CEPR Discussion Papers

From Centre for Economic Policy Research
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22068: Inside Central Bankers’ Calendars: How Do Fed Chairs Allocate Their Time?

Thomas Drechsel and Dali Tsakadze

22067: Competitive Search for Bundles

Pieter Gautier and Xiaoming Cai

22066: Fiscal-Monetary Interactions: The Role of Debt Maturity

Luca Bettarelli, Francesco Frangiamore, Davide Furceri, Anh Dinh Minh Nguyen and Francesco Scianna

22065: Does Easy Money Win Elections?

Yao Chen, Felix Ward and Florian van Genderen

22064: Austerity and Productivity: Evidence from Euro Area Regions

Yao Chen, Ricardo Duque Gabriel, Mathias Klein and Ana Sofia Pessoa

22063: Committee Deliberation and Gender Differences in Influence

Jonas Radbruch and Amelie Schiprowski

22062: The Depositary of Last Resort

Pamfili Antipa and Kilian Rieder

22061: Importers, Market Power and Optimal Tariffs

Jonathan Becker, Corina Boar and Virgiliu Midrigan

22060: Artificial Intelligence and Climate Change: Balancing Innovation and Sustainability

Leonardo Gambacorta and Salvatore Polizzi

22059: Transition Risk in Emerging Economies

Stefano Carattini, Giseong Kim, Givi Melkadze and Aude Pommeret

22058: The Great Game: A Model of Geoeconomic Competition

Christopher Clayton, Matteo Maggiori and Jesse Schreger

22057: Measuring Common Ownership: An Axiomatic Approach

Thomas Gehrig and Klaus Ritzberger

22056: Political Ideology and Durable Spending

Yongqiang Chu, Francesco D'Acunto, Janet Geo, Roman Wang and Yichen Wang

22055: Do Equity Markets Spur Corporate Detox?

Ali Ataullah, Hang Le and Alexander F. Wagner

22054: The Foreign Currency Risk of International Remittances

Leonardo Flori and Nicola Limodio

22053: When Cash Flows Turn Negative: Liquidity-Driven Selling by Pension Funds

Aleksandar Andonov, Kristy Jansen and Joshua Rauh

22052: The Price of Position: Spatial Equilibrium in the Geostationary Arc

Alexander F. Wagner

22051: Who Controls the Defence Industry?

Marco Becht, Mejino-López, Juan and Guntram B. Wolff

22050: Monetary Policy Uncertainty and Bank Credit Allocation

Fatih Altunok, Yavuz Arslan and Steven Ongena

22049: Geopolitics and Rule-Based Trade

Thomas Gehrig and Rune Stenbacka

22048: A Network Approach to Geopolitics

Ernest Liu, Stephen Redding, Bennett Smith-Worthington and David Yang

22047: Understanding Migration Responses to Local Shocks

Kirill Borusyak, Rafael Dix-Carneiro and Brian Kovak

22046: The Distribution of Automation Rents with Centralized Bargaining

Pietro Reichlin

22045: The Role of Organization in Firm-Sponsored Training

David Deming, Raffaella Sadun and Christopher Stanton

22044: Competitive Centrality: Equilibrium and Comparative Statics in Networks

Jian Li, Yves Zenou and Junjie Zhou

22043: Tax Productivity and Economic Development: A Quantitative Macroeconomic Analysis

Radhika Goyal, Anders Jensen, David Lagakos, Abdoulaye Ndiaye and Yuntian Zhao

22042: The Labor Market Effects of GLP-1s: Evidence from Weight Management and Diabetes Cohorts

Christian Aleman, Fane Groes, Veda Narasimhan, Santaeulà lia-Llopis, Raül and Tanya Surovtseva

22041: Non-Academic Criteria for Admission to Israeli Medical Schools: Recommendations for Change

Neil Gandal

22040: Improved Optimal Investment and Consumption Strategies under Inflation Risk with Stochastic Volatility

Wouter Honig, Michel Vellekoop, Roel Beetsma and Bart Diris

22039: Multimarket Contact and the Southwest Effect: Twenty-Five Years of Evolving Rivalry in the US Airline Industry

Maria Carballido Cerqueiro, Jesus Carro and Georges Siotis

22038: Personalized Pricing and the Value of Past Purchase Histories: An Empirical Perspective

Isis Durrmeyer, Fournel, Jean-François and Mario Samano

22037: Dynamic Factor Models and Cointegration

Marco Brianti, Mario Forni, Luca Gambetti and Antonio Granese

22036: Beyond Digital Rights: An Institutional Architecture for Consumer Empowerment

Dennis Snower, Paul Twomey and Vicente Arias

22035: Divisive by Design: Shaping Values in Optimal Mechanisms

Anja Prummer and Francesco Nava

22034: Foreign Giants' Broad Shoulders: The Causal Effect of Foreign Ideas on U.S. Innovation

