CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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22160: Designing Low Emission Zones: Theory and Evidence

Natalia Fabra, Nano Barahona, Imelda Imelda and Juan Pablo Montero

22159: Too Much at Stake? Entrepreneurial Wealth Concentration and Firm Performance

Fabiano Schivardi, Luigi Guiso, Steffen Andersen and Damiano Argan

22158: Incentives in Mergers and Acquisitions

Jarrad Harford and Dirk Jenter

22157: The Cost of Maturity: Do Firms Overpay for Long-Term Debt?

Henri Servaes and Dian Xu

22156: Stablecoins and the Future of Payments: Evidence from Financial Markets

Alexander Copestake, Cage Englander, Martínez Pería, Maria Soledad and Villegas-Bauer, Germán

22155: Future climate adaptation opportunities and the financing of US investor-owned electric utilities

Martin Ellison, Frederick van der Ploeg and Kexin Wu

22154: COLONIALISM, POLITICAL RISK, AND FIRM PERFORMANCE: EVIDENCE FROM INDIA

James Fenske, Bishnupriya Gupta and Junxi Liu

22153: Endogenous Macro-Financial Risk

Tobias Adrian, Radu-Gabriel Cristea, Max-Sebastian Dovi-Marx, Fernando Duarte and Domenico Giannone

22152: Liquidity, Capital Pledgeability and Inflation Redistribution

Paola Boel, Díaz, Julián P. and Daria Finocchiaro

22151: The Stock--Bond Covariance Puzzle

Tobias Adrian and Andres Schneider

22150: Cultural diversity of religion across and within 117 countries

Jeanet Bentzen, Anne Sofie Beck Knudsen, Lena Sperling and Ara Norenzayan

22149: Entry Deterrence with Public Signals: Revisiting the Chain-Store Paradox

Francesc Dilme and Aaron Kolb

22148: Equal Access, Unequal Safety: Women’s NightWork and Crime in India

Gianmarco Daniele and Abhinav Khemka

22147: Rosie the Researcher

Moritz Lubczyk and Petra Moser

22146: Working Longer Under Strain: Retirement Reforms and Physical Job Demands

Torben M Andersen and Nicolai Kristensen

22145: Heterogeneous CEO Death Effects

Dirk Jenter, Egor Matveyev and Lukas Roth

22144: Complex Capital Markets

Sergei Glebkin, Bryan Kelly, Semyon Malamud, Matias Palmunen and Mo Pourmohammadi

22143: Urban Elevators and the Geography of Labor Market Polarization

Fabio Cerina, Elisa Dienesch, Alexander Monge-Naranjo and Alessio Moro

22142: Heterogeneous Firms, Growth and the Long Shadows of Business Cycle

Giammario Impullitti, Omar Licandro, SedlÃ¡Ä ek, Petr and Adam Spencer

22141: Productivity and Knowledge Transfer: Evidence from Prisoner Employment

Jacopo Ballabio, Michela Giorcelli and Claudio Labanca

22140: Money, Time, and the Demand for Children

Evie Thompson and Guy Michaels

22139: Measuring the Prevalence and Direction of Innovation: A Pilot Approach using LLMs

Prashant Garg, Peter John Lambert, Ralf Martin and Denis Medvedev

22138: Growth Spillovers from China: A Firm-Level Anatomy

Paula Beltran, Lukas Franz and Andrea Presbitero

22137: Lost in Transition: Financial Barriers to New Technologies

Philippe Aghion, Antonin Bergeaud, Maarten De Ridder and John Van Reenen

22136: Unraveling the Cobweb of Global Imbalances: Drivers, Vulnerabilities, and Adjustment Scenarios

Stefan Avdjiev, Kristin Forbes, Tsvetelina Nenova and Marjorie Santos

22135: Innovation Partnerships for Development along Green Value Chains

Samuel Edet, Ralf Martin, Golvine de Rochambeau, Trang Thu Tran and Dennis Verhoeven

22134: Manufacturing Renaissance Meets Time-Inconsistent Tariffs

Christoph Boehm, Andrei Levchenko and Wei Xiang

22133: Prewar US Business Cycles under Uncertainty: Reconstructing Quarterly GDP before 1947

Raphael Auer

22132: Middle Powers and a Rupturing Global Order

Jingyuan Cui, Nicolas Fernandez-Arias, Pierre-Olivier Gourinchas, Gee Hee Hong, Nan Li, Andrea Presbitero, Petia Topalova, Shihangyin Zhang and Robert Zymek

22131: The Professors Who Would Become Popes: Academic Human Capital and Elite Selection in Premodern Europe

Mara Vitale and David De La Croix

22130: Value Migration and Defense Strategies

Gaston Llanes, Markus Reisinger and Jens Schmidt

22129: Artificial Intelligence and Bank Intermediation: A Critical Review of the Evidence

