CEPR Discussion Papers

From Centre for Economic Policy Research
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11863: Dynamic Higher Order Expectations

Kristoffer Nimark

11862: Cost and Product Advantages: Evidence from Chinese Manufacturing Firms

Jordi Jaumandreu and Heng Yin

11861: Multi-Product Firms and Product Quality

Kalina Manova and Zhihong Yu

11860: A Theory of Grand Innovation Prizes

Alberto Galasso, Matthew Mitchell and Gábor Virág

11859: Losing Trust in Money Doctors

Daniel Dorn and Martin Weber

11858: Firms' Internal Networks and Local Economic Shocks

Xavier Giroud and Holger Mueller

11857: Contracting out the Last-Mile of Service Delivery: Subsidized Food Distribution in Indonesia

Abhijit Banerjee, Rema Hanna, Jordan Kyle, Benjamin Olken and Sudarno Sumarto

11856: EU Membership or Thatcher’s Structural Reforms: What Drove the Great British Reversal?

Nauro Campos and Fabrizio Coricelli

11855: The International Elasticity Puzzle Is Worse Than You Think

Fontagné, Lionel, Philippe Martin and Gianluca Orefice

11854: China’s Decentralized Privatization and Change of Control Rights

Jie Gan, Yan Guo and Cheng-Gang Xu

11853: Institutions and Managerial Task Allocation: Evidence from Chinese Entrepreneurs

Di Guo, Kun Jiang and Cheng-Gang Xu

11852: The Wounds That Do Not Heal. The Life-time Scar of Youth Unemployment

Gianni De Fraja, Sara Lemos and James Rockey

11851: Following the Code: Spillovers and Knowledge Transfer

Neil Gandal, Peter Naftaliev and Uriel Stettner

11850: Aftershocks of Monetary Unification: Hysteresis with a Financial Twist

Tamim Bayoumi and Barry Eichengreen

11849: The Design of Credit Information Systems

V Bhaskar and Caroline Thomas

11848: Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)

Bertrand Garbinti, Jonathan Goupille-Lebret and Thomas Piketty

11847: Who Receives Medicaid in Old Age? Rules and Reality

Margherita Borella, Mariacristina De Nardi and Eric French

11846: The End of Alchemy: A Review Essay

Roger Farmer

11845: The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem

David Baqaee and Emmanuel Farhi

11844: Monetary Policy and the Predictability of Nominal Exchange Rates

Martin Eichenbaum, Benjamin Johannsen and Sergio Rebelo

11843: Activism, Strategic Trading, and Liquidity

Kerry E. Back, Pierre Collin-Dufresne, Vyacheslav Fos, Tao Li and Alexander Ljungqvist

11842: "Low-For-Long†Interest Rates and Banks’ Interest Margins and Profitability: Cross-Country Evidence

Stijn Claessens, Nicholas Coleman and Michael Donnelly

11841: Carbon Dioxide Emissions and Economic Growth: An Assessment based on Production and Consumption Emission Inventories

Fernández-Amador, Octavio, Joseph Francois, Doris Oberdabernig and Patrick Tomberger

11840: Democracy and Credit “Democracy Doesn`t Come Cheap†But At Least Credit to Its Corporations Will Be

Manthos Delis, Iftekhar Hasan and Steven Ongena

11839: International Spillovers and Local Credit Cycles

Julian di Giovanni, Sebnem Kalemli-Ozcan, Mehmet Ulu and Yusuf Baskaya

11838: Risk-sharing benefits and the capital structure of insurance companies

Cynthia Van Hulle, Hans Degryse and Kristien Smedts

11837: Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade

Alexander Wagner, Richard Zeckhauser and Alexandre Ziegler

11836: The Global Role of the U.S. Economy: Linkages, Policies and Spillovers

Ayhan Kose, Csilla Lakatos, Franziska Ohnsorge and Marc Stocker

11835: When Britain turned inward: Protection and the shift towards Empire in interwar Britain

Alan de Bromhead, Alan Fernihough, Markus Lampe and Kevin O'Rourke

11834: Central Bank Policies and the Debt Trap

Athanasios Orphanides

11833: Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares

Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas

11832: Revisiting the Commodity Curse: A Financial Perspective

Enrique Alberola and Gianluca Benigno

11831: The World We Live In: Local or Global?

