CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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13933: Cannabis Prices on the Dark Web

Jakub Cerveny and Jan C. van Ours

13932: Synergizing Ventures

Ufuk Akcigit, Emin Dinlersoz, Jeremy Greenwood and Veronika Penciakova

13931: The Textbook Case for Industrial Policy: Theory Meets Data

Dominick Bartelme, Arnaud Costinot, Dave Donaldson and Rodriguez-Clare, Andres

13930: The Political Economy of the Prussian Three-class Franchise

Sascha O. Becker and Erik Hornung

13929: Swing Pricing and Fragility in Open-end Mutual Funds

Dunhong Jin, Marcin Kacperczyk, Bige Kahraman and Felix Suntheim

13928: Becker Meets Kyle: Inside Insider Trading

Marcin Kacperczyk and Emiliano Pagnotta

13927: The interdependence of domestic and international success: the case of the UEFA Champions League

Moreno-Ternero, Juan D. and Shlomo Weber

13926: Housing Wealth Effects and Mortgage Borrowing: The Effect of Subjective Unanticipated Changes in Home Values on Home Equity Extraction in Denmark

Henrik Yde Andersen and Leth-Petersen, Søren

13925: The Herfindahl-Hirschman Index and the distribution of social surplus

Yossi Spiegel

13924: Estimating an Equilibrium Model of Horizontal Competition in Education

Natalie Bau

13923: Foreign currency loan conversions and currency mismatches

Andreas Fischer and Pinar Yesin

13922: Persistent Government Debt and Aggregate Risk Distribution

Mariano Massimiliano Croce, Thien Nguyen and Steve Raymond

13921: The Effect of Handicaps on Turnout for Large Electorates: An Application to Assessment Voting

Hans Gersbach, Akaki Mamageishvili and Oriol Tejada

13920: The Financial Development of London in the 17th Century Revisited: A View from the Accounts of the Corporation of London

Nathan Sussman

13919: Politsplaining: Populism Breeds Populism

Hans Gersbach and Köhler-Schindler, Laurin

13918: Dynamic Social Interactions and Health Risk Behavior

Tiziano Arduini, Alberto Bisin, Onur Ozgur and Eleonora Patacchini

13917: A Theory of Power Wars

Helios Herrera, Massimo Morelli and Salvatore Nunnari

13916: Monetary Policy Announcements and Expectations: Evidence from German Firms

Zeno Enders, Franziska Hünnekes and Gernot Müller

13915: Improving U.S. Monetary Policy Communications

Stephen G Cecchetti and Kermit Schoenholtz

13914: Predicting Consumer Default: A Deep Learning Approach

Stefania Albanesi and Domonkos Vamossy

13913: End-of-Life Medical Expenses

Eric Baird French, John Bailey Jones, Elaine Kelly and Jeremy McCauley

13912: Multiple Applications, Competing Mechanisms, and Market Power

James Albrecht, Xiaoming Cai, Pieter A. Gautier and Susan Vroman

13911: A Structural Model for the Coevolution of Networks and Behavior

Chih-Sheng Hsieh, Michael König and Xiaodong Liu

13910: Productivity, Network Effects and Telecommunications Capital: Evidence from the US and Europe

Harald Edquist, Peter Goodridge and Jonathan Haskel

13909: What is the Optimal Immigration Policy? Migration, Jobs and Welfare

Joao Guerreiro, Sérgio Rebelo and Pedro Teles

13908: Building a productive workforce: the role of structured management

Christopher Cornwell, Ian M. Schmutte and Daniela Scur

13907: Stress Testing and Bank Lending

Joel Shapiro and Jing Zeng

13906: Inspecting the Mechanism of Quantitative Easing in the Euro Area

Ralph Koijen, Francois Koulischer, Benoît Nguyen and Motohiro Yogo

13905: Collateral and Asymmetric Information in Lending Markets

Vasso Ioannidou, Nicola Pavanini and Yushi Peng

13904: Markets and Markup: A New Empirical Framework and Evidence on Exporters from China

Giancarlo Corsetti, Meredith A Crowley, Lu Han and Huasheng Song

13903: The "New" Economics of Trade Agreements: From Trade Liberalization to Regulatory Convergence?

