CEPR Discussion Papers

From Centre for Economic Policy Research
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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

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

10960: Cocos, Contagion and Systemic Risk

Stephanie Chan and Sweder van Wijnbergen

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

Joseph Clougherty, Tomaso Duso, Miyu Lee and Jo Seldeslachts

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

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

10957: Social Ties and the Efficiency of Factor Transfers

Ulrik Beck, Benedikte Bjerge and Marcel Fafchamps

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

Benjamin R. Handel, Jonathan Kolstad and Johannes Spinnewijn

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

Lorenzo Casaburi and Rocco Macchiavello

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

Tamon Asonuma and Christoph Trebesch

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

Filippo Ippolito, Jose-Luis Peydro, Andrea Polo and Enrico Sette

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

Mikhail Chernov, Brett R. Dunn and Francis Longstaff

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, Isabelle Bonjean, Catherine Guirkinger and Roberta Ziparo

10944: Socially Disadvantaged Groups and Microfinance in India

Jean-Marie Baland, Rohini Somanathan and Lore Vandewalle

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

Michiel Bijlsma, Jan Boone and Gijsbert Zwart

10942: Signaling Cooperation

Matthias Heinz and Heiner Schumacher

10941: Cross-Licensing and Competition

Yassine Lefouili and Doh-Shin Jeon

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

Christian Helmers, Pramila Krishnan and Manasa Patnam

10938: Betting on Exports: Trade and Endogenous Heterogeneity

Alessandra Bonfiglioli, Crinò, Rosario and Gino Gancia

10937: Economic Uncertainty and Structural Reforms

Alessandra Bonfiglioli and Gino Gancia

10936: World Asset Markets and the Global Financial Cycle

Silvia Miranda-Agrippino and Helene Rey

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

John Gibson, David McKenzie, Halahingano Rohorua and Steven Stillman

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

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

10933: Commuting, Migration and Local Employment Elasticities

Ferdinando Monte, Stephen Redding and Esteban Rossi-Hansberg

10932: Trade in parts and components across Europe

Richard Frensch, Jan Hanousek and Evžen Kočenda

10931: Quality and the Great Trade Collapse

Natalie Chen and Luciana Juvenal

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

Matteo Picchio and Jan C. van Ours

10929: Labor Supply Effects of Winning a Lottery

Matteo Picchio, Sigrid Suetens and Jan C. van Ours

10928: Network Effects on Worker Productivity

Matthew Lindquist, Jan Sauermann and Yves Zenou

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?

Julian Caballero, Ugo Panizza and Andrew Powell

10925: Corruption in PPPs, Incentives and Contract Incompleteness

Elisabetta Iossa and David Martimort

10924: Competitiveness and the gender gap among young business professionals

Ernesto Reuben, Paola Sapienza and Luigi Zingales

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

Iñaki Aldasoro and Ester Faia

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

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

10916: Institutional Investors and Corporate Political Activism

Rui Albuquerque, Zicheng Lei, Rocholl, Jörg and Chendi Zhang

10915: The Welfare Gains from Macro-Insurance Against Natural Disasters

Eduardo Borensztein, Eduardo Cavallo and Olivier Jeanne

10914: Demand-Driven Integration and Divorcement Policy

Patrick Legros and Andrew Newman

10913: Treatment Versus Regime Effects of Carrots and Sticks

Patrick Arni, Gerard van den Berg and Rafael Lalive

10912: Voting and contributing when the group is watching

Emeric Henry and Charles Louis-Sidois

10911: Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment in Israel

Assaf Hamdani, Eugene Kandel, Yevgeny Mugerman and Yishay Yafeh

10910: Forecasting Unemployment across Countries: the Ins and Outs

Régis Barnichon and Paula Garda

10909: Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

Olivier Blanchard, Jonathan Ostry, Atish Ghosh and Marcos Chamon

10908: Trading Votes for Votes. A Decentralized Matching Algorithm

Alessandra Casella and Thomas Palfrey

10907: Beyond Truth-Telling: Preference Estimation with Centralized School Choice and College Admissions

Gabrielle Fack, Julien Grenet and YingHua He

10906: Consumer Search and Price Dispersion in Supermarkets

Pierre Dubois and Helena Perrone

10905: Global Imbalances and Currency Wars at the ZLB

Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas

10904: Monetary Policy in Turkey after Central Bank Independence

Gürkaynak, Refet, Zeynep Kantur, Mustafa Anil Tas and Yıldırım-Karaman, Seçil

10903: Comparative Advantage, International Trade, and Fertility

Quy-Toan Do, Andrei Levchenko and Claudio Raddatz

10902: The Permanent Effects of Fiscal Consolidations

Fatás, Antonio and Lawrence Summers

10901: Lending-of-last-resort is as lending-of-last-resort does: Central bank liquidity provision and interbank market functioning in the euro area

