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The International Economic Review has just published a new exciting paper by Johannes Gierlinger and Pau Milán on Simple Market Structures are Incomplete. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Simple Market Structures are Incomplete
We propose a model of categorization in financial markets where states are defined by payoff-relevant variables, but all securities are measurable with respect to strict subsets of these variables. T....
onlinelibrary.wiley.com
November 20, 2025 at 1:33 PM
The International Economic Review has just published a new exciting paper by Johannes Gierlinger and Pau Milán on Simple Market Structures are Incomplete. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The IER has just published a new exciting paper by David Bounie, Youssouf Camara and John W. Galbraith on Consumer Mobility, Offline and Online Regional Trade: Evidence From High-Frequency Transaction Data. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Consumer Mobility, Offline and Online Regional Trade: Evidence From High‐Frequency Transaction Data
The shift from offline to online purchasing is reshaping trade patterns: a weaker effect of distance has been observed in digital transactions. This study analyzes these dynamics at an unprecedented ...
onlinelibrary.wiley.com
November 13, 2025 at 12:42 PM
The IER has just published a new exciting paper by David Bounie, Youssouf Camara and John W. Galbraith on Consumer Mobility, Offline and Online Regional Trade: Evidence From High-Frequency Transaction Data. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Guzmán Ourens on Uneven Product Diversification: Explaining the Lag of Agricultural Economies. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Uneven Product Diversification: Explaining the Lag of Agricultural Economies
This paper documents that agricultural sectors diversify less than other manufacturing activities. A simple model shows that this difference can contribute to welfare divergence in a way that is qual....
onlinelibrary.wiley.com
November 8, 2025 at 10:36 AM
The International Economic Review has just published a new exciting paper by Guzmán Ourens on Uneven Product Diversification: Explaining the Lag of Agricultural Economies. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Alistair Macaulay and Chenchuan Shi on Ambiguity Aversion, Portfolio Choice, and Life Expectancy. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Ambiguity Aversion, Portfolio Choice, and Life Expectancy
This paper studies how wealth and aging affect portfolio choices in a life-cycle model with ambiguity aversion. Ambiguity aversion implies wealthier and older agents are endogenously more optimistic ...
onlinelibrary.wiley.com
November 5, 2025 at 9:50 AM
The International Economic Review has just published a new exciting paper by Alistair Macaulay and Chenchuan Shi on Ambiguity Aversion, Portfolio Choice, and Life Expectancy. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Moritz Loewenfeld and Jiakun Zheng on Uncovering Correlation Sensitivity in Decision Making Under Risk. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Uncovering Correlation Sensitivity in Decision Making Under Risk
Allowing risk preferences to depend on the correlation between lottery outcomes can explain behavioral anomalies, while empirical evidence is limited and mixed. Using the framework of correlation sen....
onlinelibrary.wiley.com
October 27, 2025 at 2:43 PM
The International Economic Review has just published a new exciting paper by Moritz Loewenfeld and Jiakun Zheng on Uncovering Correlation Sensitivity in Decision Making Under Risk. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
See the forthcoming October 2025 issue of the International Economic Review here, with many exciting new papers, including several with open access: onlinelibrary.wiley.com/toc/14682354...
International Economic Review: Vol 66, No 4
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onlinelibrary.wiley.com
October 16, 2025 at 10:00 AM
See the forthcoming October 2025 issue of the International Economic Review here, with many exciting new papers, including several with open access: onlinelibrary.wiley.com/toc/14682354...
The International Economic Review has just published a new exciting paper by Janice Eberly and Neng Wang on Reallocating and Pricing Illiquid Capital: Two Productive Trees. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Reallocating and Pricing Illiquid Capital: Two Productive Trees
We develop a two-sector general-equilibrium model with capital accumulation and convex adjustment costs to analyze sectoral capital reallocation and asset pricing. Consumers weigh the diversification...
onlinelibrary.wiley.com
October 14, 2025 at 11:22 AM
The International Economic Review has just published a new exciting paper by Janice Eberly and Neng Wang on Reallocating and Pricing Illiquid Capital: Two Productive Trees. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has published its third issue of the year 2025. Check out the exciting new papers here:
onlinelibrary.wiley.com/toc/14682354...
onlinelibrary.wiley.com/toc/14682354...
International Economic Review: Vol 66, No 3
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onlinelibrary.wiley.com
October 7, 2025 at 11:14 AM
The International Economic Review has published its third issue of the year 2025. Check out the exciting new papers here:
onlinelibrary.wiley.com/toc/14682354...
onlinelibrary.wiley.com/toc/14682354...
The IER has just published a new exciting paper by Shunya Noda, Kyohei Okumura and Yoshinori Hashimoto on An Economic Analysis of Difficulty Adjustment Algorithms in Proof-of-Work Blockchain Systems. It is available through @WileyEconomics here: doi.org/10.1111/iere...
