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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Political Pressure on the Fed

Thomas Drechsel

This paper combines new data and a narrative approach to identify variation in political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not necessarily reflect political pressure, I develop a narrative identification strategy based on President Nixon’s pressure on Fed Chair Burns. I exploit this narrative through restrictions on a structural vector autoregression that includes the President-Fed interaction data.

New

Quantifying supply-side climate policies

Lassi Ahlvik, Jørgen Juel Andersen, Jonas Hveding Hamang, and Torfinn Harding

What are the effects of supply-side climate policies in the oil market? We use global company-level data to estimate the impact of 84 reforms of production taxes between 2000 and 2019 on oil production, exploration, and discoveries. We find that higher taxes primarily reduce companies’ exploration expenditures and oil discoveries, and also reduce short-term production of unconventional oil.

New

Normal Approximation in Large Network Models

Michael Leung and Hyungsik Roger Moon

We prove a central limit theorem for network formation models with strategic interactions and homophilous agents. Since data often consists of observations on a single large network, we consider an asymptotic framework in which the network size diverges. We argue that a modification of “stabilization” conditions from the literature on geometric graphs provides a useful high-level formulation of weak dependence which we utilize to establish an abstract central limit theorem.

New

Unpacking Aggregate Welfare in a Spatial Economy

Eric Donald, Masao Fukui, and Yuhei Miyauchi

How do regional productivity shocks or transportation infrastructure improvements affect aggregate welfare? In a general class of spatial equilibrium models, we provide a formula for aggregate welfare changes, decomposed into terms associated with (i) technology (Fogel 1964, Hulten 1978), (ii) spatial dispersion of marginal utility, (iii) fiscal externalities, (iv) technological externalities, and (v) redistribution.

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Buyers often make choices between differentiated products and negotiate prices specific to the choice. This paper specifies a model for this setting and estimates it on transactions data for the UK brick market.

New paper by @howardwsmith, Beckert, and Takahashi

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🚨 NEW ECONOMICS JOURNAL 🚨

We are excited to announce the launch of The Review of Economic Studies: Insights, a new open-access journal in the REStud family.

Mission: publish concise, high-quality research on important questions across economics and economic policy.🧵1/13

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New paper by Saffie, Varela, and Yi

https://www.restud.com/the-micro-and-macro-dynamics-of-capital-flows/

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How does consumer data let platforms shape competition? Elliott, Galeotti, @andrewjkoh, and @Wenhao19921 show how platforms can use consumer data to segment markets for the benefit of firms or consumers.

https://www.restud.com/market-segmentation-through-information/

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