Carlos Garcia-de-Andoain, Florian Heider, Marie Hoerova and Simone Manganelli

10900: Measuring Economic Policy Uncertainty

Scott Baker, Nicholas Bloom and Steven Davis

10899: Income Inequality and Asset Prices under Redistributive Taxation

Pástor, Luboš and Pietro Veronesi

10898: The Pitfalls of External Dependence: Greece, 1829-2015

Carmen Reinhart and Christoph Trebesch

10897: Distributional Consequences of Asset Price Inflation in the Euro Area

Klaus Adam and Panagiota Tzamourani

10896: Marginal Tax Rates and Income: New Time Series Evidence

Karel Mertens

10895: The Optimal Coordination of Fiscal and Monetary Policy in a New Keynesian Framework

Paul Luk and David Vines

10894: Monetary and fiscal policy in the Great Moderation and the Great Recession

Christopher Allsopp and David Vines

10893: Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis

Mariana Garcia-Schmidt and Michael Woodford

10892: Speculation and the Bond Market: An Empirical No-arbitrage Framework

Francisco Barillas and Kristoffer Nimark

10891: Ripple effects from industry defaults

Dennis Bams, Magdalena Pisa and Christian Wolff

10890: Leverage and risk in US commercial banking in the light of the current financial crisis

Nikolaos Papanikolaou and Christian Wolff

10889: Credit risk characteristics of US small business portfolios

Dennis Bams, Magdalena Pisa and Christian Wolff

10888: Electoral Competition with Rationally Inattentive Voters

Filip Matejka and Guido Tabellini

10887: Demographics and the Secular Stagnation Hypothesis in Europe

Carlo Favero and Vincenzo Galasso

10886: Trade and Towns: Heterogeneous Adjustment to a Border Shock

Brülhart, Marius, Celine Carrere and Frederic Robert-Nicoud

10885: Migration State and Welfare State: Competition vs. Coordination in Economic Unions

Assaf Razin and Efraim Sadka

10884: Going to Extremes: Politics after Financial Crises, 1870-2014

Manuel Funke, Moritz Schularick and Christoph Trebesch

10883: Partial Identification in Applied Research: Benefits and Challenges

Kate Ho and Adam Rosen

10882: The National Wealth of Sweden, 1810?2014

Waldenström, Daniel

10881: The Role of Women in Traditional Agriculture: Evidence From Italy

Giovanni Federico and Pablo Martinelli

10880: Virtuous Circles and the Case for Aid

Patrick Carter and Jonathan Temple

10879: Bobos in Paradise: Urban Politics and the New Economy

Gilles Saint-Paul

10878: Wealth-income ratios in a small, late-industrializing, welfare-state economy: Sweden, 1810?2014

Waldenström, Daniel

10877: Store Brands and the Role of Advertising

Rachel Griffith, Michal Krol and Kate Smith

10876: Does institutional quality matter for trade? Institutional conditions in a sectoral trade framework

Inmaculada C. à lvarez, Javier Barbero, Rodríguez-Pose, Andrés and José Zofío

10875: QE and the Bank Lending Channel in the United Kingdom

Nicholas Butt, Rohan Churm, Michael McMahon, Arpad Morotz and Jochen Schanz

10874: The Hidden Cost of Globalization: Import Competition and Mental Distress

Italo Colantone, Crinò, Rosario and Laura Ogliari

10873: Electoral Incentives, Term Limits and the Sustainability of Peace

Paola Conconi, Nicolas Sahuguet and Maurizio Zanardi

10872: Identification and Estimation of Dynamic Games when Players' Beliefs Are Not in Equilibrium

Victor Aguirregabiria and Arvind Magesan

10871: How Firms Export: Processing vs. Ordinary Trade with Financial Frictions

Kalina Manova and Zhihong Yu

10870: Non-Cooperative and Cooperative Responses to Climate Catastrophes in the Global Economy: A North-South Perspective

Frederick (Rick) van der Ploeg and Aart de Zeeuw

10869: Endogenous Sector-Biased Technological Change and Industrial Policy

Berthold Herrendorf and Akos Valentinyi

10868: Investment strategy and selection bias: An equilibrium perspective on overconfidence

Philippe Jehiel

10867: Gender Gaps in Performance: Evidence from Young Lawyers

Ghazala Azmat and Rosa Ferrer

10866: Structural Demand Estimation with Borrowing Constraints

Amine Ouazad and Romain Ranciere

10865: Household Debt and Crises of Confidence

Thomas Hintermaier and Winfried Koeniger

10864: Offshoring and Skill-upgrading in French Manufacturing: A Heckscher-Ohlin-Melitz View

Juan Carluccio, Cuñat, Alejandro, Harald Fadinger and Christian Fons-Rosen