Page 35 – The Review of Economic Studies

Follow the Money

2 April 2023

Marco Grotteria

I study, both empirically and theoretically, the economic and financial consequences of corporate lobbying. Firms lobby politicians to increase their share of government contracts, but political competition creates firm-level risk, inflating their cost of capital and reducing their incentive to invest in research and development (R&D).

Security Design in Non-Exclusive Markets with Asymmetric Information

29 March 2023

Vladimir Asriyan and Victoria Vanasco

We study the problem of a seller (e.g., a bank) who is privately informed about the quality of her asset and wants to exploit gains from trade with uninformed buyers (e.g., investors) by issuing securities backed by her asset cash flows.

Financial Cycles with Heterogeneous Intermediaries

29 March 2023

Nuno Coimbra and Hélène Rey

We develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries.

House Price Dynamics, Optimal LTV Limits and the Liquidity Trap

29 March 2023

Andrea Ferrero, Richard Harrison, and Benjamin Nelson

This paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions.

REStud Tour 2023 - Tourists announced

REStud Tour 2023 – Tourists announced

22 March 2023

Using Disasters to Estimate the Impact of Uncertainty

20 March 2023

Scott R Baker, Nicholas Bloom, and Stephen Terry

Uncertainty rises in recessions and falls in booms. But what is the causal relationship? We construct cross-country panel data on stock market returns to proxy for first- and second-moment shocks and instrument these with natural disasters, terrorist attacks, and political shocks.

Price Discrimination in International Airline Markets

20 March 2023

Gaurab Aryal, Charles Murry, and Jonathan W. Williams

We develop a model of inter-temporal and intra-temporal price discrimination by monopoly airlines to study the ability of different discriminatory pricing mechanisms to increase efficiency and the associated distributional implications.

Energy Efficiency and Directed Technical Change: Implications for Climate Change Mitigation

16 March 2023

Gregory Casey

I develop a directed technical change model of economic growth and energy efficiency in order to study the impact of climate change mitigation policies on energy use.

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Chris Cronin's recent Review of Economic Studies (@RevEconStudies) article, "What Good Are Treatment Effects Without Treatment? Mental Health and the Reluctance to Use Talk Therapy," with Forsstrom and Papageorge, is one of their "featured" articles.

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Recently accepted to #REStud, "Overconfidence and Prejudice," from Heidhues, Kőszegi and Strack:

https://www.restud.com/overconfidence-and-prejudice/

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"Can communities sustain cooperation when players can add or erase signals from their records?
Sufficiently long-lived players can hardly sustain any cooperation, but players w/ intermediate lifespans can sustain some cooperation."

From @harry_toulouse:

https://www.restud.com/community-enforcement-with-endogenous-records/