CEPR Discussion Papers

From Centre for Economic Policy Research
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10363: A Structural Model of the Retail Market for Illicit Drugs

Manolis Galenianos and Alessandro Gavazza

10362: Inside the Crystal Ball: New Approaches to Predicting the Gasoline Price at the Pump

Christiane Baumeister, Lutz Kilian and Thomas K Lee

10361: Fighting the Last War: Economists on the Lender of Last Resort

Richard Grossman and Hugh Rockoff

10360: Capital and Labor Reallocation within Firms

Xavier Giroud and Holger Mueller

10359: A Model of Market and Political Power Interactions for Southern Europe

Tryphon Kollintzas, Dimitris Papageorgiou and Vanghelis Vassilatos

10358: Credit Supply and the Housing Boom

Alejandro Justiniano, Giorgio Primiceri and Andrea Tambalotti

10357: On the Global Supply of Basic Research

Hans Gersbach and Maik Schneider

10356: The world is not yet flat: Transport costs matter!

Kristian Behrens, Theophile Bougna and W. Mark Brown

10355: Gender Gaps in Completed Fertility

Erica Field, Vera Molitor and Michele Tertilt

10354: Effect of Income on Trust: Evidence from the 2009 Crisis in Russia

Maxim Ananyev and Sergei Guriev

10353: Fiscal Multipliers in Recessions

Matthew Canzoneri, Fabrice Collard, Harris Dellas and Behzad Diba

10352: Optimal Spatial Taxation: Are Big Cities too Small?

Jan Eeckhout and Nezih Guner

10351: Long-run bulls and bears

Rui Albuquerque, Martin Eichenbaum, Dimitris Papanikolaou and Sergio Rebelo

10350: Does Finance Benefit Society?

Luigi Zingales

10349: The Political Economy of US Bailouts, Unconventional Monetary Policy, Credit Arrest and Inflation during the Financial Crisis

Alex Cukierman

10348: Networks in Conflict: Theory and Evidence from the Great War of Africa

Michael Koenig, Dominic Rohner, Mathias Thoenig and Fabrizio Zilibotti

10347: Austerity in 2009-2013

Alberto Alesina, Omar Barbiero, Carlo Favero, Francesco Giavazzi and Matteo Paradisi

10346: Moving House

L. Rachel Ngai and Kevin Sheedy

10345: Spillovers of Prosocial Motivation: Evidence from an Intervention Study on Blood Donors

Adrian Bruhin, Lorenz Goette, Simon Haenni and Lingqing Jiang

10344: Exchange Rate Pass-Through, Domestic Competition, and Inflation: Evidence from the 2005/08 Revaluation of the Renminbi

Raphael Auer

10343: Optimal Patronage

Mikhail Drugov

10342: Buying First or Selling First in Housing Markets

Espen Moen, Plamen T. Nenov and Florian Sniekers

10341: The Tower of Babel in the Classroom: Immigrants and Natives in Italian Schools

Rosario Ballatore, Margherita Fort and Andrea Ichino

10340: Sequential Auctions with Capacity Constraints: an Experimental Investigation

Isabelle Brocas, Juan D. Carrillo and F. Javier Otamendi

10339: International Credit Flows and Pecuniary Externalities

Markus Brunnermeier and Yuliy Sannikov

10338: Education, HIV, and Early Fertility: Experimental Evidence from Kenya

Esther Duflo, Pascaline Dupas and Michael Kremer

10337: College Diversity and Investment Incentives

Thomas Gall, Patrick Legros and Andrew Newman

10336: Origins of Stock Market Fluctuations

Daniel Greenwald, Martin Lettau and Sydney Ludvigson

10335: Capital Share Risk and Shareholder Heterogeneity in U.S. Stock Pricing

Martin Lettau, Sydney Ludvigson and Sai Ma

10334: Rare Disasters and Exchange Rates

Emmanuel Farhi and Xavier Gabaix

10333: A Colonial Legacy of African Gender Inequality? Evidence from Christian Kampala, 1895-2011

