unsecured borrowing declined across the euro area, while secured market haircuts on sovereign bonds increased, and bank borrowing from the European Central Bank rose in southern countries. We construct a quantitative general equilibrium model to assess the macroeconomic impact of these developments and the associated policy response.

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Counterfactual Analysis for Structural Dynamic Discrete Choice Models

Myrto Kalouptsidi, Yuichi Kitamura, Lucas Lima, and Eduardo Souza-Rodrigues

Discrete choice data allow researchers to recover differences in utilities, but these differences may not suffice to identify policy-relevant counterfactuals of interest. In fact, in the case of dynamic discrete choice models, only a narrow set of counterfactuals are point-identified. In this paper, we explore how much one can learn about counterfactual outcomes of interest within this framework.

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Identification and estimation of dynamic random coefficient models

Wooyong Lee

I study linear panel data models with predetermined regressors (such as lagged dependent variables) where coefficients are individual-specific, allowing for heterogeneity in the effects of the regressors on the dependent variable. I show that the model is not point-identified in a short panel context but rather partially identified, and I characterize the identified sets for the mean, variance, and CDF of the coefficient distribution.

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New paper by Kalouptsidi, Kitamura, Lima, and Souza-Rodrigues:

https://www.restud.com/counterfactual-analysis-for-structural-dynamic-discrete-choice-models/

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In dynamic project selection with costly verification claims of high quality may be less likely to be verified over time—a finding with implications for organizational governance.

New paper by @JlibDoesEcon & Li:

https://www.restud.com/the-dynamics-of-verification-when-searching-for-quality/

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New paper by Tuttle:

https://www.restud.com/racial-disparities-in-federal-sentencing-evidence-from-drug-mandatory-minimums/

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New paper by Lee:

https://www.restud.com/identification-and-estimation-of-dynamic-random-coefficient-models/

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