CEPR Discussion Papers

From Centre for Economic Policy Research
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10214: Switching Risk Off: FX Correlations and Risk Premia

Alessandro Beber and Michael Brandt

10213: Equity Recourse Notes: Creating Counter-cyclical Bank Capital

Jeremy Bulow and Paul Klemperer

10211: Foreign Aid and Domestic Absorption

Jonathan Temple and Nicolas Van de Sijpe

10210: Is Government Spending at the Zero Lower Bound Desirable?

Roberto Perotti, Tommaso Monacelli and Florin Bilbiie

10209: International Financial Integration and Crisis Contagion

Michael Devereux and Changhua Yu

10208: High Marginal Tax Rates on the Top 1%? Lessons from a Life Cycle Model with Idiosyncratic Income Risk

Dirk Krueger and Fabian Kindermann

10207: Transaction costs and the property rights approach to the theory of the firm

Patrick Schmitz

10206: Saving for a (not so) Rainy Day: A Randomized Evaluation of Savings Groups in Mali

Dean Karlan, Lori Beaman and Bram Thuysbaert

10205: The Confidence Effects of Fiscal Consolidations

Roel Beetsma, Jacopo Cimadomo, Massimo Giuliodori and Oana Furtuna

10204: Embracing Diversity: Plurilateral Agreements and the Trading System

Petros C. Mavroidis

10203: Real Exchange Rates and Sectoral Productivity in the Eurozone

Charles Engel, Michael Devereux and Martin Berka

10202: Exchange Rate Flexibility under the Zero Lower Bound

Michael Devereux and David Cook

10201: Economic theory and forecasting: lessons from the literature

Raffaella Giacomini

10200: Interaction Between Monetary Policy and Regulatory Capital Requirements

David Miles and Chuan Du

10199: Basic versus supplementary health insurance: moral hazard and adverse selection

Jan Boone

10198: Effective Corporate Taxation, Tax Incidence and Tax Reforms: Evidence from OECD Countries

Salvador Barrios, Nicodème, Gaëtan and Antonio Jesus Sanchez Fuentes

10197: How did we get to where we are now? Reflections on 50 years of macroeconomic and financial econometrics

Michael Wickens

10196: Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession

Tullio Jappelli and Dimitris Georgarakos

10195: A Distant Mirror of Debt, Default, and Relief

Carmen Reinhart and Christoph Trebesch

10194: The Impact of the Global Financial Crisis on Banking Globalization

Stijn Claessens and Neeltje Van Horen

10193: Exceptional policies for exceptional times: The ECB's response to the rolling crises of the Euro Area, and how it has brought u

Lucrezia Reichlin and Huw Pill

10192: Optimal Effort Incentives in Dynamic Tournaments

Armin Schmutzler and Arnd Heinrich Klein

10191: In-season head-coach dismissals and the performance of professional football teams

Jan C. van Ours and Martin van Tuijl

10190: Smooth, strategic communication

Dezsoe Szalay and Inga Deimen

10189: Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

Philippe Martin and Thomas Philippon

10188: The Elephant in the Ground: Managing Oil and Sovereign Wealth

Frederick (Rick) van der Ploeg, Samuel Wills and ,

10187: Assessing Market Failures in Export Pioneering Activities: A Structural Estimation Approach

Shang-Jin Wei and Ziru Wei

10186: Can we Automate Earnings Forecasts and Beat Analysts?

Eric Ghysels, Ryan Ball and Huan Zhou

10185: Corporate Governance and Bank Insolvency Risk: International Evidence

Harry Huizinga, Demirgüç-Kunt, Asli, Kebin Ma and Deniz Anginer

10184: Agglomeration theory with heterogeneous agents

Frederic Robert-Nicoud and Kristian Behrens

10183: The Role of Card Acceptance in the Transaction Demand for Money

Philipp Schmidt-Dengler, Helmut Stix and Kim Huynh

10182: Severance Pay

Tito Boeri, Pietro Garibaldi and Espen Moen

10181: Direct and Cross-Scheme Effects in a Research and Development Subsidy Program