Kees Koedijk, Ronald Mahieu, Jenke Horst and Joris van Toor

11830: The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy

Andrew Fieldhouse, Karel Mertens and Morten Ravn

11829: The Consumption Response to Positive and Negative Income Changes

Philip Bunn, Jeanne LeRoux, Kate Reinold and Paolo Surico

11828: Rethinking Detroit

Raymond Owens, Esteban Rossi-Hansberg and Pierre Daniel Sarte

11827: Capital Flows and the International Credit Channel

Yusuf Baskaya, Julian di Giovanni, Sebnem Kalemli-Ozcan, Jose-Luis Peydro and Mehmet Ulu

11826: Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?

Ethan Ilzetzki, Carmen Reinhart and Kenneth Rogoff

11825: Human Capital Acquisition and Occupational Choice: Implications for Economic Development

Martí Mestieri, Johanna Schauer and Robert Townsend

11824: Are the Spanish Long-Term Unemployed Unemployable?

Samuel Bentolila, J. Ignacio García Pérez and Marcel Jansen

11823: Global Banking: Recent Developments and Insights from Research

Stijn Claessens

11822: Regulation and structural change in financial systems

Stijn Claessens

11821: The Role of Foreign Banks in Trade

Stijn Claessens, Omar Hassib and Neeltje Van Horen

11820: Tax design in the alcohol market

Rachel Griffith, Martin O'Connell and Kate Smith

11819: Testing part of a DSGE model by Indirect Inference

A. Patrick Minford, Michael R. Wickens and Yongdeng Xu

11818: A note on news about the future: the impact on DSGE models and their VAR representation

Vo Phuong Mai Le, David Meenagh and A. Patrick Minford

11817: What is the truth about DSGE models? Testing by indirect inference

David Meenagh, A. Patrick Minford, Michael R. Wickens and Yongdeng Xu

11816: Comparing different data descriptors in Indirect Inference tests on DSGE models

A. Patrick Minford, Michael R. Wickens and Yongdeng Xu

11815: The Explosive Combination of Religious Decentralisation and Autocracy: the Case of Islam

Emmanuelle Auriol and Jean-Philippe Platteau

11814: Optimal Monetary Policy and Liquidity with Heterogeneous Households

Florin Bilbiie and Xavier Ragot

11813: The Unexpected Consequences of Asymmetric Competition. An Application to Big Pharma

Micael Castanheira, Carmine Ornaghi, Georges Siotis and Maria-Angeles de Frutos

11812: Is Global Equality the Enemy of National Equality?

Dani Rodrik

11811: The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration

Manuel Adelino, Igor Cunha and Miguel Ferreira

11810: Concentrating on the Fall of the Labor Share

David Autor, David Dorn, Lawrence Katz, Christina Patterson and John van Reenen

11809: Firm-Related Risk and Precautionary Saving Response

Andreas Fagereng, Luigi Guiso and Luigi Pistaferri

11808: Social Media and Political Donations: New Technology and Incumbency Advantage in the United States

Maria Petrova, Ananya Sen and Pinar Yildirim

11807: Post Keynesian Dynamic Stochastic General Equilibrium Theory

Roger Farmer

11806: Gross Capital Inflows to Banks, Corporates and Sovereigns

Stefan Avdjiev, Bryan Hardy, Sebnem Kalemli-Ozcan and Servén, Luis

11805: Backtesting European Stress Tests

Boubacar Camara, Pierre Pessarossi and Thomas Philippon

11804: The Recent Growth Boom in Developing Economies: A Structural-Change Perspective

Xinshen Diao, Margaret McMillan and Dani Rodrik

11803: Efficient Lemons

Burak Uras and Wolf Wagner

11802: Comparing Alternative Policies Against Environmental Catastrophes

Timothy Besley and Avinash Dixit

11801: The effects of quasi-random monetary experiments

Oscar Jorda, Moritz Schularick and Alan Taylor

11800: Rage Against the Machines: Labor-Saving Technology and Unrest in Industrializing England

Bruno Caprettini and Hans-Joachim Voth

11799: Regulatory harmonization, profits, and productivity: Firm-level evidence from Morocco

Patricia Augier, Olivier Cadot and Marion Dovis

11798: Signaling in Contests

Tomer Ifergane and Aner Sela

11797: Women's career choices, social norms and child care policies

Francesca Barigozzi, Helmuth Cremer and Kerstin Roeder

11796: Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market

Demirgüç-Kunt, Asli, Horváth, Bálint and Harry Huizinga

11795: WITHDRAWN PAPER

Ewout Frankema and Kostadis Papaioannou

11794: Political Determinants of Competition in the Mobile Telecommunication Industry

Mara Faccio and Luigi Zingales

11793: How Antitrust Enforcement Can Spur Innovation: Bell Labs and the 1956 Consent Decree

Martin Watzinger, Thomas Fackler, Markus Nagler and Monika Schnitzer

11792: Lower Oil Prices and the U.S. Economy: Is This Time Different?

