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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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.

New

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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Uniform asymptotic theory for local projections with unknown/infinite lag order. LPs can achieve semiparametric efficiency and support robust IRF inference.

New paper by Xu:

https://www.restud.com/local-projection-based-inference-under-general-conditions/

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Monopsony power makes productive firms decide to stay small, hurting aggregate productivity. More strongly size-dependent wages in East Germany explain a third of the difference to the West.

New paper by @BachmannRudi, @christianbaye13, Stüber, and Wellschmied

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A sufficient statistics approach to financial frictions in macro models

New paper by Chiang (@YuTingChiang4) & Zoch (@pzoch5):

https://www.restud.com/financial-intermediation-and-aggregate-demand-a-sufficient-statistics-approach/

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We construct a new measure of input sourcing risk based on the volatility of ocean shipping times associated with weather shocks and show that firms diversify this weather risk.

New paper by Blaum, Esposito, and Heise:

https://www.restud.com/input-sourcing-under-climate-risk-evidence-from-u-s-manufacturing-firms/

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