CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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20373: Production Function Estimation without Invertibility: Imperfectly Competitive Environments and Demand Shocks

Ulrich Doraszelski and Lixiong Li

20372: Income Shocks and the Mechanics of Bank Distress: Evidence from the 1920s Commodity Price Bust

Todd Messer and Kilian Rieder

20371: Demand for Safe Assets and Spillovers from the Global Dollar Cycle

Cian Allen, Rudolfs Bems, Lukas Boer and Racha Moussa

20370: Legacy on Deck: Skill Transmission and Occupational Dynasties in the Royal Navy

Hans-Joachim Voth and Guo Xu

20369: Migration to Australia, the Transition from Sail to Steam, and the SS Great Britain

Tim Hatton

20368: Biased Recommendations and Differentially Informed Consumers

Martin Peitz and Anton Sobolev

20367: Dual Pricing in a Model of Sales

Nicolas Schutz and Anton Sobolev

20366: Rethinking Stock Market Participation: A Qualitative Approach

Kamila Duraj, Daniela Grunow, Michael Haliassos, Christine Laudenbach and Stephan Siegel

20365: The Pricing of Profit Shifting

Fotis Delis, Manthos Delis, Sotirios Kokas, Luc Laeven and Steven Ongena

20364: Mortgage Market Structure and the Transmission of Monetary Policy During the Great Inflation

Aaron Hedlund, Kieran Larkin, Kurt Mitman and Serdar Ozkan

20363: Corporate Runs and Credit Reallocation

Elena Carletti, Filippo De Marco, Vasso Ioannidou and Enrico Sette

20362: FCI-star

Ricardo Caballero, Caravello, Tomás and Alp Simsek

20361: The Political Economy of Gender Equality

Siwan Anderson

20360: Sowing Seeds of Mobility: The Uneven Impact of Land Reform

Ting Chen, Jiajia Gu, Liwa Rachel Ngai and Jin Wang

20359: Breaking the Economy: How Climate Tail Risk and Financial Conditions can Shape Loss Persistence and Economic Recovery

Andrea Mazzocchetti, Irene Monasterolo, Nepo Dunz and Arthur Hrast Essenfelder

20358: Macro Shocks and Firm-Level Response Heterogeneity

Steven Davis, Stephen Hansen and Cristhian Seminario-Amez

20357: Minority Salience and Criminal Justice Decisions

Kyra Hanemaaijer, Nadine Ketel and Olivier Marie

20356: Politics and Religion

Marianna Belloc

20355: Shaping Social Norms: How Experience Affects Moral Judgments

Roberto Galbiati, Emeric Henry and Nicolas Jacquemet

20354: Inflation and Floating-Rate Loans: Evidence from the Euro-Area

Fabrizio Core, Filippo De Marco, Tim Eisert and Glenn Schepens

20353: Entrepreneurs’ Diversification and Labor Income Risk

Jan Bena, Andrew Ellul, Marco Pagano and Valentina Rutigliano

20352: Does Pitching Help Necessity Entrepreneurs Raise Funds Online? Evidence from a Randomized Control Trial in Tanzania

Nsubili Isaga, Hadar Gafni, Pascal Daudi Ndaki, Orsola Garofalo, Lars Bo Jeppesen, Hawa Petro and Diego Zunino

20351: The Impact of Talented Peers: Evidence from Exposure to Math Award Winners

Rigissa Megalokonomou, Michael Vlassopoulos and Yves Zenou

20350: Group Health Insurance Versus ACA Marketplaces: Selection, Subsidies, and Welfare

Sebastian Fleitas, Caitlyn Fleming, Gautam Gowrisankaran and Anthony Lo Sasso

20349: Redistribution, Local Spending, and Growth: Evidence from the Origins of a Municipal Equalization Fund

Casper Worm Hansen and Peter Sandholdt Jensen

20348: Selling Certification, Content Moderation, and Attention

Heski Bar-Isaac, Rahul Deb and Matthew Mitchell

20347: Entrenched Political Dynasties and Development Under Competitive Clientelism: Evidence from Pakistan

Rinchan Mirza, Adeel Malik and Jean-Philippe Platteau

20346: Taxation and Industrialization: Global Evidence from the Introduction of the Value Added Tax

Rabah Arezki, Frederick van der Ploeg, Rota-Graziosi, Grégoire and Van Dao Le

20345: The Distributional Effects of Oil Shocks

Tobias Broer, John Kramer and Kurt Mitman

20344: Going the First/Last-Mile: Ride-Hailing Services and Mass Rapid Transport

Maarten Bosker, Mark Roberts, Sailesh Tiwari and Putu Sanjiwacika Wibisana

20343: The Value of Words: Evidence from Non-Financial Disclosure Regulation

Antonio Accetturo, Audinga Baltrunaite, Gianmarco Cariola, Annalisa Frigo and Marco Gallo

