CEPR Discussion Papers

From Centre for Economic Policy Research
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10463: Quantifying Confidence

George-Marios Angeletos, Fabrice Collard and Harris Dellas

10462: Changing Credit Limits, Changing Business Cycles

Henrik Jensen, Søren Hove Ravn and Emiliano Santoro

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

Gabriele Fiorentini, Alessandro Galesi and Enrique Sentana

10460: Consumers' Activism: The Cottage Cheese Boycott

Igal E Hendel, Saul Lach and Yossi Spiegel

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

Sylvester Eijffinger, Michal Kobielarz and Burak Uras

10458: Collective Self Control

Alessandro Lizzeri and Leeat Yariv

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

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

10456: Asymmetric Price Effects of Competition

Saul Lach and Moraga-González, José-Luis

10455: Natural Experiment Policy Evaluation: A Critique

Christopher Hennessy and Ilya Strebulaev

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

Klaus Desmet, Ortuño-Ortin, Ignacio and Romain Wacziarg

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

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

10449: Regression Based Estimation of Dynamic Asset Pricing Models

Tobias Adrian, Richard Crump and Emanuel Moench

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

Massimo Massa, Zhang Hong and Xiaolan Zhou

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

Si Cheng, Massimo Massa and Zhang Hong

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

Massimo Massa and Daniel Jonas Schmidt

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

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

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

Mencía, Javier and Enrique Sentana

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

Aureo de Paula, Harrison G Hong and Vishal Singh

10440: Optimal Mechanisms for the Control of Fiscal Deficits

Grüner, Hans Peter

10439: Taking Banks to Solow

Hans Gersbach, Jean Rochet 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

Adrian Buss, Raman Uppal and Grigory Vilkov

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 Participation

Jeremy Greenwood, Nezih Guner, Georgi Kocharkov and Cezar Santos

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

Greg Fischer and Dean Karlan

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

John Coglianese, Lucas Davis, Lutz Kilian and James Stock

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?

Benjamin Born, Müller, Gernot and Johannes Pfeifer

10424: Corporate Culture, Societal Culture, and Institutions

Luigi Guiso, Paola Sapienza and Luigi Zingales

10423: State Capitalism vs. Private Enterprise

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

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

Rodríguez-Pose, Andrés, Yannis Psycharis and Vassilis Tselios

10421: Venture Capital and Knowledge Transfer

Dessí, Roberta and Nina Yin

10420: Corporate policies with permanent and temporary shocks

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

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

Gabriele Fiorentini, Alessandro Galesi and Enrique Sentana

10416: Risk and Returns to Education Over Time

Jeffrey Brown, Chichun Fang and Francisco Gomes

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

Brian Bell, Anna Bindler and Stephen Machin

10414: Unshrouding Effects on Demand for a Costly Add-on: Evidence from Bank Overdrafts in Turkey

Sule Alan, Mehmet Cemalcilar, Dean Karlan and Jonathan Zinman

10413: Reforms, Finance, and Current Accounts

Giuseppe Bertola and Anna Lo Prete

10412: The Cost of Binge Drinking

Marco Francesconi and Jonathan James

10411: Industry location and wages: The role of market size and accessibility in trading networks

Javier Barbero, Kristian Behrens and José Zofío

10410: Empirical Games of Market Entry and Spatial Competition in Retail Industries

Victor Aguirregabiria and Junichi Suzuki

10409: Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense?

Davide Debortoli, Jinill Kim, Lindé, Jesper and Ricardo Nunes

10408: Get Rid of Unanimity: The Superiority of Majority Rule with Veto Power

Laurent Bouton, Aniol Llorente-Saguer and Frederic Malherbe

10407: Intergovernmental Grants as Signals and the Alignment Effect: Theory and Evidence

Emanuele Bracco, Ben Lockwood, Francesco Porcelli and Michela Redoano

10406: The Economic Consequences of Social Network Structure

Matthew Jackson, Brian Rogers and Yves Zenou

10405: Does polarization of opinions lead to polarization of platforms? the case of correlation neglect

Gilat Levy and Ronny Razin

10404: Understanding the Decline in the Price of Oil since June 2014

Lutz Kilian and Christiane Baumeister

10403: Partner Choice and the Marital College Premium: Analyzing Marital Patterns Over Several Decades

