CEPR Discussion Papers

From Centre for Economic Policy Research
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10514: So Closed: Political Selection in Proportional Systems

Vincenzo Galasso and Tommaso Nannicini

10513: Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency

Seppo Honkapohja and Kaushik Mitra

10512: The Taxation of Foreign Profits: a Unified View

Michael Devereux, Ben Lockwood and Clemens Fuest

10511: Credit, Financial Stability, and the Macroeconomy

Alan Taylor

10510: Uncertainty Aversion and Systemic Risk

Paolo Fulghieri and David Dicks

10509: Informality: Causes, Consequences and Policy Responses

Ravi Kanbur

10508: How Useful is Inequality of Opportunity as a Policy Construct?

Ravi Kanbur and Adam Wagstaff

10507: The Returns to Hedge Fund Activism: An International Study

Julian Franks, Marco Becht, Hannes Wagner and Jeremy Grant

10506: Does Mandatory Shareholder Voting Prevent Bad Acquisitions?

Marco Becht, Stefano Rossi and Andrea Polo

10505: Insecure Debt

Enrico Perotti and Rafael Matta

10504: The Role of Prepayment Penalties in Mortgage Loans

Andrea Beltratti, Alessandro Gavazza and Matteo Benetton

10503: Why Are Indian Children So Short?

Rohini Pande and Seema Jayachandran

10502: Cheap but flighty: how global imbalances create financial fragility

Enrico Perotti and Toni Ahnert

10501: Urban Social Structure, Social Capital and Spatial Proximity

Yves Zenou, Pierre Picard and Eleonora Patacchini

10500: Corporate Efficiency in Europe

Jan Hanousek, KoÄ enda, Evžen and Anastasiya Shamshur

10499: Bribery Environment and Firm Performance: Evidence from Central and Eastern European Countries

Jan Hanousek and Anna Kochanova

10498: Input Diffusion and the Evolution of Production Networks

Vasco Carvalho and Voigtländer, Nico

10497: Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907

Thomas Gehrig, Caroline Fohlin and Marlene Haas

10496: Correlating Social Mobility and Economic Outcomes

Rodríguez Mora, José V, Güell, Maia, Michele Pellizzari and Giovanni Pica

10495: What are the macroeconomic effects of asset purchases?

Martin Weale and Tomasz Wieladek

10494: The Impacts of Urban Public Transportation: Evidence from the Paris Region

Thierry Mayer and Corentin Trevien

10493: Treasure Hunt: Social Learning in the Field

Adam Szeidl, Markus Mobius and Tuan Phan

10492: Growth and Human Capital: A Network Approach

Chryssi Giannitsarou and Tiago Cavalcanti

10491: Gender and Dynamic Agency: Theory and Evidence on the Compensation of Top Executives

Claudia Olivetti, Stefania Albanesi and María José Prados

10490: Long-term Relationships: Static Gains and Dynamic Inefficiencies

Hémous, David and Morten Olsen

10489: The Fundamental Surplus in Matching Models

Thomas Sargent and Lars Ljungqvist

10488: Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality

Grüner, Hans Peter and Christoph Siemroth

10487: Consumer Search and Prices in the Automobile Market

Moraga-González, José-Luis, Matthijs Wildenbeest and Sándor, Zsolt

10486: Reserve Price Effects in Auctions: Estimates from Multiple RD Designs

Lars Nesheim and Imran Rasul

10485: Bank and Sovereign Risk Interdependence in the Euro Area

Tryphon Kollintzas and Konstantinos Tsoukalas

10484: What Do We Know about Microfinance at Macro Glance?

