CEPR Discussion Papers

From Centre for Economic Policy Research
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11444: The I Theory of Money

Markus Brunnermeier and Yuliy Sannikov

11443: Information transmission and ownership consolidation in aid programs

Axel Dreher, Sarah Langlotz and Silvia Marchesi

11442: Blockholders: A Survey of Theory and Evidence

Alex Edmans and Clifford Holderness

11441: Choice and Competition in Public Service Provision

Timothy Besley and James Malcomson

11440: Eigenvalue Ratio Estimators for the Number of Common Factors

Mario Forni, Maddalena Cavicchioli, Marco Lippi and Paolo Zaffaroni

11439: Distinctively Different: A New Approach to Valuing Architectural Amenities

Gabriel Ahlfeldt and Nancy Holman

11438: Subsidies and Myopia in Technology Adoption: Evidence from Solar Photovoltaic Systems

Frank Verboven and Olivier De Groote

11437: Marketmaking Middlemen

Pieter Gautier, Bo Hu and Makoto Watanabe

11436: Labor Supply Shocks, Native Wages, and the Adjustment of Local Employment

Christian Dustmann, Uta Schonberg and Jan Stuhler

11435: Income Distribution and Aggregate Saving: A Non-Monotonic Relationship

Peter Bofinger and Philipp Scheuermeyer

11434: Does Rosie Like Riveting? Male and Female Occupational Choices

Jorn-Steffen Pischke and Grace Lordan

11433: Negative Interest Rate Policies: Sources and Implications

Ayhan Kose, Carlos Arteta, Marc Stocker and Temel Taskin

11432: The Case for Flexible Exchange Rates in a Great Recession

Müller, Gernot, Keith Kuester and Giancarlo Corsetti

11431: The curse of long horizons

V Bhaskar and George Mailath

11430: Temporary Jobs and the Severity of Workplace Accidents

Jan C. van Ours and Matteo Picchio

11429: Firm Response to Competitive Shocks: Evidence from China's Minimum Wage Policy

Harald Hau, Yi Huang and Gewei Wang

11428: Expectations, Stagnation and Fiscal Policy

Seppo Honkapohja, George Evans and Kaushik Mitra

11427: Six Centuries of British Economic Growth: a Time-Series Perspective

Nicholas Crafts and Terence Mills

11426: Court Efficiency and Procurement Performance

Giancarlo Spagnolo, Decio Coviello, Luigi Moretti and Paola Valbonesi

11425: Do cognitive skills Impact Growth or Levels of GDP per capita?

Zvi Eckstein, Assaf Sarid and Tamir, Yuli (Yael)

11424: Time-poor, working, super-rich

Giacomo Corneo

11423: Competition, Product Proliferation and Welfare: A Study of the U.S. Smartphone Market

Ying Fan and Chenyu Yang

11422: A clash of generations? Increase in Retirement Age and Labor Demand for Youth

Pietro Garibaldi, Tito Boeri and Espen Moen

11421: A Unified Approach to Estimating Demand and Welfare

Stephen Redding and David Weinstein

11420: Banking the Unbanked? Evidence from three countries

Dean Karlan, Pascaline Dupas, Jonathan Robinson and Diego Ubfal

11419: Cultural Transmission and Socialization Spillovers in Education

Yves Zenou, Carlo Leone Del Bello, Fabrizio Panebianco and Thierry Verdier

11418: Wage Flexibility and Employment Fluctuations: Evidence from the Housing Sector

Jorn-Steffen Pischke

11417: CEO Incentives: Measurement, Determinants, and Impact on Performance

Röell, Ailsa, Lin Peng and Hongfei Tang

11416: The Inherent Benefit of Monetary Unions

Tommaso Monacelli and Dominik Groll

11415: Understanding the Sources of Macroeconomic Uncertainty

Barbara Rossi, Tatevik Sekhposyan and Soupré, Mattheiu

11414: Newspapers in Times of Low Advertising Revenues

Cagé, Julia and Charles Angelucci

11413: On the Distribution of the Welfare Losses of Large Recessions

Kurt Mitman, Dirk Krueger and Fabrizio Perri

11412: The Design and Price of Information

Dirk Bergemann, Alessandro Bonatti and Alex Smolin

11411: Competitive Schools and the Gender Gap in the Choice of Field of Study

Eric Maurin, Son Thierry Ly and Fanny Landaud

11410: Assessing the Non-Linear Effects of Credit Market Shocks

Régis Barnichon, Christian Matthes and Alexander Ziegenbein

11409: The FinTech Opportunity

Thomas Philippon

11408: Runs versus Lemons: Information Disclosure and Fiscal Capacity

Thomas Philippon, Miguel Faria e castro and Joseba Martinez

11407: Household Leverage and the Recession

Thomas Philippon and Virgiliu Midrigan

11406: When Do Laws and Institutions Affect Recovery Rates on Collateral?

