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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The Transmission of Commodity Price Super-Cycles

Felipe Benguria, Felipe Saffie, and Sergio Urzua

We examine two key channels through which commodity price super-cycles affect the economy: a wealth channel, through which higher commodity prices increase domestic demand, and a cost channel, through which they induce wage increases. By exploiting regional variation in exposure to commodity price shocks and administrative firm-level data from Brazil, we empirically disentangle these transmission channels.

Sources and Transmission of Country Risk

Tarek A. Hassan, Jesse Schreger, Markus Schwedeler, and Ahmed Tahoun

We use textual analysis of earnings conference calls held by listed firms around the world to measure the amount of risk managers and investors at each firm associate with each country at each point in time. Flexibly aggregating this firm-country-quarter-level data allows us to systematically identify spikes in perceived country risk (“crises”) and document their source and pattern of transmission to foreign firms.

Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk

Javier Bianchi and Cesar Sosa-Padilla

In the past three decades, governments in emerging markets have accumulated large amounts of international reserves, especially those with fixed exchange rates. This paper proposes a theory of reserve accumulation that can account for these facts. Using a model of endogenous sovereign default with nominal rigidities, we argue that the interaction between sovereign risk and aggregate demand amplification generates a macroeconomic-stabilization hedging role for international reserves.

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Recently accepted to #REStud, "Making Decisions under Model Misspecification," from Cerreia-Vioglio, @UncertainLars , Maccheroni and Marinacci:

https://www.restud.com/making-decisions-under-model-misspecification/

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Recently accepted to #REStud, "Demand Shocks as Technology Shocks," from Bai, Ríos-Rull and Storesletten:

https://www.restud.com/demand-shocks-as-technology-shocks/

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Recently accepted to #REStud, "Pseudo Lindahl Equilibrium as a Collective Choice Rule," from Gul and Pesendorfer:

https://www.restud.com/pseudo-lindahl-equilibrium-as-a-collective-choice-rule/

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Excited to have my first paper appear in REStud - five years in the making! Paul Milgrom and I show how to extend Walrasian mechanisms to nonconvex markets - with only one additional parameter needed to assure existence.

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