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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Selection in Surveys: Using Randomized Incentives to Detect and Account for Nonresponse Bias

Deniz Dutz, Ingrid Huitfeldt, Santiago Lacouture, Magne Mogstad, Alexander Torgovitsky, and Winnie van Dijk

We show how to use randomized participation incentives to test and account for nonresponse bias in surveys. We first use data from a survey about labor market conditions, linked to full-population administrative data, to provide evidence of large differences in labor market outcomes between survey participants and nonparticipants, differences which would not be observable to an analyst who only has access to the survey data.

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The Macroeconomics of Irreversibility

Isaac Baley and Julio Andrés Blanco

We study aggregate capital dynamics in an investment model with idiosyncratic productivity shocks, fixed capital adjustment costs, and irreversibility driven by a wedge between capital purchase and resale prices. We derive sufficient statistics that capture the role of investment frictions in aggregate capital fluctuations, measure these statistics using investment microdata, and exploit them to discipline the capital price wedge.

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Devaluations, Deposit Dollarization, and Household Heterogeneity

Francesco Ferrante and Nils Gornemann

We study the aggregate and redistributive effects of currency devaluations in a small open economy model with leverage-constrained banks and heterogeneous households. Our framework captures three stylized facts about financial dollarization in emerging economies: i) a sizable share of domestic deposits is denominated in foreign currency; ii) these deposits represent significant foreign currency liabilities for local banks; and iii) dollar deposits are mainly held by wealthier households.

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New paper by Le Grand, Martin-Baillon & Ragot:

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New paper by Christensen, Moon and Schorfheide:

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New paper by Mahajan, Michel and Tarozzi:

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