An Economic Analysis of Difficulty Adjustment Algorithms in Proof‐of‐Work Blockchain Systems
We study the stability of cryptocurrency systems through difficulty adjustment. Bitcoin's difficulty adjustment algorithm (DAA) exhibits instability when the reward elasticity of the hash rate is hig...
doi.org
September 28, 2025 at 10:59 AM
The IER has just published a new exciting paper by Shunya Noda, Kyohei Okumura and Yoshinori Hashimoto on An Economic Analysis of Difficulty Adjustment Algorithms in Proof-of-Work Blockchain Systems. It is available through @WileyEconomics here: doi.org/10.1111/iere...
The International Economic Review has just published a new exciting paper by Bulent Guler and Amanda Michaud on Dynamics of Deterrence: A Macroeconomic Perspective on Punitive Justice Policy. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Dynamics of Deterrence: A Macroeconomic Perspective on Punitive Justice Policy
We argue that transitional dynamics play a critical role in evaluating the effects of punitive incarceration reform on crime, inequality, and labor markets. Individuals' past choices regarding crime ...
onlinelibrary.wiley.com
September 25, 2025 at 9:22 AM
The International Economic Review has just published a new exciting paper by Bulent Guler and Amanda Michaud on Dynamics of Deterrence: A Macroeconomic Perspective on Punitive Justice Policy. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Yuko Imura and Julia Thomas on the Productive Misallocation and International Transmission of Credit Shocks. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Productive Misallocation and International Transmission of Credit Shocks
We study the role of international trade in cross-country financial shock transmission using an equilibrium business cycle model calibrated to the United States and Canada. Heterogeneous firms have d...
onlinelibrary.wiley.com
September 25, 2025 at 9:13 AM
The International Economic Review has just published a new exciting paper by Yuko Imura and Julia Thomas on the Productive Misallocation and International Transmission of Credit Shocks. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Kohei Iwasaki on Cryptocurrency Bubbles and Costly Mining. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Cryptocurrency Bubbles and Costly Mining
This paper develops a model of a cryptocurrency by incorporating mining into the otherwise standard search-theoretic monetary framework. As usual, multiple equilibria exist. To obtain a sharp predict....
onlinelibrary.wiley.com
September 24, 2025 at 12:20 PM
The International Economic Review has just published a new exciting paper by Kohei Iwasaki on Cryptocurrency Bubbles and Costly Mining. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by George Hall and Thomas Sargent on the Fiscal Consequences of the US War on COVID. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/....
Fiscal Consequences of the US War on COVID
After 2000, ratios of tax collections to GDP and government expenditures to GDP have departed from 19th and 20th century US patterns. Before 2000, wartime government expenditure/GDP surges were accom....
onlinelibrary.wiley.com
September 20, 2025 at 10:30 AM
The International Economic Review has just published a new exciting paper by George Hall and Thomas Sargent on the Fiscal Consequences of the US War on COVID. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/....
The International Economic Review has just published a new exciting paper by Corina Boar, Kjetil Storesletten, Matthew Knowles and Yicheng Wang on Quantifying the Macroeconomic Impact of Credit Expansions. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Quantifying the Macroeconomic Impact of Credit Expansions
Credit expansions stimulate the economy. We quantify the contribution of households versus firms for this stimulus. Using causal evidence from the quasi-natural experiment of bank deregulation across....
onlinelibrary.wiley.com
September 20, 2025 at 10:24 AM
The International Economic Review has just published a new exciting paper by Corina Boar, Kjetil Storesletten, Matthew Knowles and Yicheng Wang on Quantifying the Macroeconomic Impact of Credit Expansions. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The IER has just published a new exciting paper by Jiasheng Li, Pei Li and Yi Lu on Do Engine-Specific Tax Programs Work? A Structural Analysis of Market Spillovers and Welfare Implications. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Do Engine‐Specific Tax Programs Work? A Structural Analysis of Market Spillovers and Welfare Implications
This paper examines engine-specific tax programs that are widely used in developing countries to limit car emissions. Using China's tax abatement program for small vehicles in 2015, we find significa...
onlinelibrary.wiley.com
September 17, 2025 at 10:04 AM
The IER has just published a new exciting paper by Jiasheng Li, Pei Li and Yi Lu on Do Engine-Specific Tax Programs Work? A Structural Analysis of Market Spillovers and Welfare Implications. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Francesco Andreoli, Mathieu Faure, Nicolas Gravel and Tista Kundu on Evaluating Allocations of Opportunities. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Evaluating Allocations of Opportunities
This paper provides a robust criterion for comparing lists of probability distributions—interpreted as allocations of opportunities—faced by different social groups. We axiomatically argue in favor o....
onlinelibrary.wiley.com
September 17, 2025 at 9:59 AM
The International Economic Review has just published a new exciting paper by Francesco Andreoli, Mathieu Faure, Nicolas Gravel and Tista Kundu on Evaluating Allocations of Opportunities. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Zaifu Yang and Jingsheng Yu on An Efficient and Incentive-Compatible Dynamic Multi-Item Auction Under Budget Constraints. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
An Efficient and Incentive‐Compatible Dynamic Multi‐Item Auction Under Budget Constraints
This paper proposes an efficient and incentive-compatible dynamic auction for selling multiple heterogeneous indivisible goods when bidders have unit demand, quasi-linear preferences, and hard budget....