Tarek Hassan, Aakash Kalyani and Juan Cruz Lopez Del Valle

22033: This Time It's Different: The Role of Women's Employment in Recessions

Titan Alon, Matthias Doepke, Jane Olmstead-Rumsey, James Symons-Hicks and Tertilt, Michèle

22032: Risk Management in Monetary Policy: A Review with Asset Pricing Implications

Anna Cieslak, Stephen Hansen and Hao Pang

22031: Infinite Factor Structure in Conditional Asset Pricing

Mikhail Chernov, Bryan Kelly, Semyon Malamud and Johannes Schwab

22030: Female Jobs and Fertility: Long-term Experimental Evidence from Ethiopian Factories

Andreas Kotsadam, Janneke Pieters, Pauline Rossi, Espen Villanger, Celine Zipfel and Tigabu Getahun

22029: Central Bank Losses and Inflation: 350 Years of Evidence

Anna Grodecka-Messi, Martin Kliem and Müller, Gernot

22028: At-Risk or Responsive? Targeting in Unemployment Policy

Sebastian Ernst, Andreas I. Mueller, Johannes Spinnewijn and Joost Bollens

22027: Intra-Household Insurance and the Intergenerational Transmission of Income Risk

Francesco Agostinelli, Domenico Ferraro, Xincheng Qiu and Giuseppe Sorrenti

22026: Who Can Produce What? Firm Capabilities and Product Entry

Luca Macedoni, John Morrow and Vladimir Tyazhelnikov

22025: Who Benefits from Market Concentration? The Effects of Hospital Mergers on Physician Income

Jan Boone, Martin Salm and Sofia Santin

22024: Do Judges Move Markets? Ideological Shifts in the Supreme Court and Macroeconomic Expectations

Thomas Drechsel and Naixin Zhang

22023: Optimal Unconventional Policy in a New Keynesian Preferred Habitat Model

Rupal Kamdar and Walker Ray

22022: Bayesian Inference for Heteroskedastic Proxy-SVARs

Andrea Carriero, Todd Clark, Massimiliano Marcellino and Tommaso Tornese

22021: Valuing Cryptocurrencies: Three Easy Pieces

Michael Burda

22020: The Short- and Long-Run Effects of Railroads on Mexico-US Migration

David Escamilla-Guerrero and Giovanni Peri

22019: From Reagan to Trump: Regional Development Traps and the Remaking of American Electoral Politics

Rodríguez-Pose, Andrés and Ali Glisson

22018: Occupational Licensing Without Learning

Pablo Blanchard, Sebastian Fleitas and Nicolas Malfetano

22017: Double Selection in Causal Inference

Christian Aleman, Christopher Busch, Santaeulà lia-Llopis, Raül and Tanya Surovtseva

22016: The Economics of Free Bets

Karl Whelan

22015: Shifting Grounds: Social Norms and the Intergenerational Transmission of Wealth

Rossella Calvi, Aletheia Donald and Joao Montalvao

22014: Job Seekers’ Beliefs and Preferences over Wages and Benefits: Experimental Evidence from Online Job Boards

Andreas Beerli, Stefano Fiorin, Andreas Gulyas, Daniel Kopp, Mahsa Khoshnama and Michael Siegenthaler

22013: The Hold-Up Problem and Communication: Experimental Evidence

Felix Meickmann and Patrick W. Schmitz

22012: Witnessing Crime

Elisa Facchetti, Imran Rasul and Joost Sijthoff

22011: Real Basis Risk and Long-Horizon Inflation Hedging

Damiaan Chen, Roel Beetsma and Sweder van Wijnbergen

22010: Gang Crackdowns

Nikita Melnikov, Carlos Schmidt-Padilla and Maria Micaela Sviatschi

22009: How Knowledge Crosses Borders: Evidence from Semiconductor Manufacturing

Pinelopi Koujianou Goldberg, Juhász, Réka, Giulia Lo Forte and Jeff Thurk

22008: Sorting in a Market for Lemons

Xiaoming Cai and Pieter Gautier

22007: Computational Advances in Dynamic Discrete Choice

Alexander Kwon and Lilia Maliar

22006: Sustaining the Cowles-Commission Approach to macroeconomic modelling: analytical coherence, unavoidable detail, and the Ray Fair model of the US economy

David Vines

22005: Optimal Paternalistic Regulation of Markets

Julien Combe and Yves Le Yaouanq

22004: Beveridgean Phillips Curve

Pascal Michaillat and Emmanuel Saez

22003: Unequal Returns: Industrialization and the Concentration of Wealth

Thilo Nils Hendrik Albers, Felix Kersting and Timo Stieglitz

22002: Everyone Is a Manager: AI Use as an Act of Management

Benjamin Leyden and Daniela Scur

22001: Transportation Bottlenecks and Aggregate Shocks

Giulia Brancaccio, Myrto Kalouptsidi, Theodore Papageorgiou and Yixin Zhou

22000: The Investment Channel of Monetary Policy: Disentangling Firm Heterogeneity

