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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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Decomposing Duration Dependence in a Stopping Time Model

20 November 2023

Fernando Alvarez, Katarina Borovickova, and Robert Shimer

We develop an economic model of transitions in and out of employment. Heterogeneous workers switch employment status when the net benefit from working, a Brownian motion with drift, hits optimally-chosen barriers. This implies that the duration of jobless spells for each worker has an inverse Gaussian distribution.

Endogenous Uncertainty and Credit Crunches

20 November 2023

Ludwig Straub and Robert Ulbricht

We develop a theory of endogenous uncertainty in which the ability of investors to learn about firm-level fundamentals is impaired during financial crises. At the same time, higher uncertainty reinforces financial distress. Through this two-way feedback loop, a temporary financial shock can cause a persistent reduction in risky lending, output, and employment that coincides with increased uncertainty, default rates, credit spreads and disagreement among forecasters.

Repayment Flexibility and Risk Taking: Experimental Evidence from Credit Contracts

14 November 2023

Marianna Battaglia, Selim Gulesci, and Andreas Madestam

A widely held view is that small firms in developing countries are prevented from making profitable investments by lack of access to credit and insurance markets. One solution is to provide repayment flexibility in credit contracts. Repayment flexibility eases both the credit constraint, as it allows for increased spending during the startup phase, and offers insurance, in case of fluctuations in income.

Dollar Safety and the Global Financial Cycle

14 November 2023

Zhengyang Jiang, Arvind Krishnamurthy, and Hanno Lustig

We develop a model of the global financial cycle with one key ingredient: the international demand for safe dollar assets. The model matches patterns of dollar borrowing and currency mismatch, the U.S. external balance sheet, exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor.

Bargaining as a Struggle Between Competing Attempts at Commitment

29 October 2023

Rohan Dutta

The strategic importance of commitment in bargaining is widely acknowledged. Yet disentangling its role from key features of canonical models, such as proposal power and reputational concerns, is difficult. This paper introduces a model of bargaining with strategic commitment at its core. Following Schelling (1956), commitment ability stems from the costly nature of concession and is endogenously determined by players’ demands.

How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output

29 October 2023

Kyle Herkenhoff, Gordon Phillips, and Ethan Cohen-Cole

How do consumer credit markets affect the allocation of workers to firms, output, and labor productivity? We address this question in two steps. First, we use new microdata to estimate empirical elasticities of job search patterns to credit. Second, we estimate our novel theory of sorting under risk aversion to match these elasticities, and then we conduct aggregate counterfactuals.

Capital Regulation and Shadow Finance: A Quantitative Analysis

29 October 2023

Hyunju Lee, Sunyoung Lee, and Radoslaw Paluszynski

This paper studies the effects of higher bank capital requirements. Using new firm-lender matched credit data from South Korea, we document that Basel III coincided with a 25% decline in credit from regulated banks, and an increase of similar magnitude from nonbank (shadow) lenders.

Single-Crossing Differences in Convex Environments

22 October 2023

Navin Kartik, SangMok Lee, and Daniel Rappoport

An agent’s preferences depend on an ordered parameter or type. We characterize the set of utility functions with single-crossing differences (SCD) in convex environments. These include preferences over lotteries, both in expected utility and rank-dependent utility frameworks, and preferences over bundles of goods and over consumption streams.

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The Review of Economic Studies

The Review was founded in 1933 by a group of Economists from leading UK and US departments. It is now managed by European-based economists.

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