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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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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Bridges

Anna Tompsett

Bridges are critical but sparse links in land transport networks. I exploit quasi-experimental variation in bridge construction over major rivers in the United States to measure the causal effects of land transport infrastructure. Bridges are more often built upstream than downstream of tributary confluences—where smaller rivers join larger rivers—generating local differences in connectivity. These local connectivity advantages have negative effects on per capita income.

New

A Robust Test for Weak Instruments for 2SLS with Multiple Endogenous Regressors

Daniel J. Lewis and Karel Mertens

We develop a test for instrument strength based on the bias of two-stage least squares (2SLS) that (1) generalizes the tests of Stock and Yogo (2005) and Sanderson and Windmeijer (2016) to be robust to heteroskedasticity and autocorrelation, and (2) extends the Montiel Olea and Pflueger (2013) robust test for models with a single endogenous regressor to multiple endogenous regressors.

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