Jan Hanousek and Nargiza Alimukhamedova

10483: Measuring the Shadow Economy: Endogenous Switching Regression with Unobserved Separation

Randall Filer, Jan Hanousek and Tomáš Lichard

10482: How Much Science? The 5 Ws (and 1 H) of Investing in Basic Research

Hans Gersbach, Maik Schneider and Ulrich Schetter

10481: Multicandidate Elections: Aggregate Uncertainty in the Laboratory

Micael Castanheira, Laurent Bouton and Aniol Llorente-Saguer

10480: Securities Trading by Banks and Credit Supply: Micro-Evidence

Rajkamal Iyer, Peydró, José-Luis, Puriya Abbassi and Francesc Rodríguez Tous

10479: Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis

Falko Fecht, Peydró, José-Luis, Puriya Abbassi and Bräuning, Falk

10478: Trade, Wages, and Collective Bargaining: Evidence from France

Fougère, Denis, Erwan Gautier and Juan Carluccio

10477: Robots at Work

Guy Michaels and Georg Graetz

10476: Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market

Giovanni Favara and Mariassunta Giannetti

10475: Globalization: A Woman?s Best Friend? Exporters and the Gender Wage Gap

Karen Helene Ulltveit-Moe, Beata Javorcik and Bøler, Esther Ann

10474: Vaccines vs. Preventives

Michael Kremer and Christopher Snyder

10473: Asymmetric Information and Imperfect Competition in Lending Markets

Fabiano Schivardi, Gregory Crawford and Nicola Pavanini

10472: Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

Massimo Massa, Jian Zhang and ,

10471: Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

Massimo Massa and Yawen Jiao

10470: Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Massimo Massa and Yi Dong

10469: International Debt Deleveraging

Luca Fornaro

10468: Trickle-Down Consumption

Marianne Bertrand and Adair Morse

10467: Breaking the Glass Ceiling

Marianne Bertrand, Sandra Black, Adriana Lleras-Muney and Sissel Jensen

10466: Deliberating Collective Decisions

Alessandro Lizzeri, Leeat Yariv, Jimmy Chan and Wing Suen

10465: Subcontracting in International Asset Management: New Evidence on Market Integration

Massimo Massa and David Schumacher

10464: Personalized Pricing and Advertising: An Asymmetric Equilibrium Analysis

Simon Anderson, Alicia Baik and Nathan Larson

10463: Quantifying Confidence

Harris Dellas, Fabrice Collard and George-Marios Angeletos

10462: Changing Credit Limits, Changing Business Cycles

Henrik Jensen, Emiliano Santoro and Søren Hove Ravn

10461: Fast ML estimation of dynamic bifactor models: an application to European inflation

Enrique Sentana and Alessandro Galesi

10460: Consumers' Activism: The Cottage Cheese Boycott

Saul Lach, Yossi Spiegel and Igal E Hendel

10459: Sovereign Debt, Bail-Outs and Contagion in a Monetary Union

Sylvester Eijffinger, Burak Uras and Michal Kobielarz

10458: Collective Self Control

Alessandro Lizzeri and Leeat Yariv

10457: Consistency in Simple vs. Complex Choices over the Life Cycle

Juan D. Carrillo, Isabelle Brocas and T. Dalton Combs

10456: Asymmetric Price Effects of Competition

Saul Lach and Moraga-González, José-Luis

10455: Natural Experiment Policy Evaluation: A Critique

Ilya Strebulaev and Christopher Hennessy

10454: How Modern Dictators Survive: Cooptation, Censorship, Propaganda, and Repression

