CEPR Discussion Papers

From Centre for Economic Policy Research
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11016: Credit Frictions and Optimal Monetary Policy

Michael Woodford and Vasco Cúrdia

11015: Deleveraging, deflation and depreciation in the euro area

Müller, Gernot, Martin Wolf and Dmitry Kuvshinov

11014: Global Imbalances Revisited: The Transfer Problem and Transport Costs in Monopolistic Competition

Gino Gancia and Paolo Epifani

11013: Shipment frequency of exporters and demand uncertainty: An inventory management approach

Fontagné, Lionel, Békés, Gábor, Muraközy, Balázs and Vincent Vicard

11012: Managers and Productivity Differences

Nezih Guner, Gustavo Ventura and Andrii Parkhomenko

11011: The Effect of Trade Liberalization on Firm-Level Profits: An Event-Study Approach

Holger Breinlich

11010: Flooded Cities

Guy Michaels, Ferdinand Rauch, Adriana Kocornik-Mina and Thomas K.J. McDermott

11009: Financial Integration and Growth in a Risky World

Helene Rey, Nicolas Coeurdacier and Pablo Winant

11008: Optimal Taxation with Behavioral Agents

Xavier Gabaix and Emmanuel Farhi

11007: Old before their time: The role of employers in retirement decisions

Vincenzo Galasso and Piera Bello

11006: The Nature and Predictive Power of Preferences: Global Evidence

Armin Falk, Thomas Dohmen, Uwe Sunde, David Huffman, Benjamin Enke and Anke Becker

11005: Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

Dimitri Vayanos, Robin Greenwood and Samuel Hanson

11004: Models, Inattention and Expectation Updates

Vasiliki Skreta, Raffaella Giacomini and Turén, Javier

11003: What's Left for the WTO?

Chad Bown

11002: Hidden Action and Outcome Contractibility: An Experimental Test of Contract Theory

Patrick Schmitz and Eva Hoppe

11001: Immigration to the U.S.: A problem for the Republicans or the Democrats?

Giovanni Peri, Anna Maria Mayda and Walter Steingress

11000: Writing-down debt with heterogeneous creditors: lock laws and late swap

Marcus Miller and Sayantan Ghosal

10999: Exact Present Solution with Consistent Future Approximation: A Gridless Algorithm to Solve Stochastic Dynamic Models

Wouter Den Haan, Pontus Rendahl and Michal Kobielarz

10998: The International Monetary Fund: 70 Years of Reinvention

Carmen Reinhart and Christoph Trebesch

10997: Learning Entrepreneurship From Other Entrepreneurs?

Luigi Guiso, Luigi Pistaferri and Fabiano Schivardi

10996: The Determinants of CoCo Bond Prices

Christian Wolff and Sara Abed Masror Khah

10995: A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

Nicholas Crafts, Gerben Bakker and Pieter Woltjer

10994: Residual Deterrence

Daniel Garrett and Dilmé, Francesc

10993: Productivity and Organization in Portuguese Firms

Giordano Mion, Esteban Rossi-Hansberg, Luca David Opromolla and Lorenzo Caliendo

10992: Nonconsolidated subsidiaries, bank capitalization and risk taking

Harry Huizinga, Luc Laeven and Di Gong

10991: Internet and Politics: Evidence from U.K. Local Elections and Local Government Policies

Tommaso Valletti, Mattia Nardotto and Alessandro Gavazza

10990: Left Behind but Doing Good? Civic Engagement in Two Post-Socialist Countries

Klaus Zimmermann, Milena Nikolova and Monica Roman

10989: Re-examining the Middle Income Trap Hypothesis: What to Reject and What to Revive?

Shang-Jin Wei and Xuehui Han

10988: Government quality and the economic returns of transport infrastructure investment in European regions

Rodríguez-Pose, Andrés, Riccardo Crescenzi and Marco Di Cataldo

10987: Disability Benefit Generosity and Labor Force Withdrawal

Stefan Staubli and Kathleen Mullen

10986: What Do We Know About Fiscal Multipliers?

Carlo Favero and Madina Karamysheva

10985: How costly is corporate bankruptcy for the CEO?

