The Review of Economic Studies

1933 - 2025

Current editor(s): Thomas Chaney, Xavier d’Haultfoeuille, Andrea Galeotti, Bård Harstad, Nir Jaimovich, Katrine Loken, Elias Papaioannou, Vincent Sterk and Noam Yuchtman

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Volume 88, issue 6, 2021

Global Imbalances and Policy Wars at the Zero Lower Bound (Safe Assets) pp. 2570-2621

Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas

Shadow Banking and the Four Pillars of Traditional Financial Intermediation (Securitization without Risk Transfer) pp. 2622-2653

Emmanuel Farhi and Jean Tirole

Variation Margins, Fire Sales, and Information-constrained Optimality (Leverage, Moral Hazard, and Liquidity) pp. 2654-2686

Bruno Biais, Florian Heider and Marie Hoerova

Non-parametric Analysis of Time-Inconsistent Preferences (Comment on `Estimating Dynamic Discrete Choice Models with Hyperbolic Discounting’ by Hanming Fang and Yang Wang) pp. 2687-2734

Laura Blow, Martin Browning and Ian Crawford

Dynastic Precautionary Savings (Deconstructing Life Cycle Expenditure) pp. 2735-2765

Corina Boar

Optimal Taxation with Private Insurance (Uninsured Idiosyncratic Risk and Aggregate Saving) pp. 2766-2798

Yongsung Chang and Yena Park

Measuring Bias in Consumer Lending (Loan Prospecting and the Loss of Soft Information) pp. 2799-2832

Will Dobbie, Andres Liberman, Daniel Paravisini and Vikram Pathania

Rules without Commitment: Reputation and Incentives (The Theory of Optimal Delegation with an Application to Tariff Caps) pp. 2833-2856

Alessandro Dovis and Rishabh Kirpalani

A Theory of Foreign Exchange Interventions (The Cost of Foreign Exchange Intervention: Concepts and Measurement) pp. 2857-2885

Sebastián Fanelli and Ludwig Straub

Default Effects And Follow-On Behaviour: Evidence From An Electricity Pricing Program (The Impact of Presumed Consent Legislation on Cadaveric Oorgan Donation: A Cross-country Study”) pp. 2886-2934

Meredith Fowlie, Catherine Wolfram, Patrick Baylis, C Anna Spurlock, Annika Todd-Blick and Peter Cappers

Credit Shocks and Equilibrium Dynamics in Consumer Durable Goods Markets (Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies) pp. 2935-2969

Alessandro Gavazza and Andrea Lanteri

Workforce Composition, Productivity, and Labour Regulations in a Compensating Differentials Theory of Informality (Search with Multi-worker Firms) pp. 2970-3010

Daniel Haanwinckel and Rodrigo R Soares

Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System (Blockchain Economics) pp. 3011-3040

Gur Huberman, Jacob D Leshno and Ciamac Moallemi

The Value of Unemployment Insurance (Choice Inconsistencies Among the Elderly: Evidence from Plan Choice in the Medicare Part D Program) pp. 3041-3085

Camille Landais and Johannes Spinnewijn

Identifying Shocks via Time-Varying Volatility (First Order Autoregressive Processes and Strong Mixing) pp. 3086-3124

Daniel Lewis

Volume 88, issue 5, 2021

Adverse Selection in the Marriage Market: HIV Testing and Marriage in Rural Malawi (Marrying Up: The Role of Sex Ratio in Assortative Matching) pp. 2119-2148

Manuela Angelucci and Daniel Bennett

Prizes versus Contracts as Incentives for Innovation (Subgame Perfect Implementation Under Information Perturbations) pp. 2149-2178

Yeon-Koo Che, Elisabetta Iossa and Patrick Rey

Record-Keeping and Cooperation in Large Societies (Has Punishment Played a Role in the Evolution of Cooperation? A Critical Review) pp. 2179-2209

Daniel Clark, Drew Fudenberg and Alexander Wolitzky

The Gender Earnings Gap in the Gig Economy: Evidence from over a Million Rideshare Drivers (Measuring the Gig Economy: Current Knowledge and Open Issues) pp. 2210-2238