20342: Global Banks’ Macroeconomic Expectations and Credit Supply

Xiang Li and Steven Ongena

20341: Profiting from Regulation: The Effects of Emissions Standards on Abatement R&D

Johanna-Sophia Hardt, Heidrun C. Hoppe-Wewetzer and Felix Klapper

20340: Economic Models of Cultural Transmission

Alberto Bisin and Thierry Verdier

20339: Hegemonic Globalization

Fernando Broner, Martín, Alberto, Josefin Meyer and Christoph Trebesch

20338: Gender Promotion Gaps in Knowledge Work: The Role of Task Assignment in Teams

Cagatay Bircan, Guido Friebel and Tristan Stahl

20337: On the Measurement of Social Heterogeneity

Klaus Desmet, Ortuño-Ortin, Ignacio and Romain Wacziarg

20336: Tracing the International Transmission of a Crisis through Multinational Firms

Marcus Biermann and Kilian Huber

20335: Do Lenders Price Firms’ Cybersecurity Risks?

Bokmin Choi, Hans Degryse and Kristien Smedts

20334: The Labor Supply Curve is Upward Sloping: The Effects of Immigrant-Induced Demand Shocks

Sigurd Galaasen, Kostøl, Andreas, Joan Monras and Jonathan Vogel

20333: Measuring Industrial Policy: A Text-Based Approach

Juhász, Réka, Nathaniel Lane, Emily Oehlsen and Veronica Perez

20332: Scalable Targeting of Social Protection: When Do Algorithms Out-Perform Surveys and Community Knowledge?

Emily Aiken, Anik Ashraf, Joshua Blumenstock, Raymond Guiteras and Ahmed Mobarak

20331: Dynamic Coordination and Bankruptcy Regulations

Hongda Zhong and Zhou Zhen

20330: Optimal Integration: Human, Machine, and Generative AI

Hongda Zhong

20329: Share Issues versus Share Repurchases

Philip Bond, Yue Yuan and Hongda Zhong

20328: Designing Contracts for the Energy Transition

Natalia Fabra and Gerard Llobet

20327: Banks vs. Firms: Who Benefits from Credit Guarantees?

Martín, Alberto, Sergio Mayordomo and Victoria Vanasco

20326: Growing Cooperation

Georg Kirchsteiger, Tom Lenaerts and Remi Suchon

20325: The Social Desirability Atlas

Leonardo Bursztyn, Ingar Haaland, Röver, Nicolas and Christopher Roth

20324: Job Sorting and the Labor Market Effects of a Criminal Record

Randi Hjalmarsson, Louis-Pierre Lepage, Matthew Lindquist and Conrad Miller

20323: Why Do Households Save and Work?

Margherita Borella, Mariacristina De Nardi, Fang Yang and Johanna Torres Chain

20322: Flexible Retirement and Optimal Taxation

Abdoulaye Ndiaye and Zhixiu Yu

20321: Individual Beliefs, Demand for Currency, and Exchange Rate Dynamics

Vania Stavrakeva and Jenny Tang

20320: Authoritarian Propaganda and Social Networks

Konstantin Sonin

20319: The Effects of Social Movements: Evidence from #MeToo

Ro'ee Levy and Martin Mattsson

20318: The Gender Dimension of Refugees’ Integration in the Labor Market

Müller, Tobias, Pia Pannatier and Martina Viarengo

20317: Local Booms and Innovation

Federica Coelli and Paul Pelzl

20316: The Reverse Cargo Cult: Why Authoritarian Governments Lie to Their People

Konstantin Sonin

20315: Trade and Industrial Policy in Supply Chains: Directed Technological Change in Rare Earths

Laura Alfaro, Harald Fadinger, Jan Schymik and Gede Virananda

20314: Heteregenous Beliefs Recovery

Julien Hugonnier and Darius Nik Nejad

20313: Collateral and Secured Debt

Adriano A. Rampini and S. Viswanathan

20312: Local Monetary Policy

Vyacheslav Fos, Tommaso Tamburelli and Nancy Xu

20311: How to Grow an Invoicing Currency: Micro Evidence from Argentina

Felipe Benguria and Dennis Novy

20310: Collateralized Lending in Private Credit

Inaki Aldasoro and Sebastian Doerr

20309: Pricing Liquidity Support: A PLB for Switzerland

Cyril Monnet, Dirk Niepelt and Remo Taudien

20308: Beyond Words: Fed Chairs’ Voice Sentiments and US Bank Stock Price Crash Risk