Christiane Baumeister and Lutz Kilian

11791: Trade and Manufacturing Jobs in Germany

Wolfgang Dauth, Sebastian Findeisen and Südekum, Jens

11790: Menu costs, the price gap distribution and monetary non-neutrality: The role of financial constraints

Almut Balleer, Nikolay Hristov and Dominik Menno

11789: Is Modern Technology Responsible for Jobless Recoveries?

Georg Graetz and Guy Michaels

11788: Debt Overhang, Exchange Rates and the Macroeconomics of Carry Trade

Egle Jakucionyte and Sweder van Wijnbergen

11787: Israel’s Triumph over Inflation: The Long and Winding Road

Assaf Razin

11786: Behavioral Economics and the Atheoretical Style

Ran Spiegler

11785: Asymmetric information and the securitization of SME loans

Ugo Albertazzi, Margherita Bottero, Leonardo Gambacorta and Steven Ongena

11784: The Economic Consequences of Family Policies: Lessons from a Century of Legislation in High-Income Countries

Claudia Olivetti and Barbara Petrongolo

11783: Optimal Auction Design in a Common Value Model

Dirk Bergemann, Benjamin Brooks and Stephen Morris

11782: First Price Auctions with General Information Structures: Implications for Bidding and Revenue

Dirk Bergemann, Benjamin Brooks and Stephen Morris

11781: Moving on Towards a Workable Climate Regime

Jaime de Melo

11780: Fiscal policy coordination in currency unions at the effective lower bound

Thomas Hettig and Müller, Gernot

11779: Child-Related Transfers, Household Labor Supply and Welfare

Nezih Guner, Remzi Kaygusuz and Gustavo Ventura

11778: Why Does China Allow Freer Social Media? Protests versus Surveillance and Propaganda

Bei Qin, Strömberg, David and Yanhui Wu

11777: The Logic of Hereditary Rule: Theory and Evidence

Timothy Besley and Marta Reynal-Querol

11776: The Impact of Export Promotion on Export Market Entry

Annette Schminke and Johannes Van Biesebroeck

11775: Regression Discontinuity Design with Continuous Measurement Error in the Running Variable

Laurent Davezies and Thomas Le Barbanchon

11774: On measuring welfare changes when varieties are endogenous

Kristian Behrens, Yoshitsugu Kanemoto and Yasusada Murata

11773: Competition and hospital quality: Evidence from a French natural experiment

Laurent Gobillon and Carine Milcent

11772: Confirmation Bias and Electoral Accountability

Ben Lockwood

11771: The Origins and Extent of Entrepreneurial Action-Orientedness: An Experimental Study

Ahmad Barirani, Randolph Sloof and Mirjam Praag

11770: Early Cannabis Use and School to Work Transition of Young Men

Jenny Williams and Jan C. van Ours

11769: Extracting Information or Resource? The Hotelling Rule Revisited under Asymmetric Information

David Martimort, Jerome Pouyet and Francesco Ricci

11768: Inheritance Flows in Switzerland, 1911-2011

Brülhart, Marius, Didier Dupertuis and Elodie Moreau

11767: Social Mobility among Christian Africans: Evidence from Anglican Marriage Registers in Uganda, 1895-2011

Felix Meier zu Selhausen, Marco van Leeuwen and Jacob Weisdorf

11766: Threshold Contracts

Johannes Gerd Becker and Hans Gersbach

11765: Can grants to consortia spur innovation and science-industry collaboration? Regression-discontinuity evidence from Poland

Miriam Bruhn and David McKenzie

11764: Can Enhancing the Benefits of Formalization Induce Informal Firms to Become Formal? Experimental Evidence from Benin

Najy Benhassine, David McKenzie, Victor Pouliquen and Massimiliano Santini