Congratulations to Mike Elsby on his appointment as a Director of The Review of Economic Studies, one of the most prestigious economic journals in the world. The Review was founded in 1933 by a group of young British and American Economists. It is published quarterly by The Review of Economic Studies Ltd, whose objective is to encourage research in theoretical and applied economics, especially by young economists, and to publish the results in the Journal. The Review of Economic Studies is essential reading for economists. It is one of the core economics journals, consistently ranking among the top five titles.