Felix Meier zu Selhausen and Jacob Weisdorf

10332: Risk Aversion in a Dynamic Asset Allocation Experiment

Isabelle Brocas, Juan D. Carrillo, Aleksandar Giga and Fernando Zapatero

10331: China?s Decentralized Privatization and Change of Control Rights

Jie Gan, Yan Guo and Cheng-Gang Xu

10330: Limited Nominal Indexation of Optimal Financial Contracts

Meh, Césaire A., Vincenzo Quadrini and Yaz Terajima

10329: Advertising and Mutual Funds: From Families to Individual Funds

Steven Gallaher, Ron Kaniel and Laura Starks

10328: Asset Return Predictability in a Heterogeneous Agent Equilibrium Model

Murray Carlson, David Chapman, Ron Kaniel and Hong Yan

10327: Bargaining under the Illusion of Transparency

Madarász, Kristóf

10326: Do Measures of Financial Constraints Measure Financial Constraints?

Joan Farre-Mensa and Alexander Ljungqvist

10325: International Currency Exposures, Valuation Effects and the Global Financial Crisis

Bénétrix, Agustín, Philip Lane and Jay Shambaugh

10324: Product Line Design

Simon Anderson and Levent Celik

10323: Moderating Political Extremism: Single Round vs Runoff Elections under Plurality Rule

Guido Tabellini, Massimo Bordignon and Tommaso Nannicini

10322: The Long and the Short of It: Sovereign Debt Crises and Debt Maturity

Fernández, Raquel and Martín, Alberto

10321: Which club should I attend, Dad?: Targeted socialization and production

Esther Hauk and Facundo Albornoz

10320: Political and Economic Institutions of China and Their Influences

Cheng-Gang Xu

10319: Business Cycle Fluctuations and the Distribution of Consumption

Luca Gambetti and Giacomo De Giorgi

10318: Option-Based Credit Spreads

Pietro Veronesi, Yoshio Nozawa and Christopher L. Culp

10317: Gender Differences in Honesty: Groups Versus Individuals

Gerd Muehlheusser, Andreas Roider and Niklas Wallmeier

10316: Capital Regulation in a Macroeconomic Model with Three Layers of Default

Javier Suarez, Alexis Derviz, Kalin Nikolov, Laurent Clerc, Caterina Mendicino, Livio Stracca, Alexandros Vardoulakis and Stéphane Moyen

10315: Austerity

Harris Dellas and Dirk Niepelt

10314: Global Liquidity and Drivers of Cross-Border Bank Flows

Stijn Claessens, Lev Ratnovski and Eugenio Cerutti

10313: Pricing a Package of Services

Dezsoe Szalay and Felix Ketelaar

10312: Managerial Incentive Problems and Return Distributions

Dezsoe Szalay and Venuga Yokeeswaran

10311: Bailouts And Moral Hazard: How Implicit Government Guarantees Affect Financial Stability

Ouarda Merrouche, Mike Mariathasan and Charlotte Werger

10310: The Margins of Global Sourcing: Theory and Evidence from U.S. Firms

Pol Antràs and Felix Tintelnot

10309: Corporate Cash and Employment

Philippe Bacchetta, Céline Poilly and Kenza Benhima

10308: The Long Run Human Capital and Economic Consequences of High-Stakes Examinations

Victor Lavy, Avraham Ebenstein and Sefi Roth

10307: Nether Lands: Evidence on the price and perception of rare flood disasters

Harry Garretsen, Maarten Bosker, Gerard Marlet and Clemens van Woerkens

10306: Accounting for Post-Crisis Inflation and Employment: A Retro Analysis

Harald Uhlig and Chiara Fratto

10305: Betting the House

Alan Taylor, Moritz Schularick and Oscar Jorda

10304: The Impact of the Shale Oil Revolution on U.S. Oil and Gasoline Prices

Lutz Kilian

10303: Defaults and Donations: Evidence from a Field Experiment

Paul Heidhues, Armin Falk, Raji Jayaraman and Steffen Altmann

10302: The Impact of Short Term Exposure to Ambient Air Pollution on Cognitive Performance and Human Capital Formation

Victor Lavy, Avraham Ebenstein and Sefi Roth

10301: Consumer valuation of fuel costs and the effectiveness of tax policy: Evidence from the European car market

