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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Entry and Profits In An Aging Economy: The Role Of Consumer Inertia

Gideon Bornstein

Over the past four decades, the U.S. economy has seen a decline in the share of young firms alongside a rise in the profit share of GDP. This paper explores how population aging contributes to these twin trends through a demand-side channel. The core hypothesis is that younger households exhibit lower consumer inertia—a tendency to stick with previously chosen products—than older households.

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Machine Learning for Dynamic Incentive Problems

Philipp Renner and Simon Scheidegger

We present a flexible and scalable computational framework integrating machine learning and optimization theory to solve dynamic adverse selection models with persistent private information and many types. Our approach reformulates the model into a numerically tractable structure that bypasses set-valued dynamic programming; we formally prove that, under verifiable conditions, this relaxation yields the solution to the original problem.

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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.

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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.

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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.

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New paper by @kateorkin, Garlick, @mahreenmahmud, Sedlmayr, @jhaushofer, & Dercon

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How do firms set wages when they can legally wage discriminate? Evidence from minimum wage reform shows firms raise pay for unbound workers, reflecting pay equity considerations.

New paper by @giulia_giupponi & @s_machin_

https://www.restud.com/company-wage-policy-in-a-low-wage-labor-market/

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Across Europe, even public firms have concentrated ownership, with big cross-country variation. Equity frictions matter more than debt frictions for output and wealth inequality.

New paper by @Ale_M_Peter

https://www.restud.com/equity-frictions-and-firm-ownership/

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Services like software & R&D are reshaping production networks. Using a novel approach to measure sectoral prices, @nichiflu, Gorry & @C_vom_lehn show this shift can sustain economic growth.

https://www.restud.com/structural-change-in-production-networks-and-economic-growth/

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