Sergei Guriev and Daniel Treisman

10453: Wealth and Volatility

Jonathan Heathcote and Fabrizio Perri

10452: A Dynamic North-South Model of Demand-Induced Product Cycles

Reto Foellmi, Sandra Hanslin Grossmann and Andreas Kohler

10451: Culture, Ethnicity and Diversity

Romain Wacziarg, Klaus Desmet and Ortuño-Ortin, Ignacio

10450: Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

Andrew Ellul, Christian T Lundblad, Yihui Wang and Chotibhak Jotikasthira

10449: Regression Based Estimation of Dynamic Asset Pricing Models

Emanuel Moench, Tobias Adrian and Richard Crump

10448: Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

Massimo Massa and Xiaolan Zhou

10447: Short-Sale Constraints and the Pricing of Managerial Skills

Massimo Massa

10446: Insider Trading in the Bond Market: Evidence from Loan Sale Events

Massimo Massa and Daniel Schmidt

10445: The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation

Massimo Massa, Sterling Huang and Po-Hsuan Hsu

10444: Volatility-related exchange traded assets: an econometric investigation

Enrique Sentana and Mencía, Javier

10443: Gender Identity and Relative Income Within Households

Marianne Bertrand, Emir Kamenica and Jessica Pan

10442: Hawks and Doves at the FOMC

Sylvester Eijffinger, Ronald Mahieu and Louis Raes

10441: Hoard Behavior During Commodity Bubbles

Harrison G Hong, Aureo de Paula and Vishal Singh

10440: Optimal Mechanisms for the Control of Fiscal Deficits

Grüner, Hans Peter

10439: Taking Banks to Solow

Jean Rochet, Hans Gersbach and Martin Scheffel

10438: The quality-assuring role of mutual fund advisory fees

Michel Habib and D. Bruce Johnsen

10437: Where Experience Matters: Asset Allocation and Asset Pricing with Opaque and Illiquid Assets

Raman Uppal, Grigory Vilkov and Adrian Buss

10436: The Dynamics of Financially Constrained Arbitrage

Denis Gromb and Dimitri Vayanos

10435: Financial Stability Policies for Shadow Banking

Tobias Adrian

10434: Technology and the Changing Family: A Unified Model of Marriage, Divorce, Educational Attainment and Married Female Labor-Force

Jeremy Greenwood, Nezih Guner, Cezar Santos and Georgi Kocharakov

10433: Social background, education and inequality

Torben M Andersen

10432: Multifaceted Transactions, Incentives, and Organizational Form

Michel Habib

10431: The Catch-22 of External Validity in the Context of Constraints to Firm Growth

Dean Karlan and Greg Fischer

10430: Anticipation, Tax Avoidance, and the Price Elasticity of Gasoline Demand

James Stock, Lutz Kilian, Lucas Davis and John Coglianese

10429: The Welfare State and Migration: A Dynamic Analysis of Political Coalitions

Assaf Razin, Efraim Sadka and Benjarong Suwankiri

10428: GLM estimation of trade gravity models with fixed effects

Peter Egger and Kevin Staub

10427: Structural Gravity with Dummies Only

Peter Egger and Sergey Nigai

10426: Media and Politics

Strömberg, David

10425: Does austerity pay off?

Müller, Gernot, Johannes Pfeifer and Benjamin Born

10424: Corporate Culture, Societal Culture, and Institutions

Luigi Guiso, Luigi Zingales and Paola Sapienza

10423: State Capitalism vs. Private Enterprise

Alexander Ljungqvist, Donghua Chen, Haitian Lu, Dequan Jiang and Mingming Zhou

10422: Politics and investment: examining the territorial allocation of public investment in Greece

Rodríguez-Pose, Andrés, Vassilis Tselios and Yannis Psycharis

10421: Venture Capital and Knowledge Transfer

Dessí, Roberta and Nina Yin

10420: Corporate policies with permanent and temporary shocks

Décamps, Jean Paul, Erwan Morellec, Stephane Villeneuve and Sebastian Gryglewicz

10419: Forecasting Inflation using Survey Expectations and Target Inflation: Evidence for Brazil and Turkey

Sumru Altug and Çakmaklı, Cem

10418: Capital Taxation under Political Constraints

Florian Scheuer and Alexander Wolitzky

10417: A spectral EM algorithm for dynamic factor models

Enrique Sentana and Alessandro Galesi

10416: Risk and Returns to Education Over Time

Francisco Gomes, Jeffrey Brown and Chichun Fang

10415: Crime Scars: Recessions and the Making of Career Criminals

Stephen Machin and Anna Bindler