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The Review of Economic Studies
Scopus
ISSN 0034-6527 · Oxford University Press · 6 articles in the index
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Journal Article Full text
Revisiting Event-Study Designs: Robust and Efficient Estimation
Abstract We develop a framework for difference-in-differences designs with staggered treatment adoption and heterogeneous causal effects. We show that conventional regression-based estimators fail to provide unbiased estimates of relevant estimands absent strong restrictions on treatment-effect…
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Journal Article Full text
A More Credible Approach to Parallel Trends
Abstract This paper proposes tools for robust inference in difference-in-differences and event-study designs where the parallel trends assumption may be violated. Instead of requiring that parallel trends holds exactly, we impose restrictions on how different the post-treatment violations of…
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Journal Article Full text
Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
Abstract We recast the Aiyagari–Bewley–Huggett model of income and wealth distribution in continuous time. This workhorse model—as well as heterogeneous agent models more generally—then boils down to a system of partial differential equations, a fact we take advantage of to make two types of…
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Journal Article Full text
Demographics and Automation
Abstract We argue theoretically and document empirically that aging leads to greater (industrial) automation, because it creates a shortage of middle-aged workers specializing in manual production tasks. We show that demographic change is associated with greater adoption of robots and other…
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Journal Article Full text
Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System
Abstract Bitcoin provides its users with transaction-processing services which are similar to those of traditional payment systems. This article models the novel economic structure implied by Bitcoin’s innovative decentralized design, which allows the payment system to be reliably operated by…
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Journal Article Full text
U.S. Monetary Policy and the Global Financial Cycle
Abstract U.S. monetary policy shocks induce comovements in the international financial variables that characterize the “Global Financial Cycle.” A single global factor that explains an important share of the variation of risky asset prices around the world decreases significantly after a U.S…