Bjorn Eckbo, Karin Thorburn and Wei Wang

10984: What Drives Financial Reform? Economics and Politics of the State-Level Adoption of Municipal Bankruptcy Laws

Stefano Rossi

10983: Competition in Treasury Auctions

Christine Zulehner, Philipp Schmidt-Dengler and Helmut Elsinger

10982: Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies

Fabio Ghironi, Romain Duval, Giuseppe Fiori and Matteo Cacciatore

10981: Inferring Risk Perceptions and Preferences using Choice from Insurance Menus: Theory and Evidence

Johannes Spinnewijn, Philipp Kircher, Keith Ericson and Amanda Starc

10980: Does Science Advance One Funeral at a Time?

Pierre Azoulay, Christian Fons-Rosen and Joshua Graff Zivin

10979: The GATT's Starting Point: Tariff Levels circa 1947

Douglas Irwin and Chad Bown

10978: Arsenic Contamination of Drinking Water and Mental Health

Klaus Zimmermann, Annabelle Krause-Pilatus and Shyamal Chowdhury

10977: Are Competitors Forward Looking in Strategic Interactions? Evidence from the Field

Rudolf Winter-Ebmer, Uwe Sunde, Mario Lackner and Rudi Stracke

10976: The Impact of Consumer Inattention on Insurer Pricing in the Medicare Part D Program

Fiona Scott Morton, Kate Ho and Joseph Hogan

10975: Homeownership of immigrants in France: selection effects related to international migration flows

Laurent Gobillon and Matthieu Solignac

10974: Economic impossibilities for our grandchildren?

Kevin O'Rourke

10973: Measuring and Changing Control: Women's Empowerment and Targeted Transfers

Orazio Attanasio, Pedro Carneiro, Almås, Ingvild and Alex Armand

10971: Heterogenous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds

Christian T Lundblad, Chotibhak Jotikasthira and Tania Babina

10970: Identifying Effects of Multivalued Treatments

Salanié, Bernard

10969: Information, authority, and smooth communication in organizations

Dezsoe Szalay and Inga Deimen

10968: Patents Rights, Innovation and Firm Exit

Mark Schankerman and Alberto Galasso

10967: Providing Advice to Job Seekers at Low Cost: An Experimental Study on On-Line Advice

Michèle Belot and Philipp Kircher

10966: Has the Pricing of Stocks Become More Global?

Alexander Wagner, Andreas Schrimpf and Ivan Petzev

10965: Does the CAMEL bank ratings system follow a procyclical pattern?

Christian Wolff and Nikolaos Papanikolaou

10964: Financial Intermediation, Capital Accumulation, and Recovery

Jean Rochet, Hans Gersbach and Martin Scheffel

10963: On Zombie Banks and Recessions after Systemic Banking Crises

Sweder van Wijnbergen

10962: Tariff Reductions, Entry, and Welfare: Theory and Evidence for the Last Two Decades

Lorenzo Caliendo, Robert Feenstra, John Romalis and Alan Taylor

10961: Dragons, Giants, Elephants and Mice: Evolution of the MFN Free Rider Problem in the WTO Era

Anna Maria Mayda, Rodney Ludema and Jonathan C. F. McClure

10960: Cocos, Contagion and Systemic Risk

Sweder van Wijnbergen and Stephanie Chan

10959: Effective European Antitrust: Does EC Merger Policy Generate Deterrence

Jo Seldeslachts, Tomaso Duso, Joseph Clougherty and Miyu Lee

10958: Climate Change and Long-Run Discount Rates: Evidence from Real Estate

Stefano Giglio, Ströbel, Johannes, Matteo Maggiori and Andreas Weber

10957: Social Ties and the Efficiency of Factor Transfers

Marcel Fafchamps, Ulrik Beck and Benedikte Bjerge

10956: Optimal Dynamic Contracting: the First-Order Approach and Beyond

Marco Battaglini and Rohit Lamba

10955: The Conquest of Israeli Inflation and Current Policy Dilemmas

Alex Cukierman and Rafi Melnick

10954: Mass Media and Social Change: Can We Use Television to Fight Poverty?

Eliana La Ferrara

10953: Information Frictions and Adverse Selection: Policy Interventions in Health Insurance Markets

Johannes Spinnewijn, Jonathan Kolstad and Benjamin R. Handel

10952: Firm and Market Response to Saving Constraints: Evidence from the Kenyan Dairy Industry

Rocco Macchiavello and Lorenzo Casaburi

10951: Is bread gained by deceit sweet to a man? Corruption and firm efficiency

Jan Hanousek, Anastasiya Shamshur and Jiri Tresl

10950: Sovereign Debt Restructurings: Preemptive or Post-Default

Christoph Trebesch and Tamon Asonuma

10949: On the separation of monetary and prudential policy: how much of the pre-crisis consensus remains?

