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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Financial Intermediation and Aggregate Demand: A Sufficient Statistics Approach

Yu-Ting Chiang and Piotr Zoch

We show that the financial sector’s asset supply elasticities are sufficient statistics summarizing its macroeconomic effects for a large class of financial frictions. These elasticities are crucial for a wide range of policy questions, ranging from the size of fiscal multipliers to the relative effectiveness of asset purchases targeting the financial sector versus tax cuts targeting households.

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Input Sourcing under Climate Risk: Evidence from U.S. Manufacturing Firms

Joaquin Blaum, Federico Esposito, and Sebastian Heise

We study the effect of risk on how firms organize their supply chains. We use transaction-level data on U.S. manufacturing imports to construct a novel measure of input sourcing risk based on the historical volatility of ocean shipping times. Our measure isolates the unexpected component of shipping times that is induced by weather conditions along more than 331,000 maritime routes.

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When is TSLS Actually LATE?

Christine Blandhol, John Bonney, Magne Mogstad, and Alexander Torgovitsky

Linear instrumental variable estimators, such as two-stage least squares (TSLS), are commonly interpreted as estimating non-negatively weighted averages of causal effects, referred to as local average treatment effects (LATEs). We examine whether the LATE interpretation actually applies to the types of TSLS specifications that are used in practice. We show that if the specification includes covariates—which most empirical work does—then the LATE interpretation does not apply in general.

New

Political Pressure on the Fed

Thomas Drechsel

This paper combines new data and a narrative approach to identify variation in political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not necessarily reflect political pressure, I develop a narrative identification strategy based on President Nixon’s pressure on Fed Chair Burns. I exploit this narrative through restrictions on a structural vector autoregression that includes the President-Fed interaction data.

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New paper by Boissay, Collard, Galí, and Manea:

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Using a quantitative GE model with heterogeneous banks, we show ECB collateralised lending mitigated real effects of euro-area money-market disruptions.

New paper by De Fiore, Hoerova, @rogers_ciaran , and @haralduhlig

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New paper by Britz & Gersbach:

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New paper by Kalouptsidi, Kitamura, Lima, and Souza-Rodrigues:

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