Frank Verboven, Laura Grigolon and Mathias Reynaert

10300: Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy

David Thesmar, Augustin Landier and David Sraer

10299: A Dynamic Model of Banking with Uninsurable Risks and Regulatory Constraints

Alexander Michaelides, Jochen Mankart and Spyros Pagratis

10298: Impulse Response Matching Estimators for DSGE Models

Lutz Kilian, Atsushi Inoue and Pablo Guerron

10297: Life During Structural Transformation

Jonathan Temple and Huikang Ying

10296: Drivers of Structural Change in Cross-Border Banking Since the Global Financial Crisis

Marcel Fratzscher and Franziska Bremus

10295: Banking Integration and House Price Comovement

David Thesmar, Augustin Landier and David Sraer

10294: Can Unemployment Insurance Spur Entrepreneurial Activity?

Antoinette Schoar, David Thesmar, David Sraer and Johan Hombert

10293: Returns to Office in National and Local Politics

Panu Poutvaara, Terviö, Marko and Kaisa Kotakorpi

10292: Intergenerational inequality aversion, growth and the role of damages: Occam?s rule for the global carbon tax

Frederick (Rick) van der Ploeg and Armon Rezai

10291: Growth, Slowdowns, and Recoveries

Francesco Bianchi, Howard Kung and Gonzalo Morales

10290: Network Games with Incomplete Information

Yves Zenou and Joan De Martí,

10289: Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison

Alex Cukierman

10288: A Theory of Wage Adjustment under Loss Aversion

Dennis Snower, Steffen Ahrens and Inske Pirschel

10287: Inference about Non-Identified SVARs

Raffaella Giacomini and Toru Kitagawa

10286: The Curse of Inflation

Erik Eyster, Madarász, Kristóf and Pascal Michaillat

10285: Are Retail Traders Compensated for Providing Liquidity?

David Sraer, Ron Kaniel and Barrot, Jean-Noël

10284: Auctions vs. Negotiations: The Effects of Inefficient Renegotiation

Klaus Schmidt and Fabian Herweg

10283: The academic and labor market returns of university professors

Michele Pellizzari, Michela Braga and Marco Paccagnella

10282: Urban land use

Gilles Duranton and Diego Puga

10281: Government Debt Management: The Long and the Short of It

Albert Marcet, Andrew Scott, Elisa Faraglia and Rigas Oikonomou

10280: A new measure of skills mismatch: theory and evidence from the Survey of Adult Skills (PIAAC)

Michele Pellizzari and Anne Fichen

10279: The Generalized Informativeness Principle

Alex Edmans and Pierre Chaigneau

10278: Insurance companies of the poor

Tessa Bold and Stefan Dercon

10277: Key Players

Yves Zenou

10276: Exporting and Firm Performance: Evidence from a Randomized Trial

Amit Khandelwal, David Atkin and Adam Osman

10275: Measuring the bias of technological change

Jordi Jaumandreu and Ulrich Doraszelski

10274: First-Mover Advantage in Round-Robin Tournaments

Aner Sela and Reut Megidish

10273: Dynamic Spatial Competition Between Multi-Store Firms

Victor Aguirregabiria and Gustavo Vicentini

10272: Following the Trend: Tracking GDP when Long-Run Growth is Uncertain

Ivan Petrella, Thomas Drechsel and Antolín-Díaz, Juan

10271: Risky sexual behavior: biological markers and self-reported data

Lucia Corno and Aureo de Paula

10270: Can active labor market policy be counter-productive?

Gilles Saint-Paul

10269: How Darwinian should an economy be?

Gilles Saint-Paul

10268: Trade in Tasks and the Organization of Firms

Dalia Marin, Alexander Tarasov and Jan Schymik

10267: Human Capital and Optimal Redistribution

Winfried Koeniger and Julien Prat

10266: Financial Constraints in Search Equilibrium

Tito Boeri, Pietro Garibaldi and Espen Moen

10265: Bank Liabilities Channel

Vincenzo Quadrini

10264: International Banking: the Isolation of the Euro Area

Anne-Laure Delatte and Vincent Bouvatier