Tudor Dragan, Simona Nistor and Steven Ongena

22128: Flash Droughts and Bank Stability in the United States

Maxime Fajeau, Remi Generoso, Clement Mathonnat and Steven Ongena

22127: Policymaker Expectations and Fiscal Policy

Martin Ellison and Jason Lennard

22126: Presidential Appointments to the Federal Reserve Board

Alessandro Riboni and Francisco Ruge-Murcia

22125: Incentivizing Inflation Expectations

Sergii Drobot, Daniela Puzzello, Ryan Rholes and Alena Wabitsch

22124: Weak Instrument Robust Simultaneous Confidence Bands for Impulse Response Functions

Daniel Lewis and Yatheesan Selvakumar

22123: Tax, Lies and Red Tape

Megha Patnaik

22122: On the Role and Effectiveness of Fiscal Rules and Independent Fiscal Councils

Roel Beetsma, Raphael Lam, Erik Leonards, Marcos Poplawski-Ribeiro and Alexandra Solovyeva

22121: Tariffs, Employment and the Balance of Trade

Sweder van Wijnbergen

22120: Equal Treatment, Unequal Family Duties: Gendered Screening and Selective Exclusion in the Workplace

Francesca Barigozzi and Helmuth Cremer

22119: Central Bank Retail Deposits in the Past

Pamfili Antipa, Anna Grodecka-Messi, Marius Hafke, Clemens Jobst, Enrique Jorge Sotelo, Daniel Kaufmann, Eva Mulder, Kilian Rieder and Stefano Ugolini

22118: Age and Productivity in High-Skilled Work: Goal-scoring in the English Premier League

Jan C. van Ours

22117: Take-off Dynamics of a Sovereign Wealth Fund

Emilio Carnevali, Giacomo Corneo and Pierluigi Vellucci

22116: Consumer Profiling via Information Design

Itay Fainmesser, Andrea Galeotti, Ruslan Momot and Ludovic Renou

22115: The Equity-Adjusted Social Cost of Carbon

Johannes Emmerling, Ben Groom and Frederick van der Ploeg

22114: Mortgage Constraints: Household Responses, Market Adjustments and Financial Stability

Bäckman, Claes, Ragnar Juelsrud and Ella Getz Wold

22113: Deciding Before You Are Persuaded

Torun Dewan and Kfir Eliaz

22112: Financial Portfolio Choices and Marital Property Regimes

Lidia Cruces, Johannes Goensch and Micó-Millán, Isabel

22111: Gendered Change: 150 Years of Transformation in US Hours

Liwa Rachel Ngai, Claudia Olivetti and Barbara Petrongolo

22110: Early Decisions, Long-Lasting Consequences: The Macroeconomics of School Tracking

Suzanne Bellue and Lukas Mahler

22109: Heterogeneous Risk Preferences, Entrepreneurship, and Wealth

Brigitte Hochmuth, Monika Merz and Fabian Prettenthaler

22108: Priced Out of Parenthood: Housing Costs, Household Formation, and Fertility in Spain

Francesco Chiocchio, Nezih Guner and Sánchez-Marcos, Virginia

22107: When Globalization Comes Home: Commodity Prices and Labour Conflict in Italy, 1881–1910

Tancredi Buscemi, Anna Missiaia and Dario Pellegrino

22106: The Market Price of Risk and Macro-Financial Dynamics

Tobias Adrian, Matthew DeHaven, Fernando Duarte and Tara Iyer

22105: Doing Better at Doing Good: Lessons from a Bayesian Meta-Analysis After 20 Years of Poverty Graduation Programs

Samantha Carter, Edward Jee, Dean Karlan and Patrick Premand

22104: Contractual Freedom Versus Tenancy Law

Patrick Schmitz

22103: fevc: Leave-Out Bias-Corrected Variance Decompositions in Stata

Johannes Schmieder

22102: Raising Rival's Quality Cost: Exclusive technology and innovation incentives

Ozlem Bedre Defolie, Gary Biglaiser and Panagiotis Kyriazis

22101: Gender Biased Beliefs and Legal Inequality

Siwan Anderson

22100: Misallocation in Conservation Area Placement

Rufus Panelius and Lassi Ahlvik

22099: The Hidden Sharpe Ratio

Mikhail Chernov, Bryan Kelly, Semyon Malamud and Johannes Schwab

22098: Green Tastes, Beliefs, and Portfolios: Evidence from Synthetic Investors

Xindi He and Pástor, Luboš

22097: Demand-Driven Inflation

Domenico Giannone and Giorgio Primiceri

22096: The Supply of Expertise: New Technologies, New Skills, and Worker Impacts

Anna Salomons, vom Baur, Cäcilia and Ulrich Zierahn-Weilage

22095: Beyond the Numbers: Professional Forecasters’ Narratives about Inflation and Stock Market Performance

