serious question.
What makes a good applied theory paper?

A good applied theory paper is:
 A very timely research question
 Very simple hypothesis, a transparent setup
 All the first order effects are as expected
 But a second order effect leads to a nontrivial and policy relevant resultAlso, the model in the paper works with an extremely simple working example, but the proofs are solved in the most general way.

05cf is good. One thing I would add is that the question has to be for theory. If the question is timely but empirical (eg minimum wage), why not working on data?
Theory is about showing the existence of new mechanisms that have not yet been anticipated by empirical papers. It's like a proof of concept. Structural micro is not applied micro theory.

This. Read the papers by Mark Armstrong in IO or by Stephen Coate in public.
A good applied theory paper is:
 A very timely research question
 Very simple hypothesis, a transparent setup
 All the first order effects are as expected
 But a second order effect leads to a nontrivial and policy relevant result
Also, the model in the paper works with an extremely simple working example, but the proofs are solved in the most general way. 
A good applied theory paper is:
 A very timely research question
 Very simple hypothesis, a transparent setup
 All the first order effects are as expected
 But a second order effect leads to a nontrivial and policy relevant result
Also, the model in the paper works with an extremely simple working example, but the proofs are solved in the most general way.Reducedform analysis must 100% relate to an existing structural model or your mechanistic insights must be novel/insightful.

A good applied theory paper is:
 A very timely research question
 Very simple hypothesis, a transparent setup
 All the first order effects are as expected
 But a second order effect leads to a nontrivial and policy relevant result
Also, the model in the paper works with an extremely simple working example, but the proofs are solved in the most general way.Any examples?