Wishing you guys with no offers the best of luck with the rest of the cycle. You probably already know this, but the process is very noisy, and even very small factors in the applications could make a huge difference, so you shouldn't consider any of this as a reflection of you as a researcher.
I got no offers last year, so I know how you feel. If doing a PhD is something you really want to do, I would encourage you to consider reapplying next year (if you get no offers in the end, that is). This year I changed two letter writers, got a bit more research experience, and wrote a better SOP. Currently, I have multiple offers (from top 10 programs, if that matters to you), so it seems to have been worth the trouble.
For what it's worth, I think the stream of rejections last year really helped me grow as a person (I know, a cliché). If you are in the rare position of being a serious applicant to quality economics PhD programs, you probably haven't had to deal with much of professional disappointments. Especially if you're aiming for a career in academia, it's best to know how to handle these types of situations and keep going, so to speak.
If you want to talk, feel free to shoot me a DM. And hang in there guys - these things definitely do not define you as a person.