Gene M. Grossman, Phillip McCalman and Robert W. Staiger

13902: What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models

Xavier Jaravel and Erick Sager

13901: Symbolism Matters: The Effect of Same-Sex Marriage Legalization on Partnership Stability

Shuai Chen and Jan C. van Ours

13900: Anchored Inflation Expectations

Stefano Eusepi, Emanuel Moench, Bruce Preston and Carlos Viana de Carvalho

13899: Risk-Free Interest Rates

William Diamond, Marco Grotteria and Jules H. van Binsbergen

13898: How Effective Are Monetary Incentives to Vote? Evidence from a Nationwide Policy

Mariella Gonzales, León-Ciliotta, Gianmarco and Luis Martinez

13897: From Mad Men to Maths Men: Concentration and Buyer Power in Online Advertising

Francesco Decarolis and Gabriele Rovigatti

13896: Interest rates

Eric Monnet

13895: Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891-1913)

Guillaume Bazot, Eric Monnet and Matthias Morys

13894: Do Short-Term Incentives Affect Long-Term Productivity?

Heitor Almeida, Nuri Ersahin, Vyacheslav Fos, Rustom M Irani and Mathias Kronlund

13893: Sharing a Government

Jaume Ventura

13892: The Entertaining Way to Behavioral Change: Fighting HIV with MTV

Abhijit Banerjee, Eliana La Ferrara and Victor Orozco

13891: On Selecting the Right Agent

Geoffroy de Clippel, Kfir Eliaz, Daniel Fershtman and Kareen Rozen

13890: Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models

Adrien Auclert, Bence Bardoczy, Matthew Rognlie and Ludwig Straub

13889: China's Industrial Policy: an Empirical Evaluation

Panle Jia Barwick, Myrto Kalouptsidi and Nahim Zahur

13888: Financial Policies and Internal Governance with Heterogeneous Risk Preferences

Shiqi Chen and Bart Lambrecht

13887: Global Dimensions of U.S. Monetary Policy

Maurice Obstfeld

13886: Covered Interest Parity deviations: Macrofinancial determinants

Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou

13885: Gig-Labor: Trading Safety Nets for Steering Wheels

Vyacheslav Fos, Naser Hamdi, Ankit Kalda and Jordan Nickerson

13884: Credit Building or Credit Crumbling? A Credit Builder Loan's Effects on Consumer Behavior, Credit Scores and Their Predictive Power

Jeremy Burke, Julian C. Jamison, Dean S. Karlan, Kata Mihaly and Jonathan Zinman

13883: Are Professors Worth It? The Value-added and Costs of Tutorial Instructors

Jan Feld, Nicolás Salamanca and Ulf Zölitz

13882: Competition and Pass-Through: Evidence from Isolated Markets

Christos D. Genakos and Mario Pagliero

13881: Incomplete Contracts, Limited Liability, and the Optimality of Joint Ownership

Patrick Schmitz

13880: Clients' Connections: Measuring the Role of Private Information in Decentralised Markets

Péter Kondor and Gabor Pinter

13879: Third Party Intervention and Strategic Militarization

Adam Meirowitz, Massimo Morelli, Kristopher Ramsay and Francesco Squintani

13878: Divided Government, Delegation, and Civil Service Reform

Elliott Ash, Massimo Morelli and Matia Vannoni

13877: Devotion and Development: Religiosity, Education, and Economic Progress in 19th-Century France

Mara Squicciarini

13876: The Elasticity of Taxable Income in Spain: 1999-2014

Miguel Almunia and Lopez-Rodriguez, David

13875: Ambiguity Attitudes, Leverage Cycle and Asset Prices

Marzio Bassanin, Ester Faia and Valeria Patella

13874: The Term Structure of Government Debt Uncertainty

Antonio Mele, Yoshiki Obayashi and Shihao Yang

13873: Correlation Risk, Strings and Asset Prices

Walter Distaso, Antonio Mele and Grigory Vilkov

13872: The Social Costs of Side Trading

Andrea Attar, Thomas Mariotti and François Salanié

13871: A Positive Effect of Political Dynasties: the Case of France's 1940 Enabling Act

Jean Lacroix, Pierre-Guillaume Méon and Kim Oosterlinck

13870: The Wall Street Stampede: Exit as Governance with Interacting Blockholders

