CEPR Discussion Papers

From Centre for Economic Policy Research
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10263: Innovation in creative cities: Evidence from British small firms

Rodríguez-Pose, Andrés and Neil Lee

10262: The Power of the Street: Evidence from Egypt's Arab Spring

Daron Acemoglu, Tarek Hassan and Ahmed Tahoun

10261: Do Funds Make More When They Trade More?

Robert Stambaugh, Pástor, Luboš and Lucian Taylor

10260: Financing Constraints, Home Equity and Selection into Entrepreneurship

Ramana Nanda and Thais Laerkholm Jensen

10259: How Does Tax Progressivity and Household Heterogeneity Affect Laffer Curves?

Dirk Krueger, Hans Holter and Serhiy Stepanchuk

10258: Further Evidence on the Link between Pre-Colonial Political Centralization and Comparative Economic Development in Africa

Elias Papaioannou and Stelios Michalopoulos

10257: On the Ethnic Origins of African Development: Chiefs and Pre-colonial Political Centralization

Elias Papaioannou and Stelios Michalopoulos

10256: The Impact of a Permanent Income Shock on the Situation of Women in the Household: the case of a pension reform in Argentina

Matilde Machado, Dolores de la Mata and Inés Berniell

10255: New trade models, elusive welfare gains

Yasusada Murata and Kristian Behrens

10254: Credence Goods, Costly Diagnosis, and Subjective Evaluation

Helmut Bester and Matthias Dahm

10253: Regional Policy Evaluation: Interactive Fixed Effects and Synthetic Controls

Thierry Magnac and Laurent Gobillon

10252: The Transmission of Liquidity Shocks: Evidence from Credit Rating Downgrades

Ouarda Merrouche, Philippe Karam, Rima Turk Ariss and Moez Souissi

10251: Financial Development and Technology Diffusion

Diego Comin and Ramana Nanda

10250: Monetarism rides again? US monetary policy in a world of Quantitative Easing

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

10249: Overdeterrence of repeat offenders when penalties for first-time offenders are restricted

Patrick Schmitz

10248: Strong versus Weak Ties in Migration

Yves Zenou, Jackline Wahba and Corrado Giulietti

10247: Optimal Taxation with Rent-Seeking

Florian Scheuer and Casey Rothschild

10246: Dual Labour Markets and (Lack of) On-The-Job Training: PIAAC Evidence from Spain and Other EU Countries

Juan Dolado and Ricardo Mora Villarrubia

10245: Does Marriage Make You Healthier?

Nezih Guner and Yuliya Kulikova

10244: The Rise of the Machines: Automation, Horizontal Innovation and Income Inequality

Hémous, David and Morten Olsen

10243: The Impact of Maximum Markup Regulation on Prices

Mario Pagliero, Christos Genakos and Pantelis Koutroumpis

10242: Trade and Tasks: An Exploration over Three Decades in Germany

Sascha Becker and Marc-Andreas Muendler

10241: Cultural diversity and entrepreneurship in England and Wales

Rodríguez-Pose, Andrés and Daniel Hardy

10240: The role of fiscal policy in Britain's Great Inflation

A. Patrick Minford, Zhirong Ou and Jingwen Fan

10239: How good are out of sample forecasting Tests on DSGE models?

A. Patrick Minford, Peng Zhou and Yongdeng Xu

10238: A DSGE Model of China

A. Patrick Minford, Li Dai and Peng Zhou

10237: Dealer Networks

Schürhoff, Norman and Dan Li

10236: Predicting the VIX and the Volatility Risk Premium: What's Credit and Commodity Volatility Risk Got To Do With It?

Eric Ghysels and Elena Andreou

10235: Growth, Trade, and Inequality

Elhanan Helpman and Gene Grossman

10234: Momentum Trading, Return Chasing, and Predictable Crashes

Eric Ghysels, Ravi Jagannathan and Benjamin Chabot

10233: Basic versus supplementary health insurance: the role of cost effectiveness and prevalence

Jan Boone

10232: Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences

Robert Kollmann

10231: Early Maternal Time Investment and Early Child Outcomes

Marco Francesconi and Emilia Del Bono

10230: Monetary Policy and Bank Lending Rates in Low-Income Countries: Heterogeneous Panel Estimates

Peter Montiel, Antonio Spilimbergo, Prachi Mishra and Peter Pedroni

10229: Should central banks provide reserves via repos or outright bond purchases?

David Miles and Jochen Schanz

10228: Do Female Executives Make a Difference? The Impact of Female Leadership on Gender Gaps and Firm Performance

Luca Flabbi, Fabiano Schivardi and Andrea Moro

10227: Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data

Emmanuel Saez and Gabriel Zucman

10226: Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt

David McKenzie

10225: Radio Frequency (Un)Identification: Results from a Proof-of-Concept Trial of the use of RFID Technology to Measure Microenterprise Turnover in Sri Lanka

David McKenzie and Suresh De Mel

10224: The Future in Mind: Aspirations and Forward-Looking Behaviour in Rural Ethiopia

Kate Orkin, Stefan Dercon, Tanguy Bernard and Alemayehu Taffesse

10223: Central Banks: Powerful, Political and Unaccountable?

Willem Buiter

10222: Germs, Social Networks and Growth

Laura Veldkamp and Alessandra Fogli

10221: Do Single-Sex Classes Affect Achievement? An Experiment in a Coeducational University

Alison Booth, Patrick Nolen and Lina Cardona Sosa

10220: Price Dynamics with Customer Markets

Luigi Paciello, Andrea Pozzi and Nicholas Trachter

10219: Optimal trade policy with monopolistic competition and heterogeneous firms

Anthony Venables and Jan I. Haaland

10218: Transmission of preferences and beliefs about female labor market participation: direct evidence on the role of mothers

Matilde Machado, Jesus Carro and Ricardo Mora Villarrubia

10217: Incentive Pay and Bank Risk-Taking:Evidence from Austrian, German, and Swiss Banks

Harald Hau, Johannes Steinbrecher, Kampkötter, Patrick and Matthias Efing

10216: Land use, worker heterogeneity and welfare benefits of public goods

C. N. Teulings, Henri de Groot and Ioulia Ossokina

10215: Unintended Effects of Anonymous Resumes

Crepón, Bruno, Luc Behaghel and Thomas Le Barbanchon

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

10212: The Bali Trade Facilitation Agreement and Rulemaking in the WTO: Milestone, Mistake or Mirage?

Bernard Hoekman

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 us towards a new grand bargain

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 and Samuel Wills

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, Vianney Dequiedt 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