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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Market Power in Coal Shipping and Implications for U.S. Climate Policy

Louis Preonas

Economists have widely endorsed pricing CO2 emissions to internalize climate change-related externalities. Doing so would significantly affect coal, the most carbon-intensive energy source. However, U.S. coal markets exhibit an additional distortion: the railroads that transport coal to power plants can exert market power. This paper estimates how coal-by-rail markups respond to changes in coal demand. I identify markups in a major intermediate goods market using both reduced-form and structural methods.

Minimum Wage Employment Effects and Labor Market Concentration

José Azar, Emiliano Huet-Vaughn, Ioana Marinescu, Bledi Taska, and Till von Wachter

This paper shows that more highly concentrated labor markets experience more positive employment effects of the minimum wage. In the most concentrated labor markets, employment rises following a minimum wage increase. The paper establishes its main findings studying the effects of local minimum wage increases on a key low-wage retail sector, and using data on labor market concentration that covers the entirety of the United States with fine spatial variation at the occupation level.

Discrimination in Hiring: Evidence from Retail Sales

Alan M. Benson, Simon Board, and Moritz Meyer-ter-vehn

We propose a simple model of racial bias in hiring that encompasses three major theories: taste-based discrimination, screening discrimination, and complementary production. We derive a test that can distinguish these theories based on the mean and variance of workers’ productivity under managers of different pairs of races. We apply this test to study discrimination at a major U.S. retailer using data from 48,755 newly-hired commission-based salespeople.

The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom

Ben Broadbent, Federico Di Pace, Thomas Drechsel, Richard Harrison, and Silvana Tenreyro

The UK economy experienced significant macroeconomic adjustments following the 2016 referendum on its withdrawal from the European Union. To understand these adjustments, this paper presents empirical facts using novel UK macroeconomic data and estimates a small open economy model with tradable and non-tradable sectors.

Taxes and Growth: New Narrative Evidence from Interwar Britain

James Cloyne, Nicholas Dimsdale, and Natacha Postel-Vinay

The impact of fiscal policy on economic activity is still a matter of great debate. And, ever since Keynes first commented on it, interwar Britain, 1918-1939, has remained a particularly interesting and contentious case — not least because of its high debt environment and turbulent business cycle. This debate has often focused on the effects of government spending, but little is known about the effects of tax changes.

Strategic Exploration: Preemption and Prioritization

Qingmin Liu and Yu Fu Wong

This paper analyzes a model of strategic exploration in which competing players independently explore a set of alternatives. The model features a multiple-player multiple-armed bandit problem and captures a strategic trade-off between preemption—covert exploration of alternatives that the opponent will explore in the future—and prioritization—exploration of the most promising alternatives. Our results explain how the strategic trade-off shapes equilibrium behaviors and outcomes, e.g., in technology races between superpowers and R&D competitions between firms.

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"This paper uses data on banks' private risk assessments to show that banks produce more information in bad times"

New paper by @GregWeitzner & Howes:

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A new paper by @THEdanjlewis & Mertens makes the Stock-Yogo test for weak instruments with multiple HAC robust endogenous regressors, propose tests for bias in a single coefficients, and extend to test general rank deficiency in the first stage

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New paper by @pilossopher, @davide_melc & Lewis estimates the distribution of spending responses to stimulus payments. MPCs are heterogeneous, with observables explaining 8% of the variation, highlighting the crucial role of latent heterogeneity

https://www.restud.com/latent-heterogeneity-in-the-marginal-propensity-to-consume/
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New paper, "Firm Quality Dynamics and the Slippery Slope of Credit Intervention" by @wenhaoli111 & Li shows that direct government and central bank lending can distort firm quality and fuel future interventions.

https://www.restud.com/firm-quality-dynamics-and-the-slippery-slope-of-credit-intervention/

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