Cody Cook, Rebecca Diamond, Jonathan V Hall, John List and Paul Oyer

Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics (Does Industry-wide distress Affect Defaulted Firms? Evidence from Creditor Recoveries) pp. 2239-2274

P. Dean Corbae and Pablo D’Erasmo

The Equilibrium Impact of Agricultural Risk on Intermediate Inputs and Aggregate Productivity (Transportation Costs, Agricultural Productivity, and Cross-Country Income Differences) pp. 2275-2307

Kevin Donovan

The Returns to Nursing: Evidence from a Parental-Leave Program (Access to Cardiac Rehabilitation and the Role of Language Barriers in the Provision of Cardiac Rehabilitation to Migrants) pp. 2308-2343

Benjamin U Friedrich and Martin B Hackmann

A Theory of Narrow Thinking (What Do Consumers Consider Before They Choose? Identification from Asymmetric Demand Responses) pp. 2344-2374

Chen Lian

Optimal Automatic Stabilizers (Consumption versus Expenditure) pp. 2375-2406

Alisdair McKay and Ricardo Reis

All-Pay Oligopolies: Price Competition with Unobservable Inventory Choices (Extremal Equilibria of Oligopolistic Supergames) pp. 2407-2438

Joao Montez and Nicolas Schutz

Fiscal Rules as Bargaining Chips (Growth in the Shadow of Expropriation) pp. 2439-2478

Facundo Piguillem and Alessandro Riboni

Identifying the Costs of a Public Health Success: Arsenic Well Water Contamination and Productivity in Bangladesh (Individual Variations in Inorganic Arsenic Metabolism Associated with AS3MT Genetic Polymorphisms) pp. 2479-2526

Mark M Pitt, Mark Rosenzweig and M Nazmul Hassan

Informational Herding, Optimal Experimentation, and Contrarianism (The Market for “Lemons”: Quality Uncertainty and the Market Mechanism) pp. 2527-2554

Lones Smith, Peter Norman Sørensen and Jianrong Tian

On “Trade Induced Technical Change: The Impact of Chinese Imports on Innovation, IT, and Productivity” (Foreign Competition and Domestic Innovation: Evidence from US Patents) pp. 2555-2559

Douglas Campbell and Karsten Mau

A Reply to Campbell and Mau (Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity) pp. 2560-2563

Nicholas Bloom, Mirko Draca and John van Reenen

Volume 88, issue 4, 2021

Understanding Cultural Persistence and Change (Cultural Assimilation During the Age of Mass Migration) pp. 1541-1581

Paola Giuliano and Nathan Nunn

The Cutoff Structure of Top Trading Cycles in School Choice (The Welfare Effects of Coordinated Assignment: Evidence from the New York City High School Match) pp. 1582-1623

Jacob D Leshno and Irene Lo

Investments in social ties, risk sharing, and inequality (Collaboration Networks, Structural Holes, and Innovation: A Longitudinal Study) pp. 1624-1664

Attila Ambrus and Matt Elliott

Augmenting Markets with Mechanisms (Optimal Execution of Portfolio Transactions) pp. 1665-1719

Samuel Antill and Darrell Duffie

Learning from House Prices: Amplification and Business Fluctuations (House Price Booms and the Current Account) pp. 1720-1759

Ryan Chahrour and Gaetano Gaballo

What Would You Do with $500? Spending Responses to Gains, Losses, News, and Loans (The Spending and Debt Response to Minimum Wage Hikes) pp. 1760-1795

Andreas Fuster, Greg Kaplan and Basit Zafar

The Aggregate Implications of Mergers and Acquisitions (Innovation, Reallocation, and Growth) pp. 1796-1830

Joel David

Property Rights, Land Misallocation, and Agricultural Efficiency in China (Misallocation, Selection and Productivity: A Quantitative Analysis with Panel Data from China) pp. 1831-1862