Christian Conrad, Schölkopf, Julius, Michael Weber and Frank Brueckbauer

22094: Saving for the Machines

Fernández-Villaverde, Jesús

22093: Producing to Signal: Private Information in Dynamic Quantity Competition

Andrew Sweeting, Xuezhen Tao and Qian Wang

22092: Taxing Entrepreneurs and Workers: A Linear Optimization Approach for Multidimensional Screening

Ceneri, Nicolò, Giuseppe Lopomo, Alessandro Villa and Nicolas Werquin

22091: Strategic Mistakes in School Assignment: Biased Beliefs versus Optimization Errors

Monique De Haan, Pieter Gautier, Hessel Oosterbeek, Sandor Sovago and Bas van der Klaauw

22090: The Effects of a Shorter Workweek on Employment, Output, and Productivity

Pauline Carry, Claire Montialoux, Elio Nimier-David, Alexandra Roulet and Nina Roussille

22089: Challenges to Scaling a Youth Violence Reduction Intervention: Evidence from a Field Experiment and Qualitative Data

Sarah Cattan, Pulkit Bajpai, Julian Childs, Emily Stapley, Monica Costa Dias, Jenna Jacob, Emily Goodacre, Angelika Labno, Vaishnavi Dhas, Emily Orchard, Erin Mckeaveney, Grizelda Khaling, Anoushka Kappor, Ashley New and Imran Rasul

22088: AI and the Boundary of the Firm: Evidence from Radiology

Marco Francesconi and Xiaoyu Xia

22087: Learning and Beliefs: Models, Measurement, and Identification

Arnaud Maurel and Michela Tincani

22086: Covenant-Driven Fire Sales

Shohini Kundu

22085: Financing High-Growth Firms in Europe: Market Integration Matters, but so does Depth

Frank Betz, Pál, Rozália, Andre Sapir and Huyen Tran

22084: The Moral Components of Financial Misconduct

Irsa Ajmal, Neil Stewart and John Thanassoulis

22083: Bank Liquidity Regulation and the Growth of Private Credit

Sebastian Doerr, Gaston Gelos and Vesa Pursiainen

22082: Separating Cost Recovery from Conduct

Taisuke Otsu and Martin Pesendorfer

22081: Nonlinear Factor Models and the Cross-Section of Asset Returns

Georgy Chabakauri

22080: Milking the Demand Curve: Consumer and Firm Behavior in Inflationary Times

Alon Eizenberg, Klaus Gugler, Lukas Pirnbacher and Szücs, Florian

22079: Learning from Stories, Statistics, and Narratives

Thomas Graeber, Christopher Roth and Florian Zimmermann

22078: Consent and Choice: Experimental Evidence on User Behavior at Consent Banners

Cristiana Firullo, Francesco Decarolis, Cristobal Cheyre and Alessandro Acquisti

22077: Matching in Vertical Markets: Evidence from the Digital Advertising Industry

Andrea Chiantello, Francesco Decarolis, Maris Goldmanis, Antonio Penta and Ksenia Shakhgildyan

22076: Importers Big and Small: The Heterogeneous Impacts of U.S.-China Tariffs on Sourcing and Prices

Beata Javorcik, Justin Pierce and Emily Wisniewski

22075: On-the-job Training and Labor Market Competition

Abigail Adams, Thomas Le Barbanchon and Alberto Marcato

22074: Isolating Tuberculosis: Sanatoria and the Mortality Transition in Large European Cities

Nina Boberg-Fazlic, Casper Worm Hansen and Peter Sandholdt Jensen

22073: Losing grip? The Quantity Theory of Money under Currency Competition

Jasmina Arifovic, Isabelle Salle and Linda Schilling

22072: Dynamic Test Design

Doruk Cetemen and Francesc Dilme

22071: Entry, Exit, and Technological Progress in Markov-Perfect Duopoly

Jaap Abbring, Jeffrey Campbell and Nan Yang

22070: The Battle over Knowledge: Multinationals, Diffusion, and Governance

Laura Alfaro, Maggie Chen and Beata Javorcik

22069: Foreign Ownership and Occupational Safety: Evidence from France

Beata Javorcik, Alessia Lo Turco, Daniela Maggioni and Gianluca Santoni

22068: Inside Central Bankers’ Calendars: How Do Fed Chairs Allocate Their Time?

Thomas Drechsel and Dali Tsakadze

22067: Competitive Search for Bundles

Xiaoming Cai and Pieter Gautier

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

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

22065: Does Easy Money Win Elections?

Yao Chen, Florian van Genderen and Felix Ward

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