CEPR Discussion Papers

From Centre for Economic Policy Research
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11477: Non-equilibrium Play in Centipede Games

Bernardo Garcia-Pola, Nagore Iriberri and Jaromír Kovářík

11476: Investor-Stock Decoupling in Mutual Funds

Miguel Ferreira, Massimo Massa and Pedro Pinto Matos

11475: The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in China

Zhe Li, Massimo Massa, Niahang Xu and Hong Zhang

11474: Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

Jennifer Li, Massimo Massa and Hong Zhang

11473: Adjusting to The Information Environment: News Tangibility and Mutual Fund Performance

Oleg Chuprinin, Gaspar, Sérgio and Massimo Massa

11472: When is Good News Not Good News? Opening Up the Black Box of Innovation for Family Firms

Po-Hsuan Hsu, Sterling Huang, Massimo Massa and Hong Zhang

11471: Who is afraid of BlackRock?

Massimo Massa, David Schumacher and Yan Wang

11470: Busted! Now What? Effects of Cartel Enforcement on Firm Value and Corporate Policies

Ailin Dong, Massimo Massa and Alminas Zaldokas

11469: A Dynamic Equilibrium Model of ETFs

Semyon Malamud

11468: Market Integration and Global Crashes

Semyon Malamud and Aytek Malkhozov

11467: Reflections on the natural rate of interest, its measurement, monetary policy and the zero lower bound

Alex Cukierman

11466: Dynamic Leverage Asset Pricing

Tobias Adrian, Emanuel Moench and Hyun Song Shin

11465: The Effect of Gender-Targeted Conditional Cash Transfers on Household Expenditures: Evidence from a Randomized Experiment

Alex Armand, Orazio Attanasio, Pedro Carneiro and Lechene, Valérie

11464: Gender and Agency within the Household: Experimental Evidence from Pakistan

Uzma Afzal, Giovanna d Adda, Marcel Fafchamps and Farah Said

11463: The Marginal Voter's Curse

Helios Herrera, Aniol Llorente-Saguer and Joseph McMurray

11462: The Economic Impact of Universities: Evidence from Across the Globe

Anna Valero and John van Reenen

11461: New Methods for Macro-Financial Model Comparison and Policy Analysis

Volker Wieland, Elena Afanasyeva, Meguy Kuete and Jinhyuk Yoo

11460: What makes governments popular?

Sergei Guriev and Daniel Treisman

11459: The Political Economy of Debt and Entitlements

Laurent Bouton, Alessandro Lizzeri and Nicola Persico

11458: Meta-Analysis and Public Policy: Reconciling the Evidence on Deworming

Kevin Croke, Joan Hamory Hicks, Eric Hsu, Michael Kremer, Ricardo Maertens, Edward Miguel and Więcek, Witold

11457: A Model of Biased Intermediation

Alexandre de Cornière, and Greg Taylor

11456: Intergenerational wealth mobility and the role of inheritance: Evidence from multiple generations

Adrian Adermon, Mikael Lindahl and Waldenström, Daniel

11455: Expected skewness and momentum

Heiko Jacobs, Tobias Regele and Martin Weber

11454: Multinational Firms and International Business Cycle Transmission

Javier Cravino and Andrei Levchenko

11453: Understanding Bank Payouts during the Crisis of 2007-2009

Peter Cziraki, Christian Laux and Lóránth, Gyöngyi

11452: Networks: An economic perspective

Matthew Jackson, Brian Rogers and Yves Zenou

11451: Can Countries Rely on Foreign Saving for Investment and Economic Development?

Eduardo Cavallo, Barry Eichengreen and Ugo Panizza

11450: The Alma Mater Effect. Does Foreign Education of Political Leaders Influence Foreign Policy?