Stephen Cecchetti

10948: Double Bank Runs and Liquidity Risk Management

Peydró, José-Luis, Enrico Sette, Andrea Polo and Filippo Ippolito

10947: Macroeconomic-Driven Prepayment Risk and the Valuation of Mortgage-Backed Securities

Mikhail Chernov, Francis Longstaff and Brett R. Dunn

10946: Measuring expectations from household surveys: New results on subjective probabilities of future house prices

Olympia Bover

10945: The economic consequences of mutual help in extended families

Jean-Marie Baland and Catherine Guirkinger

10944: Socially Disadvantaged Groups and Microfinance in India

Rohini Somanathan, Jean-Marie Baland and ,

10943: Community rating in health insurance: trade-off between coverage and selection

Jan Boone and Gijsbert Zwart

10942: Signaling Cooperation

Heiner Schumacher and Matthias Heinz

10941: Cross-Licensing and Competition

Doh-Shin Jeon and Yassine Lefouili

10940: Risk Sharing in a World Economy with Uncertainty Shocks

Robert Kollmann

10939: Attention and Saliency on the Internet: Evidence from an Online Recommendation System

Pramila Krishnan, Christian Helmers and Manasa Patnam

10938: Betting on Exports: Trade and Endogenous Heterogeneity

Alessandra Bonfiglioli, Gino Gancia and Crinò, Rosario

10937: Economic Uncertainty and Structural Reforms

Alessandra Bonfiglioli and Gino Gancia

10936: World Asset Markets and the Global Financial Cycle

Helene Rey and Silvia Miranda-Agrippino

10935: The Long-Term Impacts of International Migration: Evidence from a Lottery

John Gibson, Steven Stillman, David McKenzie and Halahingano Rohorua

10934: The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions

Olympia Bover, Philip Du Caju, Ernesto Villanueva, Sónia Costa, Yvonne McCarthy, Jose Casado, Panagiota Tzamourani, Eva Sierminska and Tibor Zavadil

10933: Commuting, Migration and Local Employment Elasticities

Stephen Redding, Esteban Rossi-Hansberg and Ferdinando Monte

10932: Trade in parts and components across Europe

Richard Frensch, Jan Hanousek and KoÄ enda, Evžen

10931: Quality and the Great Trade Collapse

Natalie Chen and Luciana Juvenal

10930: Gender and the Effect of Working Hours on Firm-Sponsored Training

Jan C. van Ours and Matteo Picchio

10929: Labor Supply Effects of Winning a Lottery

Jan C. van Ours, Sigrid Suetens and Matteo Picchio

10928: Network Effects on Worker Productivity

Yves Zenou, Matthew Lindquist and Jan Sauermann

10927: Countercyclical Foreign Currency Borrowing: Eurozone Firms in 2007-2009

Philippe Bacchetta and Ouarda Merrouche

10926: The second wave of global liquidity: Why are firms acting like financial intermediaries?

Andrew Powell, Ugo Panizza and Julian Caballero

10925: Corruption in PPPs, Incentives and Contract Incompleteness

David Martimort and Elisabetta Iossa

10924: Competitiveness and the gender gap among young business professionals

Luigi Zingales, Paola Sapienza and Ernesto Reuben

10923: WSJ Category Kings - the impact of media attention on consumer and mutual fund investment decisions

Ron Kaniel and Robert Parham

10922: A Positive Theory of Tax Reform

Ethan Ilzetzki

10921: Inter- and intra-firm linkages: Evidence from microgeographic location patterns

Kristian Behrens and Vera Sharunova

10920: Inequality, Public Wealth, and the Federal Shareholder

Giacomo Corneo

10919: Contracting and the Division of the Gains from Trade

Andrew Bernard and Swati Dhingra

10918: Systemic Loops and Liquidity Regulation

Ester Faia and Iñaki Aldasoro

10917: International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions

Pedro Pinto Matos, Rui Albuquerque, Miguel Ferreira and Luis Brandao-Marques

10916: Institutional Investors and Corporate Political Activism

Rui Albuquerque, Chendi Zhang and Rocholl, Jörg