Discussion Papers

From Centre for Macroeconomics (CFM)
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1917: Search Complementarities, Aggregate Fluctuations, and Fiscal Policy

Jesus Fernandez-Villaverde, Federico Mandelman, Yang Yu and Francesco Zanetti

1916: The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom

Ben Broadbent, Federico Di Pace, Thomas Drechsel, Richard Harrison and Silvana Tenreyro

1915: A Crash Course on the Euro Crisis

Markus Bunnermeier and Ricardo Reis

1914: Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market

Giancarlo Corsetti, Romain Lafarguette and Arnaud Mehl

1913: Revisiting the Global Decline of the (Non-Housing) Labor Share

German Gutierrez and Sophie Piton

1912: Foreign Direct Investment as a Determinant of Cross-Country Stock Market Comovement

Alexis Anagnostopoulos, Orhan Atesagaoglu, Elisa Faraglia and Chryssi Giannitsarou

1911: Partial Default

Cristina Arellano, Xavier Mateos-Planas and José-Víctor Ríos-Rull

1910: Do Unit Labour Costs Matter? A Decomposition Exercise on European Data

Sophie Piton

1909: Unemployment Dynamics and Endogenous Unemployment Insurance Extensions

W. Similan Rujiwattanapong

1908: Distressed Banks, Distorted Decisions?

Gareth Anderson, Rebecca Riley and Garry Young

1907: Market Power and Innovation in the Intangible Economy

Maarten De Ridder

1906: GDP is a measure of output, not welfare. Or, HOS meets the SNA

Nicholas Outlon

1905: Firms' Price, Cost and Activity Expectations: Evidence from Micro Data

Lena Boneva, James Cloyne, Martin Weale and Tomasz Wieladek

1904: Self-Fulfilling Debt Crises, Fiscal Policy and Investment

Carlo Galli

1903: Tax Evasion as Contingent Debt

Christos Kotsogiannis and Xavier Mateos-Planas

1902: The Monetary and Fiscal History of Brazil, 1960-2016

Joao Ayres, Marcio Garcia, Diogo Guillen and Patrick Kehoe

1901: Private Information and Client Connections in Government Bond Markets

Péter Kondor and Gabor Pinter

1832: Employment and the Collateral Channel of Monetary Policy

Saleem Bahaj, Angus Foulis, Gabor Pinter and Paolo Surico

1831: Double Deflation: theory and practice

Nicholas Oulton, Ana Rincon-Aznar, Lea Samek and Sylaja Srinivasan

1830: Quantitative Easing

Wei Cui and Vincent Sterk

1829: The Missing Link: Monetary policy and the labor share

Cristiano Cantore, Filippo Ferroni and Miguel Leon-Ledesma

1828: Unemployment Insurance and Labour Productivity over the Business Cycle

W. Similan Rujiwattanapong

1827: Monopsony in the UK

Will Abel, Silvana Tenreyro and Gregory Thwaites

1826: Agnostic Structural Disturbances (ASDs): Detecting and Reducing Misspecification in Empirical Macroeconomic Models

Wouter Den Haan and Thomas Drechsel

1825: Bayesian Estimation of DSGE Models: identification using a diagnostic indicator

Jagjit Chadha and Katsuyuki Shibayama

1824: Uncertain Kingdom: Nowcasting GDP and its Revisions

Nikoleta Anesti, Ana Galvão and Silvia Miranda-Agrippino

1823: When Creativity Strikes: News Shocks and Business Cycle Fluctuations

Silvia Miranda-Agrippino, Sinem Hacioglu Hoke and Kristina Bluwstein

1822: State Dependence in Labor Market Fluctuations: Evidence, Theory, and Policy Implications

Carlo Pizzinelli, Konstantinos Theodoridis and Francesco Zanetti

1821: Of Gold and Paper Money

Jagjit Chadha

1820: Consumption Response to Aggregate Shocks and the Role of Leverage

Agnes Kovacs, May Rostom and Philip Bunn

1819: Transmission of Monetary Policy with Heterogeneity in Household Portfolios

Ralph Luetticke

1818: Fiscal Stimulus with Learning-By-Doing

Antonello d’Alessandro, Giulio Fella and Leonardo Melosi

1817: Nonlinear household earnings dynamics, self-insurance, and welfare

Mariacristina De Nardi, Giulio Fella and Gonzalo Paz-Pardo

1816: Central Bank Swap Lines

Saleem Bahaj and Ricardo Reis

1815: Optimal Inflation and the Identification of the Phillips Curve

Michael McLeay and Silvana Tenreyro

1814: Economic Integration and Bilateral FDI stocks: the impacts of NAFTA and the EU

Ray Barrell and Abdulkader Nahhas

1813: Lending Relationships and the Collateral Channel

Gareth Anderson, Saleem Bahaj, Matthieu Chavaz, Angus Foulis and Gabor Pinter

1812: Macroeconomic Shocks and Risk Premia

Gabor Pinter

1811: China’s Mobility Barriers and Employment Allocations

L. Rachel Ngai, Christopher Pissarides and Jin Wang

1810: Central Banks Going Long

Ricardo Reis

1809: The UK (and Western) Productivity Puzzle: Does Arthur Lewis Hold the Key?

Nicholas Oulton

1808: Bayesian Vector Autoregressions

Silvia Miranda-Agrippino and Giovanni Ricco

1807: Beauty Contests and the Term Structure

Martin Ellison and Andreas Tischbirek

1806: Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-off

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

1805: One Money, Many Markets

Giancarlo Corsetti, Joao Duarte and Samuel Mann

1804: Social Subsidies and Marketization: the role of gender and skill

Robert Duval-Hernandez, Lei Fang and L. Rachel Ngai

1803: Markets and Markups: A New Empirical Framework and Evidence on Exporters from China

Giancarlo Corsetti, Meredith Crowley, Lu Han and Huasheng Song

1802: GDP and the System of National Accounts: Past, Present and Future

Nicholas Oulton

1801: Time-Consistently Undominated Policies

Charles Brendon and Martin Ellison

1738: The Economic Consequences of the Brexit Vote

Benjamin Born, Gernot Müller, Moritz Schularick and Petr Sedlacek