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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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.

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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.

New

Identification Of Time-Inconsistent Models: The Case Of Insecticide Treated Nets

Aprajit Mahajan, Christian Michel, and Alessandro Tarozzi

Time-inconsistency may play a central role in explaining inter-temporal behavior, particularly among poor households. However, little is known about the distribution of time-inconsistent agents, and time-preference parameters are typically not identified in standard dynamic choice models. We formulate a dynamic discrete choice model in an unobservedly heterogeneous population of possibly time-inconsistent agents.

New

Decision Theory for Treatment Choice Problems with Partial Identification

José Luis Montiel Olea, Chen Qiu, and Jörg Stoye

We apply classical statistical decision theory to a large class of treatment choice problems with partial identification. We show that, in a general class of problems with Gaussian likelihood, all decision rules are admissible; it is maximin-welfare optimal to ignore all data; and, for severe enough partial identification, there are infinitely many minimax-regret optimal decision rules, all of which sometimes randomize the policy recommendation.

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Manager pay and pay inequality have increased substantially since the 1980s. Manager pay reflect that managers increase the firm’s productivity which in turn affects market power.

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Uniform asymptotic theory for local projections with unknown/infinite lag order. LPs can achieve semiparametric efficiency and support robust IRF inference.

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Monopsony power makes productive firms decide to stay small, hurting aggregate productivity. More strongly size-dependent wages in East Germany explain a third of the difference to the West.

New paper by @BachmannRudi, @christianbaye13, Stüber, and Wellschmied

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