Chiappori, Pierre-André, Salanié, Bernard and Yoram Weiss

10402: Global Sunspots and Asset Prices in a Monetary Economy

Roger Farmer

10401: Unequal Bequests

Marco Francesconi, Robert Pollak and Domenico Tabasso

10400: Ambiguity, Disagreement, and Allocation of Control in Firms

David Dicks and Paolo Fulghieri

10399: Social Capital, Trust, and Firm Performance during the Financial Crisis

Karl Lins, Henri Servaes and Ane Tamayo

10398: Economic Effects of the Abolition of Serfdom: Evidence from the Russian Empire

Andrei Markevich and Ekaterina Zhuravskaya

10397: The Limits of Career Concerns in Federalism: Evidence from China

Petra Persson and Ekaterina Zhuravskaya

10396: The International Transmission of Credit Bubbles: Theory and Policy

Martín, Alberto and Jaume Ventura

10395: Why organizations fail: models and cases

Luis Garicano and Luis Rayo

10394: Segregation in Education and Labour Market Discrimination: The Role of Peer Beliefs

Gilat Levy and Ronny Razin

10393: Premature Deindustrialization

Dani Rodrik

10392: Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Bruno Parigi, Loriana Pelizzon and Ernst-Ludwig von Thadden

10391: Innovation and Trade in the Presence of Credit Constraints

Reto Foellmi, Stefan Legge and Alexa Tiemann

10390: Factor based identification-robust inference in IV regressions

George Kapetanios, Lynda Khalaf and Massimiliano Marcellino

10389: Learning to open up: Capital account liberalizations in the post-Bretton Woods era

Zorobabel Bicaba and Fabrizio Coricelli

10388: Was the Classical Gold Standard Credible on the Periphery? Evidence from Currency Risk

Kris Mitchener and Marc Weidenmier

10387: Optimal capital requirements over the business and financial cycles

Frederic Malherbe

10386: The Social Cost of Air Traffic Delays

Etienne Billette de Villemeur, Marc Ivaldi, Emile Quinet and Miguel Urdanoz

10385: A Welfare Assessment of Revenue Management Systems

Nicolas Dupuis, Marc Ivaldi and Jerome Pouyet

10384: Air Ticket Sales as Bids from Airline Alliances

Marc Ivaldi, Milena Petrova and Miguel Urdanoz

10383: Time Inconsistent Preferences and the Annuitization Decision

Philipp Schreiber and Martin Weber

10382: Small sample performance of indirect inference on DSGE models

Vo Phuong Mai Le, David Meenagh, A. Patrick Minford and Michael R. Wickens

10381: Health provider networks, quality and costs

Jan Boone and Schottmüller, Christoph

10380: Optimal Income Taxation: Mirrlees Meets Ramsey

Jonathan Heathcote and Hitoshi Tsujiyama

10379: Managing the Family Firm: Evidence from CEOs at Work

Oriana Bandiera, Renata Lemos, Andrea Prat and Raffaella Sadun

10378: Bank Capital, Liquid Reserves, and Insolvency Risk

Julien Hugonnier and Erwan Morellec

10377: Second-price common value auctions with uncertainty, private and public information: experimental evidence

Isabelle Brocas, Juan D. Carrillo and Manuel Castro

10376: The Great Recession was not so Great

Jan C. van Ours

10375: Mansion tax: The Effect of Transfer Taxes on the Residential Real Estate Market

Wojciech Kopczuk and David Munroe

10374: Volatility and Political Institutions: Theory and Application to Economic Growth

Timothy Besley and Hannes Mueller

10373: Institutions, Volatility and Investment

Timothy Besley and Hannes Mueller

10372: Norms, Enforcement, and Tax Evasion

Timothy Besley, Anders Jensen and Torsten Persson

10371: The Economics of Temporary Migrations

Christian Dustmann and Görlach, Joseph-Simon

10370: Monetary policy, bank bailouts and the sovereign-bank risk nexus in the euro area

Marcel Fratzscher and Malte Rieth

10369: Life-Cycle Portfolio choice with Liquid and Illiquid Assets

Claudio Campanale, Carolina Fugazza and Francisco Gomes

10368: What Do We Know About Evolution of Top Wealth Shares in the United States?

Wojciech Kopczuk

10367: Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th century British Banks

Richard Grossman and Masami Imai

10366: Mark-up and Cost Dispersion across Firms: Direct Evidence from Producer Surveys in Pakistan

David Atkin, Azam Chaudhry, Shamyla Chaudry, Amit Khandelwal and Eric Verhoogen

10365: Wage Inequality and Firm Growth

Holger Mueller, Paige Ouimet and Elena Simintzi

10364: Reading Managerial Tone: How Analysts and the Market Respond to Conference Calls

Marina Druz, Alexander Wagner and Richard Zeckhauser