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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Should monetary policy care about redistribution? Optimal monetary and fiscal policy with heterogeneous agents

François Le Grand, Alaïs Martin-Baillon, and Xavier Ragot

We present a method to determine optimal monetary policy in heterogeneous-agent economies with nominal frictions and aggregate shocks, under various assumptions regarding fiscal policy. We analyze models with either sticky prices or sticky wages. In the sticky-price economy, when fiscal policy is optimally set, optimal monetary policy implements price stability.

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Gendered Spheres of Learning and Household Decision-Making over Fertility

Nava Ashraf, Maxim Bakhtin, Erica Field, Alessandra Voena, and Roberta Ziparo

While men and women make joint decisions about fertility, women give birth and are more likely to learn about a significant cost of childbearing—maternal health risk. Within couples in Zambia, men have systematically lower awareness of maternal risk factors and higher desire for children than their wives. We develop a model in which information asymmetries between partners over maternal health risk can persist in equilibrium due to strategic incentives and can generate disagreement over fertility that cannot be resolved with transfers.

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Identification Of Time-Inconsistent Models: The Case Of Insecticide Treated Nets

Aprajit Mahajan, Christian Michel, and Alessandro Tarozzi

Time-inconsistency may play a central role in explaining inter-temporal behavior, particularly among poor households. However, little is known about the distribution of time-inconsistent agents, and time-preference parameters are typically not identified in standard dynamic choice models. We formulate a dynamic discrete choice model in an unobservedly heterogeneous population of possibly time-inconsistent agents.

New

Decision Theory for Treatment Choice Problems with Partial Identification

José Luis Montiel Olea, Chen Qiu, and Jörg Stoye

We apply classical statistical decision theory to a large class of treatment choice problems with partial identification. We show that, in a general class of problems with Gaussian likelihood, all decision rules are admissible; it is maximin-welfare optimal to ignore all data; and, for severe enough partial identification, there are infinitely many minimax-regret optimal decision rules, all of which sometimes randomize the policy recommendation.

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A new tractable model with persistent, spatially correlated utility explains a new fact about how migration evolves over time, with implications for dynamics and welfare.

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