Dragana Cvijanovic, Amil Dasgupta and Konstantinos Zachariadis

13869: Exchange Rate Reconnect

Andrew Lilley, Matteo Maggiori, Brent Neiman and Jesse Schreger

13868: Information Design with Agency

Jacopo Bizzotto, Perez-Richet, Eduardo and Adrien Vigier

13867: China's Overseas Lending

Sebastian Horn, Carmen Reinhart and Christoph Trebesch

13866: Stock Price Cycles and Business Cycles

Klaus Adam and Sebastian Merkel

13865: Diffusion of Gender Norms: Evidence from Stalin's Ethnic Deportations

Alexandra Jarotschkin and Ekaterina Zhuravskaya

13864: The College Wealth Divide: Education and Inequality in America, 1956-2016

Alina Bartscher, Moritz Kuhn and Moritz Schularick

13863: Exportweltmeister: The Low Returns on Germany's Capital Exports

Franziska Hünnekes, Moritz Schularick and Christoph Trebesch

13862: The Economic Costs of Financial Distress

Claudia Custodio, Miguel Ferreira and Garcia-Appendini, Emilia

13861: Optimal Transport Networks in Spatial Equilibrium

Pablo Fajgelbaum and Edouard Schaal

13860: Social Media and Polarization

Arthur Campbell, Matthew Leister and Yves Zenou

13859: Formative Experiences and the Price of Gasoline

Christopher Severen and Arthur Van Benthem

13858: The Dog that Didn't Bark: The Curious Case of Lloyd Mints, Milton Friedman and the Emergence of Monetarism

Harris Dellas and George Tavlas

13857: Sentiment and Speculation in a Market with Heterogeneous Beliefs

Ian Martin and Dimitris Papadimitriou

13856: Stock Market Wealth and the Real Economy: A Local Labor Market Approach

Gabriel Chodorow-Reich, Plamen T. Nenov and Alp Simsek

13855: The Transmission of Shocks in EndogenousFinancial Networks: A Structural Approach

Jonas Heipertz, Amine Ouazad and Romain Rancière

13854: Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies

Thomas Connelly and Christian Wolff

13853: Identification with External Instruments in Structural VARs under Partial Invertibility

Silvia Miranda Agrippino and Giovanni Ricco

13852: Pareto-Efficient Tax Deductions

Sebastian Koehne and Dominik Sachs

13851: Is Employment Polarization Informative About Wage Inequality and Is Employment Really Polarizing?

Jennifer Hunt and Ryan Nunn

13850: Voting with their Money: Brexit and Outward Investment by UK Firms

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

13849: Does Drawing Down the U.S. Strategic Petroleum Reserve Help Stabilize Oil Prices?

Lutz Kilian and Xiaoqing Zhou

13848: Funding the Great War and the beginning of the end for British hegemony

Martin Ellison, Thomas Sargent and Andrew Scott

13847: Technology-induced Trade Shocks? Evidence from Broadband Expansion in France

Clément Malgouyres, Thierry Mayer and Clément Mazet

13846: Did Austerity Cause Brexit?

Thiemo Fetzer

13845: Endogenous Social Connections in Legislatures

Marco Battaglini, Eleonora Patacchini and Edoardo Rainone

13844: Funding and financing infrastructure: The joint-use of public and private finance

Marianne Fay, David Martimort and Stephane Straub

13843: "When Olson Meets Dahl": From Inefficient Groups Formation to Inefficient Policy-Making

David Martimort

13842: Nonlinear Pricing with Average-Price Bias

David Martimort and Lars Stole

13841: Moral Hazard and the Property Rights Approach to the Theory of the Firm

Patrick Schmitz

13840: Is Favoritism a Threat to Chinese Aid Effectiveness? A Subnational Analysis of Chinese Development Projects

Axel Dreher, Andreas Fuchs, Roland Hodler, Brad Parks, Paul Raschky and Michael J. Tierney

13839: Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment

Philippe Bacchetta and Eric van Wincoop

13838: Roman Transport Network Connectivity and Economic Integration

Matthias Flueckiger, Erik Hornung, Mario Larch, Markus Ludwig and Allard Mees

13837: Firm organization with multiple establishments

Manfred Antoni, Anna Gumpert and Henrike Steimer

13836: Why so many significant Phase 3 results in clinical trials?

Jerome Adda, Christian Decker and Marco Ottaviani

13835: Forward-Looking Policy Rules and Currency Premia

Ilias Filippou and Mark P Taylor

13834: Externalities and financial crisis - enough to cause collapse?

Marcus Miller and Lei Zhang