Amalavoyal Chari, Elaine M Liu, Shing-Yi Wang and Yongxiang Wang

Intergenerational Mobility in the Very Long Run: Florence 1427–2011 (Intergenerational Economic Mobility in the United States, 1940 to 2000) pp. 1863-1891

Guglielmo Barone and Sauro Mocetti

Motivational Ratings (Toward the Next Generation of Recommender Systems: A Survey of the State-of-the-Art and Possible Extensions) pp. 1892-1935

Johannes Hörner and Nicolas Lambert

Social Norms, Labour Market Opportunities, and the Marriage Gap Between Skilled and Unskilled Women (Economics and Identity) pp. 1936-1978

Marianne Bertrand, Patricia Cortes, Claudia Olivetti and Jessica Pan

Cognitive Imprecision and Small-Stakes Risk Aversion (Linear Mapping of Numbers onto Space Requires Attention) pp. 1979-2013

Mel Win Khaw, Ziang Li and Michael Woodford

Learning to game the system (Toward a Theory of Discounted Repeated Games with Imperfect Monitoring) pp. 2014-2041

Jin Li, Arijit Mukherjee and Luis Vasconcelos

Stochastic Revealed Preferences with Measurement Error (Consistency between Household-level Consumption Data from Registers and Surveys) pp. 2042-2093

Victor Aguiar and Nail Kashaev

Conventions under Heterogeneous Behavioural Rules (Adaptive Play in Multiplayer Bargaining Situations) pp. 2094-2118

Jonathan Newton

Volume 88, issue 3, 2021

On the Iterated Estimation of Dynamic Discrete Choice Games (Pseudo maximum likelihood estimation of structural models involving fixed-point problems) pp. 1031-1073

Federico A Bugni and Jackson Bunting

Germs, Social Networks, and Growth (Unbundling Institutions) pp. 1074-1100

Alessandra Fogli and Laura Veldkamp

Identity Politics and Trade Policy (Economics of Identity) pp. 1101-1126

Gene M Grossman and Elhanan Helpman

When Is Pure Bundling Optimal? (Commodity Bundling and the Burden of Monopoly) pp. 1127-1156

Nima Haghpanah and Jason Hartline

Building the City: From Slums to a Modern Metropolis (New Estimates of the Elasticity of Substitution of Land for Capital) pp. 1157-1192

J Vernon Henderson, Tanner Regan and Anthony Venables

Measuring Ex Ante Welfare in Insurance Markets (Some Aspects of Optimal Unemployment Insurance) pp. 1193-1223

Nathaniel Hendren

Informational Robustness in Intertemporal Pricing (Political Disagreement and Information in Elections) pp. 1224-1252

Jonathan Libgober and Xiaosheng Mu

Only Time Will Tell: A Theory of Deferred Compensation (Motivating Innovation in Newly Public Firms) pp. 1253-1278

Florian Hoffmann, Roman Inderst and Marcus Opp

Anonymity or Distance? Job Search and Labour Market Exclusion in a Growing African City (Endogenous Stratification in Randomized Experiments) pp. 1279-1310

Girum Abebe, A Stefano Caria, Marcel Fafchamps, Paolo Falco, Simon Franklin and Simon Quinn

Structural Change in Investment and Consumption—A Unified Analysis (Capital Deepening and Non-balanced Economic Growth) pp. 1311-1346

Berthold Herrendorf, Richard Rogerson and Ákos Valentinyi

Development Projects and Economic Networks: Lessons from Rural Gambia (Network Structure and the Aggregation of Information: Theory and Evidence from Indonesia) pp. 1347-1384

Simon Heß, Dany Jaimovich and Matthias Schündeln

Haste or Waste? Peer Pressure and Productivity in the Emergency Department (The Determinants of Productivity in Medical Testing: Intensity and Allocation of Care) pp. 1385-1417

David Silver

Monetary Policy for a Bubbly World (Money and Capital in a Persistent Liquidity Trap) pp. 1418-1456

Vladimir Asriyan, Luca Fornaro, Alberto Martin and Jaume Ventura

Stability, Strategy-Proofness, and Cumulative Offer Mechanisms (Stability and Incentives for College Admissions with Budget Constraints) pp. 1457-1502

