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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Technology Transfer and Early Industrial Development: Evidence from the Sino-Soviet Alliance

Michela Giorcelli and Bo Li

This paper studies the long-term effects of technology and know-how transfers on structural transformations. In the 1950s, the Soviet Union supported the construction of the 156 Projects, which were large-scale, capital-intensive industrial clusters in China. These projects included a technology transfer, consisting of state-of-the-art Soviet machinery and equipment, and a know-how transfer, via the training of Chinese engineers, production supervisors, and high-skilled technicians by Soviet experts.

New

Jackknife Standard Errors for Clustered Regression

Bruce E. Hansen

This paper presents a theoretical case for replacement of conventional heteroskedasticity-consistent and cluster-robust variance estimators with jackknife variance estimators, in the context of linear regression with heteroskedastic and/or cluster-dependent observations. We examine the bias of variance estimation and the coverage probabilities of confidence intervals. Concerning bias, we show that conventional variance estimators have full downward worst-case bias, while our jackknife variance estimator is never downward biased.

New

Markov-Perfect Equilibria in Differential Games — with an Application to Climate Policy

Niko S. Jaakkola and Florian O.O. Wagener

We analyse discontinuous Markovian strategies for differential games. The best response correspondence uniquely maps almost all profiles of opponents’ strategies back to the strategy space. We thus make Markov-perfect equilibria in a wide class of differential games well-behaved, resolving a long-standing open problem. We provide a readily applicable necessary and sufficient condition for best responses and Markov-perfect Nash equilibria.

New

Eliciting Multiple Prior Beliefs

Mohammed Abdellaoui, Philippe Colo, and Brian Hill

Despite the increasing importance of multiple priors in various domains of economics, choice-based incentive-compatible multiple-prior elicitation remains an open problem. This paper develops a solution, comprising a preference-based identification of a subject’s probability interval for an event, and a method for eliciting it. The method applies under weak decision-theoretic assumptions, with no need for probabilistic sophistication.

New

Optimal Labor Income Taxation: A Flexible Moral Hazard Approach

Narayana R. Kocherlakota

This paper reconsiders the question of optimal labor income taxes for the very rich in the context of a flexible moral hazard (FMH) model. In this setting, risk is not exogenous. Rather, each agent can affect the probabilities of all possible income outcomes by allocating a fixed time endowment across a variety of distinct tasks. I prove that the optimal income tax rates on high-end earners and the optimal Pareto tail index of the pre-tax labor income distribution are both endogenously determined by agent preferences.

New

Monetary Policy and Endogenous Financial Crises

Frédéric Boissay, Fabrice Collard, Jordi Galí, and Cristina Manea

What are the channels through which monetary policy affects financial stability? Can (and should) central banks prevent financial crises by deviating from price stability? To what extent may monetary policy itself unintentionally breed financial vulnerabilities? We answer these questions using a New Keynesian model with capital accumulation and endogenous financial crises due to adverse selection and moral hazard in credit markets.

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Money Markets, Collateral and Monetary Policy

Fiorella De Fiore, Marie Hoerova, Ciaran Rogers, and Harald Uhlig

We document dramatic changes in euro area interbank money markets during the financial and sovereign debt crises: unsecured borrowing declined across the euro area, while secured market haircuts on sovereign bonds increased, and bank borrowing from the European Central Bank rose in southern countries. We construct a quantitative general equilibrium model to assess the macroeconomic impact of these developments and the associated policy response.

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Improve your economic data analysis by using jackknife standard errors under clustering. This is a minor code change, and can lead to greatly improved inference. This paper provides the theoretical foundation.

New paper by @BruceEHansen

https://www.restud.com/jackknife-standard-errors-for-clustered-regression/

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From 1 June 2026, the submission fee for the Review of Economic Studies will increase to USD 250, with the reduced student rate increasing to USD 150.

Full details are available on our website.

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New paper by Aneja, Farina, and Xu:

https://www.restud.com/closing-gender-gaps-through-workplace-diversity-the-intergenerational-effects-of-world-war-i/

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A new tractable model with persistent, spatially correlated utility explains a new fact about how migration evolves over time, with implications for dynamics and welfare.

New paper by @greg_l_howard & Shao:

https://www.restud.com/the-dynamics-of-internal-migration-a-new-fact-and-its-implications/

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