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Pedro Bordalo · Nicola Gennaioli · Giacomo Lanzani · Andrei Shleifer

Bordalo, Gennaioli, Lanzani, and Shleifer develop a cognitive theory of choice in which a decision maker’s attention to the features of options is determined by her categorization of the current …

Michael Ehrmann · Phillipp Gnan · Kilian Rieder

Layer 1 — Overview Research Question This paper investigates the economics of monetary policy leaks — anonymous disclosures of confidential information by insiders to the media — focusing on three …

Andrea Chiavari

This paper asks how rising returns to scale in production contributed to three concurrent U.S. secular trends since 1980: declining business dynamism, rising markups, and growing firm expenditures on …

Giacomo Lanzani

Layer 1 — Overview Research Question This paper asks how an agent who fears that none of their probabilistic models is the correct description of the data-generating process (DGP) should update that …

Tan Gan · Nicholas Wu

This paper studies a dynamic mechanism design problem in which an informed seller sells an experience good to a skeptical buyer who learns about the product through consumption. The central question …

Jorge García-Hombrados · Marcel Jansen · Angel Martínez · Berkay Özcan · Pedro Rey-Biel · Antonio Roldán-Monés

This paper investigates how the ideological alignment between knowledge-disseminating institutions and policymakers affects the adoption of evidence-based policies. The core research question is …

Matthew Elliott · Andrea Galeotti · Andrew Koh · Wenhao Li

This paper asks what market outcomes an information designer — modeled as an internet platform that knows consumers’ preferences — can achieve by choosing what information to disclose to …

JULIO L. ORTIZ

Analyzing panel data from the U.S. Survey of Professional Forecasters (SPF, 1992Q1–2019Q4, 77 forecasters, 1,520 forecaster-quarter observations), Julio Ortiz finds that a “misspecified …

Daron Acemoglu · Daniel Huttenlocher · Asuman Ozdaglar · James Siderius

Acemoglu, Huttenlocher, Ozdaglar, and Siderius develop a two-sided platform model to study the welfare consequences of digital advertising as an online business model. The platform intermediates …

Nail Kashaev · Natalia Lazzati · Ruli Xiao

This paper develops a general nonparametric model of discrete choice in which peers influence agents through two distinct channels: (1) the set of alternatives an agent considers (consideration set …

Dirk Bergemann · Tibor Heumann · Michael C. Wang

Bergemann, Heumann, and Wang study consumer surplus when a monopolist simultaneously engages in second-degree price discrimination (screening consumers within each market segment through …

Duncan Webb

This paper examines how two types of communication about a minority group affect discriminatory behavior: (i) horizontal communication between majority-group members, and (ii) top-down communication …

James Bullard · Alex Grimaud · Isabelle Salle · Gauthier Vermandel

Layer 1 — Overview Research Question Why did the 2021–2023 US inflation surge end in a soft landing — disinflation without a major recession — while the Volcker disinflation of 1979–1987 required …

Marta García-Rodríguez

This paper develops a Mortensen-Pissarides (DMP) search and matching model with internally rational (IR) agents who hold subjective beliefs about wages rather than perfect knowledge of the Nash …

Lu Han · L. Rachel Ngai · Kevin D. Sheedy

Layer 1 — Summary Using sales and leasing transaction records for the Greater Toronto Area (2006–2018), this paper finds three novel effects of a higher property transaction tax: higher buy-to-rent …

Zoë Cullen · Shengwu Li · Ricardo Perez-Truglia

This paper studies how salary benchmarking tools — products that reveal aggregate market pay statistics for specific job titles — affect employee compensation. The research question is whether …