Page 42 – The Review of Economic Studies

A More Credible Approach to Parallel Trends

5 January 2023

Ashesh Rambachan and Jonathan Roth

This paper proposes tools for robust inference in difference-in-differences and event- study designs where the parallel trends assumption may be violated.

Bond Premium Cyclicality and Liquidity Traps

4 January 2023

Nicolas Caramp and Sanjay R. Singh

Safe asset shortages can expose an economy to liquidity traps. The nature of these traps is determined by the cyclicality of the bond premium. A counter-cyclical bond premium opens the possibility of expectations-driven liquidity traps in which small issuances of government debt crowd out private debt and reduce output.

Testing the Production Approach to Markup Estimation

4 January 2023

Devesh Raval

Under the production approach to markup estimation, any flexible input should recover the markup. I test this implication using manufacturing datasets from Chile, Colombia, India, Indonesia, the US, and Southern Europe, as well as store-level data from a major US retailer, and overwhelmingly reject that markups estimated using labor and materials have the same distribution.

Board Members, Directors and Foreign Editors stepping down in 2022

31 December 2022

We thank Mike Elsby, Fabian Waldinger, Stephan Lauermann, Manuel Amador, Patrick Kline and Johannes Stroebel who stepped down from the Editorial Board. We welcome Daniel Gottlieb and Séverine Toussaert to join as Editorial Board Members from 1st January 2023. Congratulations to Swati Dhingra and Florian Scheuer on their appointment as Directors from January 2023.

A Welfare Analysis of Occupational Licensing in U.S. States

21 December 2022

Morris M. Kleiner and Evan J. Soltas

We assess the welfare consequences of occupational licensing for workers and consumers. We estimate a model of labor market equilibrium in which licensing restricts labor supply but also affects labor demand via worker quality and selection.

A Network Solution to Robust Implementation: the Case of Identical but Unknown Distributions

19 December 2022

Mariann Ollár and Antonio Penta

We study robust mechanism design in environments in which agents commonly believe that others’ types are identically distributed, but we do not assume that the actual distribution is common knowledge, nor that it is known to the designer.

More than a Penny’s Worth: Left-Digit Bias and Firm Pricing

13 December 2022

Avner Strulov-Shlain, University of Chicago, Booth School of Business

Firms arguably price at 99-ending prices because of left-digit bias—the tendency of consumers to perceive a $4.99 as much lower than a $5.00. Analysis of retail scanner data on 3500 products sold by 25 US chains provides robust support for this explanation.

Unemployment Insurance in Macroeconomic Stabilization

12 December 2022

Rohan Kekre, Chicago Booth and NBER

I study unemployment insurance (UI) in general equilibrium with incomplete markets, search frictions, and nominal rigidities.

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We are pleased to introduce Niels Gormsen (@NielsGormsen), Copenhagen Business School & University of Chicago, as a new member of the Editorial Board of REStud. His outstanding expertise will help us continue to publish pioneering economic research.
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Welcome aboard! Jose Vasquez (@jpvasq), London School of Economics, has joined the Editorial Board of The Review of Economic Studies. We are grateful to have his expertise supporting our mission.
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We are thrilled to announce that Ro’ee Levy (@RoeeLevyZ), Tel Aviv University School of Economics, is joining the Editorial Board of The Review of Economic Studies. We look forward to his valuable contributions to the journal’s future.
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Exciting news: Dávid Nagy, CREI, has joined the Editorial Board of The Review of Economic Studies. His deep knowledge will help guide the journal’s editorial process.
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