Axel Dreher and Shu Yu

11449: Monopolistic competition without apology

Jacques Thisse and Philip Ushchev

11448: Political Foundations of the Lender of Last Resort: A Global Historical Narrative

Charles Calomiris, Marc Flandreau and Luc Laeven

11447: Protocol Invariance and the Timing of Decisions in Dynamic Games

Ulrich Doraszelski and Juan Escobar

11446: Aspirations and the Political Economy of Inequality

Timothy Besley

11445: Israel and the 1990-2015 Global Developments: Riding with the Global Flows and Weathering the Storms

Assaf Razin and Steven Rosefielde

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

Maddalena Cavicchioli, Mario Forni, 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

Olivier De Groote and Frank Verboven

11437: Marketmaking Middlemen

Pieter Gautier, Bo Hu and Makoto Watanabe

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

Christian Dustmann, Schönberg, Uta 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

Grace Lordan and Jorn-Steffen Pischke

11433: Negative Interest Rate Policies: Sources and Implications

Carlos Arteta, Ayhan Kose, Marc Stocker and Temel Taskin

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

Giancarlo Corsetti, Keith Kuester and Müller, Gernot

11431: The curse of long horizons

V Bhaskar and George Mailath

11430: Temporary Jobs and the Severity of Workplace Accidents

Matteo Picchio and Jan C. van Ours

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

George Evans, Seppo Honkapohja 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

Decio Coviello, Luigi Moretti, Giancarlo Spagnolo 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

Pascaline Dupas, Dean Karlan, Jonathan Robinson and Diego Ubfal

11419: Cultural Transmission and Socialization Spillovers in Education

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

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

Jorn-Steffen Pischke

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

Lin Peng, Röell, Ailsa and Hongfei Tang

11416: The Inherent Benefit of Monetary Unions

Dominik Groll and Tommaso Monacelli

11415: Understanding the Sources of Macroeconomic Uncertainty

Barbara Rossi, Tatevik Sekhposyan and Soupré, Mattheiu

11414: Newspapers in Times of Low Advertising Revenues

Charles Angelucci and Julia Cagé

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

Dirk Krueger, Kurt Mitman 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

Fanny Landaud, Son Thierry Ly and Eric Maurin

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

Miguel Faria e castro, Joseba Martinez and Thomas Philippon

11407: Household Leverage and the Recession

Virgiliu Midrigan and Thomas Philippon

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

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

11405: Challenges for Central Banks' Macro Models

Lindé, Jesper, Frank Smets and Raf Wouters

11404: Fiscal Consolidation Under Imperfect Credibility

Matthieu Lemoine and Lindé, Jesper

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

Joshua Blumenstock, Michael Callen and Tarek Ghani

11399: Production Function Estimation with Measurement Error in Inputs

Allan Collard-Wexler and Jan De Loecker

11398: Innovation, Pricing and Targeting in Networks

Fabrizio Panebianco, Thierry Verdier and Yves Zenou

11397: Competitive Effects of Partial Control in an Input Supplier

Duarte Brito, Luis Cabral and Helder Vasconcelos

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

Thomas Cornelissen, Christian Dustmann, Anna Raute and Schönberg, Uta

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

Marine Carrasco and Barbara Rossi

11387: Inherited Wealth and Demographic Aging

Harun Onder and Pierre Pestieau

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

Arnab Basu, Nancy Chau, Gary Fields and Ravi Kanbur

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

Brian Bell and John van Reenen

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

Xavier Giroud and Holger Mueller

11383: Fiscal Implications of Central Bank Balance Sheet Policies

Athanasios Orphanides

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

Tobias Broer, Niels-Jakob Hansen, Per Krusell and Öberg, Erik

11381: QE in the future: the central bank’s balance sheet in a fiscal crisis

Ricardo Reis

11380: Bank Regulation, CEO Compensation, and Boards

Julian Kolm, Christian Laux and Lóránth, Gyöngyi

11379: Can Agents with Causal Misperceptions be Systematically Fooled?

Ran Spiegler

11378: Information Frictions and Market Power: A Laboratory Study

Anna Bayona, Jordi Brandts and Xavier Vives