Demographic Differences in Letters of Recommendation for Economics Ph.D. Students (Revised October 2025)

We analyze letters of recommendation for more than 2,200 economics and finance Ph.D. graduates and document that letters for female and Black or Hispanic job candidates are weaker in some dimensions, while letters for Asian candidates are notably less positive overall. Female and Asian candidates are less likely to be recommended to top academic departments. Letter characteristics, especially a top recommendation, have meaningful effects on initial job placements and journal publications. The effect appears to be causal – we instrument for better letters and still estimate a meaningful impact of letter quality on outcomes.