Thomas Drechsel, Daniel Lewis, Davide Melcangi and Laura Pilossoph

21999: Evaluating the Spatial Consequences of a Climate Tipping Point

Cruz, José-Luis, Klaus Desmet and Esteban Rossi-Hansberg

21998: PPML and Heavy-Tailed Trade and Factor Flows: Why Standard Inference Fails and How to Fix It

Peter Egger, Ting Ji and Yulong Wang

21997: Quantifying Non-Tariff Barriers: Brexit, Input Sourcing and Firm Performance

Gustaf Dillner, Rebecca Freeman, Kalina Manova and Thomas Sampson

21996: Hedging Trade-Cost Uncertainty

Hartmut Egger, Peter Egger, Katharina Erhardt and Leandro Navarro

21995: Fiscal Constraints on Monetary Policy: How Debt Limits Monetary Effectiveness

Christian Bayer, Zheng Gong and Keith Kuester

21994: Will AI Help or Hurt Work and the Economy? What People Around the World Expect

Claudia Bruschi, Francesco D'Acunto, Fiorella De Fiore, Damiano Sandri and Michael Weber

21993: Financial Conditions Targeting

Ricardo Caballero, Caravello, Tomás and Alp Simsek

21992: Beyond the Short Run: Monetary Policy and Innovation Investment

Elfsbacka-Schmöller, Michaela, Olga Goldfayn-Frank and Tobias Schmidt

21991: From Importer to Exporter: Oil Shocks and the U.S. Economy

Känzig, Diego, James Stock and Luca Zanotti

21990: A Mechanism for Addressing Participation and Compliance for the Provision of Global Public Goods

Michael Finus, Ulrike Kornek and Ottmar Edenhofer

21989: Too Little too Late? Nationwide Carbon Trading in China

Shuang Zhang and Douglas Almond

21988: AI and the Market for Signals

Emre Ozdenoren and Doruk Cetemen

21987: Comparative Statics of Information Acquisition and Risk Aversion

Antonio Cabrales, Gregorio Curello, Olivier Gossner and Roberto Serrano

21986: Governing Global Externalities: Investor Voice Amid Fragmented Policy

Döttling, Robin, Doron Levit, Nadya Malenko and Magdalena Rola-Janicka

21985: Forward-Looking Credit Loss Recognition and Banks’ Internal Risk Models

Jannis Bischof, Rainer Haselmann, Frederik Kohl and Oliver Schlueter

21984: Trust and Investment Loss: Evidence from UK Financial Corporate Failures

Renata Kosova and Alexander Michaelides

21983: Do Female Directors Raise ESG Ratings? A Meta-Analysis

Hozová, Karolína, Tomas Havranek and Zuzana Irsova

21982: Prompted to Start: How Generative AI is Transforming Entrepreneurship

Jan Bena, Bo Bian and Mariassunta Giannetti

21981: Taming Original Sin Redux: The Role of Benchmark-Driven Flows

Serkan Arslanalp, Stijn Claessens and Daniela Klingebiel

21980: Paying Taxes Like Uli Hoeneß — Tax Evasion, Charitable Giving, and Political Congruence

Grüner, Hans Peter and Sebastian Siegloch

21979: The Social Costs of Juvenile Incarceration: Long-Run Effects and Family Spillovers

Ozkan Eren, Randi Hjalmarsson and Orgul Ozturk

21978: Social Sorting and Political Cleavages: Evidence from 2.5 Million Electoral Candidates

Fernández-Villaverde, Jesús and Carlos Sanz

21977: Shipping to America

Xiwen Bai, Fernández-Villaverde, Jesús, Yiliang Li, Ricardo Marto and Francesco Zanetti

21976: Global Temperature and Global Mortality

Adrien Bilal, Känzig, Diego and Krzysztof Lisiecki

21975: Collateral Advantage: Exchange Rates, Capital Flows, and Global Cycles

Michael B Devereux, Charles Engel and Steve Pak Yeung Wu

21974: Antitrust and Platforms: From of to in

Heski Bar-Isaac

21973: Economic Growth and Greenhouse Gas Mitigation at the Environmental Limit

Michael Burda and Leopold Zessner-Spitzenberg

21972: Capital Adjustment Costs and Stranded Assets in an Optimal Energy Transition

Michael Burda, Anna-Maria Goeth and Leopold Zessner-Spitzenberg

21971: Organizing Expertise with Externalities: Evidence from Primary Care

Amanda Dahlstrand, Shan Huang, Nestor Le Nestour and Guy Michaels

21970: Platform Openness: Evidence from Bug Bounty Programs

Aviram Zrahia, Sarit Markovich and Tobias Kretschmer

21969: Can Refugees Mitigate Local Decline? Evidence from the Forced Displacement of Serbs during the Yugoslav Wars (1991-2022)

Tancredi Buscemi, Luka Miladinovic and Anna Missiaia