Vasso Ioannidou, Hans Degryse, Jose Maria Liberti and Jason Sturgess

11405: Challenges for Central Banks' Macro Models

Jesper Lindé, Frank Smets and Raf Wouters

11404: Fiscal Consolidation Under Imperfect Credibility

Jesper Lindé and Matthieu Lemoine

11403: How do regulated and unregulated labor markets respond to shocks? Evidence from immigrants during the Great Recession

Sergei Guriev, Biagio Speciale and Michele Tuccio

11402: Designing Central Banks for Inflation Stability

Pierpaolo Benigno

11401: Nonlinearity and Flight-to-Safety in the Risk-Return Tradeoff for Stocks and Bonds

Tobias Adrian, Richard Crump and Erik Vogt

11400: Mobile-izing Savings with Automatic Contributions: Experimental Evidence on Present Bias and Default Effects in Afghanistan

Michael Callen, Joshua Blumenstock and Tarek Ghani

11399: Production Function Estimation with Measurement Error in Inputs

Jan De Loecker and Allan Collard-Wexler

11398: Innovation, Pricing and Targeting in Networks

Yves Zenou, Fabrizio Panebianco and Thierry Verdier

11397: Competitive Effects of Partial Control in an Input Supplier

Luis Cabral, Helder Vasconcelos and Duarte Brito

11396: Diversity and Employment Prospects: Neighbors Matter!

Hémet, Camille and Clément Malgouyres

11395: Input Reallocation Within Firms

Hylke Vandenbussche and Christian Viegelahn

11394: Monetary Policy, Financial Conditions, and Financial Stability

Tobias Adrian and Nellie Liang

11393: Sources of Change in the Life-Cycle Decisions of American Men and Women: 1962-2014

Zvi Eckstein, Michael Keane and Osnat Lifshitz

11392: The Role of Auctions and Negotiation in Housing Prices

David Genesove and James Hansen

11391: Forecast Rationality Tests in the Presence of Instabilities, With Applications to Federal Reserve and Survey Forecasts

Barbara Rossi and Tatevik Sekhposyan

11390: FROM LATE TO MTE: ALTERNATIVE METHODS FOR THE EVALUATION OF POLICY INTERVENTIONS

Christian Dustmann, Thomas Cornelissen, Anna Raute and Uta Schonberg

11389: Product Mix and Firm Productivity Responses to Trade Competition

Thierry Mayer, Marc Melitz and Gianmarco Ottaviano

11388: In-sample Inference and Forecasting in Misspecified Factor Models

Barbara Rossi and Marine Carrasco

11387: Inherited Wealth and Demographic Aging

Pierre Pestieau and Harun Onder

11386: Job Creation in a Multi-Sector Labor Market Model for Developing Economies

Ravi Kanbur, Arnab Basu, Nancy Chau and Gary Fields

11385: CEO PAY AND THE RISE OF RELATIVE PERFORMANCE CONTRACTS: A QUESTION OF GOVERNANCE?

John van Reenen and Brian Bell

11384: Redistribution of Local Demand Shocks through Firms' Internal Networks

Holger Mueller and Xavier Giroud

11383: Fiscal Implications of Central Bank Balance Sheet Policies

Athanasios Orphanides

11382: The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective

Tobias Broer, Öberg, Erik and Niels-Jakob Hansen

11380: Bank Regulation, CEO Compensation, and Boards

Lóránth, Gyöngyi, Christian Laux and Julian Kolm

11379: Can Agents with Causal Misperceptions be Systematically Fooled?