Reinhilde Veugelers, Hanna Hottenrott and Cindy Lopes Bento

10180: The Value of Informativeness for Contracting

Alex Edmans, Daniel Gottlieb and Pierre Chaigneau

10179: Are Donors Afraid of Charities' Core Costs? Scale Economies in Non-profit Provision

Kimberley Scharf, Carlo Perroni, Ganna Pogrebna and Sarah Sandford

10178: Incumbency Advantage in Non-Democracies

Konstantin Sonin and Georgy Egorov

10177: Provider competition and over-utilization in health care

Jan Boone and Rudy Douven

10176: Exclusive Dealing and Vertical Integration in Interlocking Relationships

Patrick Rey and Volker Nocke

10175: Competitive on-the-job search

Pietro Garibaldi, Espen Moen and Dag Einar Sommervoll

10174: The empirics of agglomeration economies

Pierre-Philippe Combes and Laurent Gobillon

10173: Common-Value All-Pay Auctions with Asymmetric Information and Bid Caps

Aner Sela, Ori Haimanko, Ram Orzach and Ezra Einy

10172: Managerial Practices and Students' Performance

Adriana Di Liberto, Fabiano Schivardi and Giovanni Sulis

10171: Shrouded Transaction Costs

Jean Tirole, Renato Gomes and Bourguignon, Hélène

10170: Preschools and early childhood development in a second best world: Evidence from a scaled-up experiment in Cambodia

Karen Macours, Adrien Bouguen, Deon Filmer and Sophie Naudeau

10169: Can selective immigration policies reduce migrants' quality?

Yves Zenou, , and Simone Bertoli

10168: Window Selection for Out-of-Sample Forecasting with Time-Varying Parameters

Barbara Rossi, Atsushi Inoue and Lu Jin

10167: Optimal Life Cycle Unemployment Insurance

Claudio Michelacci and Hernán Ruffo

10166: No Price Like Home: Global House Prices, 1870-2012

Moritz Schularick, Thomas Steger and Katharina Knoll

10165: The Effects of a Money-Financed Fiscal Stimulus

Galí, Jordi

10164: Trade Flows and Trade Disputes

Chad Bown and Kara Reynolds

10163: Technology Diffusion: Measurement, Causes and Consequences

Diego Comin and Martí Mestieri

10162: A General Approach to Recovering Market Expectations from Futures Prices With an Application to Crude Oil

Lutz Kilian and Christiane Baumeister

10161: The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Alan Taylor, Moritz Schularick and Oscar Jorda

10160: A Bayesian MIDAS Approach to Modeling First and Second Moment Dynamics

Allan Timmermann, Davide Pettenuzzo and Rossen Valkanov

10159: Customary Norms, Inheritance, and Human Capital: Evidence from a Reform of the Matrilineal System in Ghana

Eliana La Ferrara and Annamaria Milazzo

10158: Storable Votes and Judicial Nominations in the U.S. Senate

Alessandra Casella, Turban, Sébastien and Gregory Wawro

10157: Competition in the Cryptocurrency Market

Neil Gandal and Hanna Halaburda

10156: Horizontal Mergers and Product Quality

Kurt Brekke and Luigi Siciliani

10155: Average-cost Pricing and Dynamic Selection Incentives in the Hospital Sector

Luigi Siciliani and Mathias Kifmann

10154: Channeling the Say in Political Decision Bodies

Hans Gersbach, Stephan Imhof and Oriol Tejada

10153: Innovation and Regional Growth in Mexico: 2000-2010

Rodríguez-Pose, Andrés and Edna Villarreal Peralta

10152: Asset Management Contracts and Equilibrium Prices

Dimitri Vayanos, Paul Woolley and ,

10151: The Impact of Hedge Funds on Asset Markets

Andrew Patton and Mathias Kruttli

10150: The Geography of Development within Countries

Klaus Desmet and J. Vernon Henderson

10149: Patents and the Global Diffusion of New Drugs

Mark Schankerman, Iain Cockburn and Jean Lanjouw

10148: Collateralisation bubbles when investors disagree about risk

Tobias Broer and Afroditi Kero

10147: Understanding Uncertainty Shocks and the Role of Black Swans

Laura Veldkamp and Anna Orlik

10146: (Measured) Profit is Not Welfare: Evidence from an Experiment on Bundling Microcredit and Insurance

