CEPR Discussion Papers

From Centre for Economic Policy Research
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11963: Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate

Woo Jin Choi and Alan Taylor

11962: Attrition in Randomized Control Trials: Using tracking information to correct bias

Teresa Molina Millan and Karen Macours

11961: Credit Ratings and Market Information

Alessio Piccolo and Joel Shapiro

11960: CEO Behavior and Firm Performance

Oriana Bandiera, Stephen Hansen, Andrea Prat and Raffaella Sadun

11959: The Benefits from Foreign Direct Investment in a Cross-Country Context: A Meta-Analysis

Randolph Bruno, Nauro Campos and Saul Estrin

11958: Who Lives Where in the City? Amenities, Commuting and Income Sorting

Gaigtné, Carl, Hans Koster, Fabien Moizeau and Jacques Thisse

11957: Changing business models in international bank funding

Leonardo Gambacorta, Adrian Rixtel and Stefano Schiaffi

11956: Pipeline Risk in Leveraged Loan Syndication

Max Bruche, Frederic Malherbe and Ralf R Meisenzahl

11955: A Model of Directed Consumer Search

Marco Haan, Moraga-González, José-Luis and Vaiva Petrikaite

11954: Who Voted for Brexit? A Comprehensive District-Level Analysis

Sascha Becker, Thiemo Fetzer and Dennis Novy

11953: Cross-border Acquisitions and Restructuring: Multinational Enterprises and Private Equity-Firms

Lars Persson

11952: Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account

Ricardo Fernholz, Kris Mitchener and Marc Weidenmier

11951: International Expansion and Riskiness of Banks

Ester Faia, Gianmarco Ottaviano and Irene Sanchez Arjona

11950: Uncertainty shocks, asset supply and pricing over the business cycle

Francesco Bianchi, Cosmin Ilut and Martin Schneider

11949: Humans’ (incorrect) distrust of reflective decisions

Antonio Cabrales, Antonio Espín, Praveen Kujal and Stephen Rassenti

11948: Salience in Retailing: Vertical Restraints on Internet Sales

Magdalena Helfrich and Fabian Herweg

11947: Deposit Insurance and Reinsurance: A General Equilibrium Perspective

Volker Britz, Hans Gersbach and Hans Haller

11946: Do Childhood Experiences of Parental Separation Lead to Homelessness?

Julie Moschion and Jan C. van Ours

11945: The Limits of Political Compromise: Debt Ceilings and Political Turnover

Alexandre Cunha and Emanuel Ornelas

11944: Collusion and Information Revelation in Auctions

Aniol Llorente-Saguer and Ro'i Zultan

11943: Market Size, Product Differentiation and Bidding for New Varieties

Jie Ma and Ian Wooton

11942: New and Improved: Does FDI Boost Production Complexity in Host Countries?

Beata Javorcik, Alessia Lo Turco and Daniela Maggioni

11941: The Fallacy of the Fiscal Theory of the Price Level - Once More

Willem Buiter

11940: Global Banking: Endogenous Competition and Risk Taking

Ester Faia and Gianmarco Ottaviano

11939: Research and the Approval Process: The Organization of Persuasion

Emeric Henry and Marco Ottaviani

11938: Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs

Holger Mueller and Constantine Yannelis

11937: Are Conditional Cash Transfers Fulfilling Their Promise? Schooling, Learning, and Earnings After 10 Years

Tania Barham, Karen Macours and John Maluccio

11936: Tax progressivity and top incomes: Evidence from tax reforms

Enrico Rubolino and Waldenström, Daniel

11935: Trends and gradients in top tax elasticities: Cross-country evidence, 1900-2014

Enrico Rubolino and Waldenström, Daniel

11934: Bank Capital Redux: Solvency, Liquidity, and Crisis

Oscar Jorda, Richter, Björn, Moritz Schularick and Alan Taylor

11933: Blockholder Voting

Heski Bar-Isaac and Joel Shapiro

11932: Bid-to-cover and yield changes around public debt auctions in the euro area