onlinelibrary.wiley.com
September 17, 2025 at 9:56 AM
The International Economic Review has just published a new exciting paper by Zaifu Yang and Jingsheng Yu on An Efficient and Incentive-Compatible Dynamic Multi-Item Auction Under Budget Constraints. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Qian Zhang, Jianxin Wang & Daniel Houser on Perceived Differences in Parent–Child Education Expectations Increase Academic Cheating. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Perceived Differences in Parent–Child Education Expectations Increase Academic Cheating
Academic cheating can detrimentally impact students' learning outcomes and increase the likelihood they will later behave unethically. To improve student learning outcomes, it is important to underst....
onlinelibrary.wiley.com
September 16, 2025 at 9:28 AM
The International Economic Review has just published a new exciting paper by Qian Zhang, Jianxin Wang & Daniel Houser on Perceived Differences in Parent–Child Education Expectations Increase Academic Cheating. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Xiao Ma, Alejandro Nakab and Yiran Zhang on Skill Acquisition and the Gains From Trade: A Cross-Country Quantitative Analysis. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Skill Acquisition and the Gains From Trade: A Cross‐Country Quantitative Analysis
This paper studies the impact of trade openness on welfare through alterations in workers' skill acquisition. Guided by empirical evidence, we integrate endogenous choices of learning investments int...
onlinelibrary.wiley.com
September 3, 2025 at 3:19 PM
The International Economic Review has just published a new exciting paper by Xiao Ma, Alejandro Nakab and Yiran Zhang on Skill Acquisition and the Gains From Trade: A Cross-Country Quantitative Analysis. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Marek Pycia and M. Utku Ünver on Ordinal Simplicity in Discrete Mechanism Design. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Ordinal Simplicity in Discrete Mechanism Design
In environments without transfers, market designers usually restrict attention to ordinal mechanisms. Ordinal mechanisms are simpler but miss potentially welfare-relevant information. Under what cond...
onlinelibrary.wiley.com
August 29, 2025 at 10:44 AM
The International Economic Review has just published a new exciting paper by Marek Pycia and M. Utku Ünver on Ordinal Simplicity in Discrete Mechanism Design. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Hanming Fang, Yongqin Wang and Xian Wu on Collateral-Based Monetary Policy: Evidence From China. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/....
Collateral‐Based Monetary Policy: Evidence From China
We exploit the unique institutional features of Chinese bond markets to estimate the causal effect of collateral-based monetary policy on asset prices and the real economy. A policy change allowed ce...
onlinelibrary.wiley.com
August 28, 2025 at 7:53 AM
The International Economic Review has just published a new exciting paper by Hanming Fang, Yongqin Wang and Xian Wu on Collateral-Based Monetary Policy: Evidence From China. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/....
The International Economic Review has just published a new exciting paper by Michael Greinecker and Christoph Kuzmics on Limit Orders and Knightian Uncertainty. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Limit Orders and Knightian Uncertainty
A wide variety of financial instruments allows risk-averse traders to reduce their exposure to risk. This raises the question of what financial instruments allow ambiguity-averse traders to reduce th....
onlinelibrary.wiley.com
August 27, 2025 at 8:34 AM
The International Economic Review has just published a new exciting paper by Michael Greinecker and Christoph Kuzmics on Limit Orders and Knightian Uncertainty. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Dong Lu, Daniela Puzzello and Aiyong Zhu on Search Frictions in Over-the-Counter Foreign Exchange Markets: Theory and Evidence. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Search Frictions in Over‐the‐Counter Foreign Exchange Markets: Theory and Evidence
This paper integrates theory and transaction-level data from China's interbank over-the-counter (OTC) FX market to examine how search frictions affect prices, asset distributions, and welfare. We doc...
onlinelibrary.wiley.com
August 26, 2025 at 8:37 AM
The International Economic Review has just published a new exciting paper by Dong Lu, Daniela Puzzello and Aiyong Zhu on Search Frictions in Over-the-Counter Foreign Exchange Markets: Theory and Evidence. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
The International Economic Review has just published a new exciting paper by Feng Dong, Dongzhou Mei and Haoning Sun on A Macroeconomic Model of Structural Monetary Policy in China. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/....
A Macroeconomic Model of Structural Monetary Policy in China
China's increasing use of structural monetary policy raises questions about its optimal role. This study investigates when and how SMP should be deployed using a multisector DSGE model incorporating ....
onlinelibrary.wiley.com
August 22, 2025 at 5:21 PM
The International Economic Review has just published a new exciting paper by Feng Dong, Dongzhou Mei and Haoning Sun on A Macroeconomic Model of Structural Monetary Policy in China. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/....
The International Economic Review has just published a new exciting paper by Prottoy Akbar on Public Transit Access and Income Segregation. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
Public Transit Access and Income Segregation
What are the implications of mass transit improvements for residential income segregation within cities? I observe large income differences in households' usage of and residential proximity to “fast”....
onlinelibrary.wiley.com
August 19, 2025 at 9:35 AM
The International Economic Review has just published a new exciting paper by Prottoy Akbar on Public Transit Access and Income Segregation. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...