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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The Illiquidity of Water Markets

Javier D. Donna and José A. Espín-Sánchez

We investigate the efficiency of a market relative to a non-market institution—an auction relative to a quota—as allocation mechanisms in the presence of frictions. We use data from water markets in southeastern Spain and explore a specific change in the institutions to allocate water. On the one hand, frictions arose because poor farmers were liquidity constrained. On the other hand, farmers who were part of the wealthy elite were not liquidity constrained.

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Patent Term, Innovation, and the Role of Technology Disclosure Externalities

Fabio Bertolotti

I examine the impact of patent term on R&D and innovation in the presence of policy anticipation, common in real-world settings. Using a difference-in-difference design, I exploit quasi-experimental variation in U.S. patent term across technological fields due to the ratification of TRIPs agreements in 1995. Despite a general increase in average patent term, in most fields innovators faced a considerable probability of patent term reduction for future innovations.

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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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This paper combines new data and a narrative approach to identify variation in political pressure on the Fed.

New paper by Drechsel (@td_econ):

https://www.restud.com/political-pressure-on-the-fed/

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The Confederate diaspora—small but powerful and ideologically intense—reshaped culture across the U.S. through influence, organizational mobilization, and political leverage.

New paper by @SamuelBazzi, @Andreas_Ferrara, Fiszbein, @tpearson_tweets, and Testa:

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Why/how should multiple hypothesis testing be done differently in empirical work? We give an economic foundation trading off research costs and incentives with implications for empirical practice.

New paper by @VivianoDavide, Wüthrich, and Niehaus:

https://www.restud.com/a-model-of-multiple-hypothesis-testing/

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New paper by Liski & Salanié:

https://www.restud.com/catastrophes-delays-and-learning/

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