Roel Beetsma, Massimo Giuliodori, Jesper Hanson and Frank de Jong

11931: Samaritan Bundles: Inefficient Clustering in NGO Projects

Gani Aldashev, Marco Marini and Thierry Verdier

11930: Inequality Indices as Tests of Fairness

Ravi Kanbur and Andy Snell

11929: Risk Aversion as a Perceptual Bias

Mel Win Khaw, Ziang Li and Michael Woodford

11928: Exchange Rate Policies at the Zero Lower Bound

Manuel Amador, Javier Bianchi, Luigi Bocola and Fabrizio Perri

11927: Instability, imprecision and inconsistent use of equilibrium real interest rate estimates

Robert Beyer and Volker Wieland

11926: Diasporas and Conflict

Fabio Mariani, Marion Mercier and Thierry Verdier

11925: Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics

Stephen Cecchetti, Michael Feroli, Peter Hooper, Anil Kashyap and Kermit Schoenholtz

11924: Is Distance Dead? Face-to-Face Communication and Productivity in Teams

Diego Battiston, Jordi Blanes i Vidal and Tom Kirchmaier

11923: How Effective Are Active Labor Market Policies in Developing Countries? A Critical Review of Recent Evidence

David McKenzie

11922: Product versus Process: Innovation Strategies of Multi-Product Firms

Lisandra Flach and Michael Irlacher

11921: Returns to on-the-job search and the dispersion of wages

Axel Gottfries and Coen Teulings

11920: Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?

Thomas Gehrig and Maria Chiara Iannino

11919: Mapping the interconnectedness between EU banks and shadow banking entities

Jorge Abad, Marco D'Errico, Neill Killeen, Vera Luz, Tuomas Peltonen, Richard Portes and Teresa Urbano

11918: Monetary policy's rising FX impact in the era of ultra-low rates

Massimo Ferrari Minesso, Jonathan Kearns and Andreas Schrimpf

11917: Geographical Origins and Economic Consequences of Language Structures

Oded Galor, Oded Galor and Assaf Sarid

11916: Inequality, redistribution and cultural integration in the Welfare State

Alberto Bisin and Thierry Verdier

11915: A theory of regional conflict complexes

Arthur Silve and Thierry Verdier

11914: Myopia and Discounting

Xavier Gabaix and David Laibson

11913: Does ethnic segregation matter for spatial inequality? A cross-country analysis

Roberto Ezcurra and Rodríguez-Pose, Andrés

11912: Local Food Prices and International Price Transmission

Eddy Bekkers, Martina Brockmeier, Joseph Francois and Fan Yang

11911: Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel

Robert Kollmann

11910: The Top-Ten Way to Integrate High Schools

Fernanda Estevan, Thomas Gall, Patrick Legros and Andrew Newman

11909: Online Exploration, Content Choice & Echo Chambers: An Experiment

Sagit Bar-Gill and Neil Gandal

11908: Pass-Through as a Test for Market Power: An Application to Solar Subsidies

Jacquelyn Pless and Arthur van Benthem

11907: Financial Cycles with Heterogeneous Intermediaries

Nuno Coimbra and Helene Rey

11906: International Inflation Spillovers Through Input Linkages

Raphael Auer, Andrei Levchenko and Sauré, Philip

11905: The globalisation of inflation: the growing importance of global value chains

Raphael Auer, Claudio Borio and Andrew Filardo

11904: Prizes versus Contracts as Incentives for Innovation

Yeon-Koo Che, Elisabetta Iossa and Patrick Rey

11903: Global Skill-Based Immigration Policies and Israel's Brain Drain

Assaf Razin

11902: The Making of Hawks and Doves: Inflation Experiences on the FOMC

Ulrike M. Malmendier, Stefan Nagel and Zhen Yan

11901: Credit Misallocation During the European Financial Crisis

Fabiano Schivardi, Enrico Sette and Guido Tabellini

11900: Understanding the Determinants of Financial Outcomes and Choices: The Role of Noncognitive Abilities

Gianpaolo Parise and Kim Peijnenburg

11899: Migrants and the Making of America: The Short and Long Run Effects of Immigration during the Age of Mass Migration

