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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Quantifying supply-side climate policies

Lassi Ahlvik, Jørgen Juel Andersen, Jonas Hveding Hamang, and Torfinn Harding

What are the effects of supply-side climate policies in the oil market? We use global company-level data to estimate the impact of 84 reforms of production taxes between 2000 and 2019 on oil production, exploration, and discoveries. We find that higher taxes primarily reduce companies’ exploration expenditures and oil discoveries, and also reduce short-term production of unconventional oil.

New

Normal Approximation in Large Network Models

Michael Leung and Hyungsik Roger Moon

We prove a central limit theorem for network formation models with strategic interactions and homophilous agents. Since data often consists of observations on a single large network, we consider an asymptotic framework in which the network size diverges. We argue that a modification of “stabilization” conditions from the literature on geometric graphs provides a useful high-level formulation of weak dependence which we utilize to establish an abstract central limit theorem.

New

Unpacking Aggregate Welfare in a Spatial Economy

Eric Donald, Masao Fukui, and Yuhei Miyauchi

How do regional productivity shocks or transportation infrastructure improvements affect aggregate welfare? In a general class of spatial equilibrium models, we provide a formula for aggregate welfare changes, decomposed into terms associated with (i) technology (Fogel 1964, Hulten 1978), (ii) spatial dispersion of marginal utility, (iii) fiscal externalities, (iv) technological externalities, and (v) redistribution.

New

De Gustibus and Disputes about Reference Dependence

Pol Campos-Mercade, Lorenz Goette, Thomas Graeber, Alexandre Kellogg, and Charles Sprenger

Existing tests of reference-dependent preferences assume universal loss aversion. This paper examines the implications of heterogeneity in gain-loss attitudes for such tests. In experiments on labor supply and exchange behavior, we first measure gain-loss attitudes and then study a canonical treatment effect that distinguishes different models of reference dependence.

New

Should monetary policy care about redistribution? Optimal monetary and fiscal policy with heterogeneous agents

François Le Grand, Alaïs Martin-Baillon, and Xavier Ragot

We present a method to determine optimal monetary policy in heterogeneous-agent economies with nominal frictions and aggregate shocks, under various assumptions regarding fiscal policy. We analyze models with either sticky prices or sticky wages. In the sticky-price economy, when fiscal policy is optimally set, optimal monetary policy implements price stability.

New

Gendered Spheres of Learning and Household Decision-Making over Fertility

Nava Ashraf, Maxim Bakhtin, Erica Field, Alessandra Voena, and Roberta Ziparo

While men and women make joint decisions about fertility, women give birth and are more likely to learn about a significant cost of childbearing—maternal health risk. Within couples in Zambia, men have systematically lower awareness of maternal risk factors and higher desire for children than their wives. We develop a model in which information asymmetries between partners over maternal health risk can persist in equilibrium due to strategic incentives and can generate disagreement over fertility that cannot be resolved with transfers.

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"We prove a CLT for strategic network formation with homophilous agents. This enables inference on statistics derived from a single large network. We discuss practical procedures."

New Paper by Leung & Moon:

https://www.restud.com/normal-approximation-in-large-network-models/

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"A new theory on how regional shocks affect aggregate welfare—applied to US highway network improvements—unpacking how and why it deviates from the Fogel/Hulten characterization."

New paper by @MiyauchiYuhei, @EricDonald, & Fukui:

https://www.restud.com/unpacking-aggregate-welfare-in-a-spatial-economy/

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New paper by Campos-Mercade, Goette, Graeber, Kellogg, and Sprenger:

https://www.restud.com/de-gustibus-and-disputes-about-reference-dependence/

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New paper by Le Grand, Martin-Baillon & Ragot:

https://www.restud.com/should-monetary-policy-care-about-redistribution-optimal-monetary-and-fiscal-policy-with-heterogeneous-agents/

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