Ran Spiegler

11378: Information Frictions and Market Power: A Laboratory Study

Xavier Vives, Anna Bayona and Jordi Brandts

11377: Electoral Accountability and the Natural Resource Curse: Theory and Evidence from India

Pramila Krishnan, Amrita Dhillon, Manasa Patnam and Carlo Perroni

11376: Correcting for Sample Selection From Competitive Bidding, with an Application to Estimating the Effect of Wages on Performance

Laurent Lamy, Manasa Patnam and Michael Visser

11375: The Effects of Higher Re-election Hurdles and Costs of Policy Change on Political Polarization

Hans Gersbach, Oriol Tejada and Philippe Muller

11374: Gaussian Mixture Approximations of Impulse Responses and The Non-Linear Effects of Monetary Shocks

Régis Barnichon and Christian Matthes

11373: Understanding the Size of the Government Spending Multiplier: It's in the Sign

Régis Barnichon and Christian Matthes

11372: Flexibility versus stability. A difficult trade-off in the Eurozone

Paul De Grauwe and Yuemei Ji

11371: Women's Liberation as a Financial Innovation

Moshe Hazan, David Weiss and Hosny Zoabi

11370: Long-Term Care and Births Timing

Pierre Pestieau and Gregory Ponthiere

11369: Money and Capital in a Persistent Liquidity Trap

Kenza Benhima, Philippe Bacchetta and Yannick Kalantzis

11368: On the Money Creation Approach to Banking

Hans Gersbach and Salomon Faure

11367: The Changing Nature of Gender Selection into Employment: Europe over the Great Recession

Juan Dolado, García-Peñalosa, Cecilia and Linas Tarasonis

11366: The Influence of Ancestral Lifeways on Individual Economic Outcomes in Sub-Saharan Africa

Stelios Michalopoulos, Louis Putterman and David Weil

11365: The public economics of long term care

Pierre Pestieau and Gregory Ponthiere

11364: A Demand Theory of the Price Level

Marcus Hagedorn

11363: Learning through Crowdfunding

Gilles Chemla and Katrin Tinn

11362: Government as Borrower of First Resort

Gilles Chemla and Christopher Hennessy

11361: The Paradox of Policy-Relevant Natural Experiments

Gilles Chemla and Christopher Hennessy

11360: Subject Rational Expectations Will Contaminate Randomized Controlled Medical Trials

Gilles Chemla and Christopher Hennessy

11359: Long-term care social insurance. How to avoid big losses?

Pierre Pestieau and Justina Klimaviciute

11358: Tort Reform and Innovation

Alberto Galasso and Hong Luo

11357: The Political Economy of Public Debt: A Laboratory Study

Marco Battaglini, Salvatore Nunnari and Thomas Palfrey

11356: The Informational Theory of Legislative Committees: An Experimental Analysis

Marco Battaglini, Wooyoung Lim, Joseph Wang and Ernest Lai

11355: Forecasting Macroeconomic Variables under Model Instability

Allan Timmermann and Davide Pettenuzzo

11354: Forecasting in Economics and Finance

Allan Timmermann and Graham Elliott

11353: Monetary Versus Macroprudential Policies: Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe R

Alan Taylor, David Aikman and Oliver Bush

11352: The Tail that Wags the Economy: Beliefs and Persistent Stagnation

Laura Veldkamp and Venky Venkateswaran

11351: Ethnic Favoritism: An Axiom of Politics?

Roland Hodler, Giacomo De Luca, Paul Raschky and ,

11350: When to Learn What in Bilateral Trade

Kfir Eliaz and Alexander Frug

11349: Cash for Carbon: A Randomized Controlled Trial of Payments for Ecosystem Services to Reduce Deforestation

Seema Jayachandran, Joost de Laat, Eric F. Lambin and Charlotte Stanton

11348: Peripheral Diversity: Transfers versus Public Goods

Klaus Desmet, Ortuño-Ortin, Ignacio and Shlomo Weber

11347: Challenges of Fiscal Policy in Emerging and Developing Economies

Ayhan Kose, Raju Huidrom and Franziska Ohnsorge

11346: Do Fiscal Multipliers Depend on Fiscal Positions?

Ayhan Kose, Raju Huidrom and Franziska Ohnsorge

11345: The Adverse Effect of Information on Governance and Leverage

Lóránth, Gyöngyi, Alan Morrison and Christian Laux

11344: Information transmission within federal fiscal architectures: Theory and evidence

Axel Dreher, Kai Gehring, Christos Kotsogiannis and Silvia Marchesi