Sandra Sequeira, Nathan Nunn and Nancy Qian

11898: Whistle-Blower Protection: Theory and Experimental Evidence

Lydia Mechtenberg, Gerd Muehlheusser and Andreas Roider

11897: The Peace Dividend of Distance: Violence as Interaction Across Space

Hannes Mueller, Dominic Rohner and Schönholzer, David

11896: Picking Funds with Confidence

Niels Groenborg, Asger Lunde, Allan Timmermann and Russell Wermers

11895: Transparency, Investor Information Acquisition, and Money Market Fund Risk Rebalancing during the 2011-12 Eurozone Crisis

Emily Gallagher, Lawrence Schmidt, Allan Timmermann and Russell Wermers

11894: Comparing Apples to Apples: Estimating Consistent Partial Effects of Preferential Economic Integration Agreements

Peter Egger and Filip Tarlea

11893: The effects of tax on bank liability structure

Leonardo Gambacorta, Giacomo Ricotti, Suresh Sundaresan and Zhenyu Wang

11892: The Great Chinese Inequality Turnaround

Ravi Kanbur, Yue Wang and Xiaobo Zhang

11891: Structural breaks in panel data: Large number of panels and short length time series

Jaromir Antoch, Jan Hanousek, Lajos Horvath, Marie Huskova and Shixuan Wang

11890: Trade Policy and Redistribution when Preferences are Non-Homothetic

Quy-Toan Do and Andrei Levchenko

11889: consumption and investment in resource pooling family networks

Manuela Angelucci, Giacomo De Giorgi and Imran Rasul

11888: The Fall of Capital Punishment and the Rise of Prisons: How Punishment Severity Affects Jury Verdicts

Anna Bindler and Randi Hjalmarsson

11887: Endogenous Asymmetric Shocks in the Eurozone. The Role of Animal Spirits

Paul De Grauwe and Yuemei Ji

11886: Weakness in Investment Growth: Causes, Implications and Policy Responses

Ayhan Kose, Franziska Ohnsorge, Ye, Lei (Sandy) and Ergys Islamaj

11885: Exchange rate implications of Border Tax Adjustment Neutrality

Willem Buiter

11884: The determinants of coagglomeration: Evidence from functional employment patterns

Kristian Behrens and Rachel Guillain

11883: Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms

Fougère, Denis, Rémy Lecat and Simon Ray

11882: Israel Globalized: High Tech, Productivity and FDI

Assaf Razin

11881: The Economist as Plumber

Esther Duflo

11880: Political Specialization

Bernardo Guimaraes and Kevin Sheedy

11879: ECONOMICS AND POLITICS OF INTERNATIONAL INVESTMENT AGREEMENTS

Henrik Horn and Tangerås, Thomas

11878: When Work Disappears: Manufacturing Decline and the Falling Marriage-Market Value of Men

David Autor, David Dorn and Gordon Hanson

11877: Israel’s Immigration Story: Globalization lessons

Assaf Razin

11876: How the Tight Oil Boom Has Changed Oil and Gasoline Markets

Lutz Kilian

11875: Media Capture through Favor Exchange

Adam Szeidl and Ferenc Szucs

11874: Vertical Integration and Relational Contracts: Evidence from the Costa Rica Coffee Chain

Rocco Macchiavello and Josepa Miquel-Florensa

11873: The Macrogenoeconomics of Comparative Development

Quamrul Ashraf and Oded Galor

11872: Follow the money: Does the financial sector intermediate natural resource windfalls?

Thorsten Beck and Steven Poelhekke

11871: Populism: Demand and Supply

Luigi Guiso, Helios Herrera, Massimo Morelli and Tommaso Sonno

11870: Creditor Control Rights and Board Independence

Daniel Ferreira, Miguel Ferreira and Beatriz Mariano

11869: Adverse Selection and Assortative Matching in Labor Markets

Daniel Ferreira and Radoslawa Nikolowa

11868: Is the Discretionary Income Effect of Oil Price Shocks a Hoax?

Christiane Baumeister, Lutz Kilian and Xiaoqing Zhou

11867: Information Design: A Unified Perspective

Dirk Bergemann and Stephen Morris

11866: Capitalism and Socialism: Review of Kornai’s Dynamism, Rivalry, and the Surplus Economy

Cheng-Gang Xu

11865: Technology-Skill Complementarity in Early Phases of Industrialization

Raphael Franck and Oded Galor

11864: Political Cycles and Stock Returns

Pástor, Luboš and Pietro Veronesi