Dimitris Anastasiou, Apostolos Katsafados, Steven Ongena and Christos Tzomakas

20307: The Financial Premium

Jens Dick-Nielsen, Feldhütter, Peter and David Lando

20306: Competition and Management Upgrading: Experimental Evidence from Ethiopia

Girum Abebe, Stefano Caria, Pascaline Dupas, Marcel Fafchamps and Tigabu Getahun

20305: The Propagation of Tariff Shocks via Production Networks

Anastasiia Antonova, Luis Huxel, Mykhailo Matvieiev and Müller, Gernot

20304: Measuring Shortages since 1900

Dario Caldara, Matteo Iacoviello and David Yu

20303: How Export Restrictions Threaten Economic Security

Chad Bown

20302: Valuing Pharmaceutical Drug Innovations

Federico Ciliberto, Leland Farmer, Ekaterina Khmelnitskaya and Gaurab Aryal

20301: Dialogue in Political Advertising: Evidence from U.S. Political Campaigns 2012-2020

Simon Anderson, Federico Ciliberto and Benjamin Leyden

20300: Causal Reasoning and Performance

Arnaldo Camuffo, Alfonso Gambardella and Diego Jannace

20299: Monopolistic Data Dumping

Kfir Eliaz and Ran Spiegler

20298: Platform Disintermediation with Repeated Transactions

Andreea Enache and Andrew Rhodes

20297: Business Cycle Implications of Incomplete Markets Models

Ester Faia and Ekaterina Shabalina

20296: Trade Diversion and Labor Market Outcomes

Natalie Chen, Dennis Novy and Solórzano, Diego

20295: Lost in Persuasion: Negative Reciprocity in Information Design

Kfir Eliaz and Ran Eilat

20294: Factor Models of Asset Returns and Bear Market Risk

Daniele Massacci, Lucio Sarno and Lorenzo Trapani

20293: Long-Term Projections of the World Economy

Weifeng Larry Liu and Warwick Mckibbin

20292: Environmental Regulation Informed by Biased Stakeholders

Stefan Ambec and Jessica Coria

20291: Decoupling Taste-Based versus Statistical Discrimination in Elections

Amanda de Albuquerque, Frederico Finan, Anubhav Jha, Laura Karpuska and Francesco Trebbi

20290: The Complexity Premium

Johann Fuchs, Hans Gersbach and Samuel Schmassmann

20289: How Do U.S. Firms Withstand Foreign Industrial Policies?

Xiao Cen, Vyacheslav Fos and Wei Jiang

20288: Revisiting the Lasting Impacts of Incarceration

John Humphries, Cecile Macaire, Aurelie Ouss, Megan Stevenson and Winnie Van Dijk

20287: The Consequences of Promoting Data Literacy Among Graduate Students

Margherita Fort, Annalisa Loviglio and Susanna Tinti

20286: Heterogeneous Risk Preferences, Entrepreneurship, and Wealth

Brigitte Hochmuth, Monika Merz and Fabian Prettenthaler

20285: Impacts of a US-led Tariff War on International Trade in Wine, Beer and Spirits

Kym Anderson and Glyn Wittwer

20284: Inclusive Exports and Economic Growth

Emmanuel Milet and Marcelo Olarreaga

20283: Patient Choice, Payment Systems and Multidimensional Quality

Enrico Camarda and Sebastian Fleitas

20282: Parental Leave from the Firm's Perspective

Gozde Corekcioglu, Marco Francesconi and Astrid Kunze

20281: Tourism and Growth in the Local Labor Market

Laura Conti, Marco Francesconi, Giulio Papini and Michel Serafinelli

20280: Subjective Expectations and Financial Intermediation

Francesco D'Acunto, Janet Geo, Lu Liu, Kai Lu, Zhengwei Wang and Jun Yang

20279: From the Sand Up: An Environmental and Demographic Explanation of the Economic, Legal, and Political Structure of Arabia

Robert Allen

20278: Does Weaker Employment Protection Lower the Cost of Job Loss?

Marco Francesconi and Daniela Sonedda

20277: The Global Effects of Carbon Border Adjustment Mechanisms

Kimberly Clausing, Jonathan Colmer, Allan Hsiao and Catherine Wolfram

20276: Hegemony and International Alignment

Fernando Broner, Martín, Alberto, Josefin Meyer, Christoph Trebesch and Jiaxian Zhou Wu

20275: Fertility in Sub-Saharan Africa: The Role of Inheritance

Fontenay, Sébastien, Paula Eugenia Gobbi and Goñi, Marc

20274: Inflation, Expectations and Monetary Policy: What Have We Learned and to What End?

Olivier Coibion and Yuriy Gorodnichenko