John William Hatfield, Scott Kominers and Alexander Westkamp

The Revelation Principle in Multistage Games (Information Feedback in a Dynamic Tournament) pp. 1503-1540

Takuo Sugaya and Alexander Wolitzky

Volume 88, issue 2, 2021

Robust Mechanism Design of Exchange pp. 521-573

Pasha Andreyanov and Tomasz Sadzik

Face-to-Face Communication in Organizations pp. 574-609

Diego Battiston, Jordi Blanes i Vidal and Tom Kirchmaier

Self-enforcing Agreements and Forward Induction Reasoning pp. 610-642

Emiliano Catonini

Trade and Domestic Production Networks pp. 643-668

Emmanuel Dhyne, Ken Kikkawa, Magne Mogstad and Felix Tintelnot

Housing Wealth Effects: The Long View pp. 669-707

Adam Guren, Alisdair McKay, Emi Nakamura and Jón Steinsson

Browsing versus Studying: A Pro-market Case for Regulation pp. 708-729

Paul Heidhues, Johannes Johnen and Botond Koszegi

The Origins of Violence in Rwanda pp. 730-763

Leander Heldring

Carbon Taxes and Climate Commitment with Non-constant Time Preference pp. 764-799

Terrence Iverson and Larry Karp

Signalling to Experts pp. 800-850

Pablo Kurlat and Florian Scheuer

The Efficiency of Real-World Bargaining: Evidence from Wholesale Used-Auto Auctions pp. 851-882

Bradley Larsen

Diversion in the Criminal Justice System pp. 883-936

Michael Mueller-Smith and Kevin T. Schnepel

Likelihood Ratio-Based Tests for Markov Regime Switching pp. 937-968

Zhongjun Qu and Fan Zhuo

Multiple Equilibria in Open Economies with Collateral Constraints pp. 969-1001

Stephanie Schmitt-Grohe and Martín Uribe

The Effects of Competition and Entry in Multi-sided Markets pp. 1002-1030

Guofu Tan and Junjie Zhou

Volume 88, issue 1, 2021

Back to Basics: Basic Research Spillovers, Innovation Policy, and Growth pp. 1-43

Ufuk Akcigit, Douglas Hanley and Nicolas Serrano-Velarde

Balance Sheet Channel with Information-Trading Frictions in Secondary Markets pp. 44-90

Vladimir Asriyan

How Efficient are Decentralized Auction Platforms? pp. 91-125

Aaron L Bodoh-Creed, Jörn Boehnke and Brent Hickman

The Macroeconomics of Microfinance pp. 126-161

Francisco Buera, Joseph Kaboski and Yongseok Shin

A Model of Relative Thinking pp. 162-191

Benjamin Bushong, Matthew Rabin and Joshua Schwartzstein

Monetary Policy and the Predictability of Nominal Exchange Rates pp. 192-228

Martin Eichenbaum, B K Johannsen and S T Rebelo

Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications pp. 229-259

Christopher Foote, Lara Loewenstein and Paul Willen

Bank Capital Redux: Solvency, Liquidity, and Crisis pp. 260-286

Oscar Jorda, Björn Richter, Moritz Schularick and Alan Taylor

A Theory of Strategic Uncertainty and Cultural Diversity pp. 287-333

Willemien Kets and Alvaro Sandroni

The Cyclicality of Sales and Aggregate Price Flexibility pp. 334-377

Oleksiy Kryvtsov and Nicolas Vincent

Heads or Tails: The Impact of a Coin Toss on Major Life Decisions and Subsequent Happiness pp. 378-405

Steven Levitt

The Impact of Immigration on Wages, Internal Migration, and Welfare pp. 406-453

Suphanit Piyapromdee

Abatement Strategies and the Cost of Environmental Regulation: Emission Standards on the European Car Market pp. 454-488

Mathias Reynaert

Shocking Racial Attitudes: Black G.I.s in Europe pp. 489-520

David Schindler and Mark Westcott