Abhijit Banerjee and Esther Duflo

10145: Equity Vesting and Managerial Myopia

Alex Edmans, Vivian Fang and Katharina A. Lewellen

10144: Strategic News Releases in Equity Vesting Months

Alex Edmans, Moqi Xu, Luis Goncalves-Pinto and Yanbo Wang

10143: The Informativeness Principle Under Limited Liability

Alex Edmans, Daniel Gottlieb and Pierre Chaigneau

10142: Don't Throw in the Towel, Throw in Trade Credit!

Beata Javorcik and Banu Demir

10141: Say Pays! Shareholder Voice and Firm Performance

Cuñat, Vicente, Maria Guadalupe and Mireia Gine

10140: Identifying the Sources of Model Misspecification

Barbara Rossi, Atsushi Inoue and Chun-Hung Kuo

10139: Global Bank Lending Flows: Identifying the Flight Home Effect

Beatrice Weder di Mauro and Caroline Van Rijckeghem

10138: Menu Costs, Aggregate Fluctuations, and Large Shocks

Adam Reiff and Peter Karadi

10137: Mismeasuring Long Run Growth. The Bias from Spliced National Accounts

Leandro Prados de la Escosura

10136: The Biocultural Origins of Human Capital Formation

Oded Galor and Marc Klemp

10135: Spatial Methods

Henry Overman, Stephen Gibbons and Eleonora Patacchini

10134: The Economics of Secession ? Analysing the economic impact of the collapse of the former Yugoslavia

Rodríguez-Pose, Andrés and Stermšek, Marko

10133: What is Firm Heterogeneity in Trade Models? The Role of Quality, Scope, Markups, and Cost

Stephen Redding, David Weinstein and Colin Hottman

10132: When Is The Best Time To Give Birth - Career Effects Of Early Birth Decisions

Rudolf Winter-Ebmer, Andrea Weber, Frühwirth-Schnatter, Sylvia and Christoph Pamminger

10131: Place-Based Policies

David Neumark and Helen Simpson

10130: Sorting Between and Within Industries: A Testable Model of Assortative Matching

Francis Kramarz, John Abowd, Sebastien Perez-Duarte and Ian Schmutte

10129: Making Progress on Foreign Aid

Nancy Qian

10128: Reexamining the Cyclical Behavior of the Relative Price of Investment

Franck Portier, Paul Beaudry and Alban Moura

10127: Migration and Welfare State: Why is America Different from Europe?

Assaf Razin and Efraim Sadka

10126: Neighborhood and Network Effects

Yves Zenou and Giorgio Topa

10125: Asymmetry of Information within Family Networks

Alice Mesnard, Garance Genicot and Joachim De Weerdt

10124: The Bond Market: An Inflation-Targeter's Best Friend

Andrew Rose

10123: Perceiving Prospects Properly

Jakub Steiner and Colin Stewart

10122: The Agricultural Origins of Time Preference

Oded Galor

10121: Banking Competition and Stability: The Role of Leverage

Xavier Freixas and Kebin Ma

10120: Gossip: Identifying Central Individuals in a Social Network

Abhijit Banerjee, Matthew Jackson, Esther Duflo and Arun G. Chandrasekhar

10119: Governance and Comovement Under Common Ownership

Alex Edmans, Doron Levit and Devin Reilly

10118: Job creation, firm creation, and de novo entry

Johannes Van Biesebroeck and Karen Geurts

10117: What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable Rate Mortgages

John Campbell

10116: From Selling Goods to Selling Services: Firm Responses to Trade Liberalization

Holger Breinlich, Greg Wright and Anson Soderbery

10115: Government Spending Shocks in Open Economy VARs

Mario Forni and Luca Gambetti

10114: Taxes in Cities

Brülhart, Marius, Kurt Schmidheiny and Sam Bucovetsky