CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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6170: Sin City?

C. N. Teulings, Pieter Gautier and Michael Svarer

6169: Simultaneous Search with Heterogeneous Firms and Ex Post Competition

Pieter Gautier and Ronald Wolthoff

6168: Why a Group Needs a Leader: Decision-making and Debate in Committees

Wouter Dessein

6167: Improved Errors-in-Variables Estimators for Grouped Data

Paul Devereux

6166: The Impact of Oil Price Shocks on the U.S. Stock Market

Lutz Kilian and Cheolbeom Park

6165: Do Voters Vote Sincerely?

Antonio Merlo and Arianna Degan

6164: Political Careers or Career Politicians?

Antonio Merlo and Andrea Mattozzi

6163: Mediocracy

Antonio Merlo and Andrea Mattozzi

6162: Are Sunk Costs a Barrier to Entry?

Luis Cabral and Thomas Ross

6161: Robust Portfolio Optimisation with Multiple Experts

Peter C Schotman and Frank Lutgens

6160: Learning-by-Doing, Organizational Forgetting and Industry Dynamics

David Besanko, Ulrich Doraszelski, Yaroslav Kryukov and Mark Satterthwaite

6159: Strategic Merger Waves: A Theory of Musical Chairs

Flavio Toxvaerd

6158: Economic Forecasting

Allan Timmermann and Graham Elliott

6157: An Economic Analysis of Exclusion Restrictions for Instrumental Variable Estimation

Gerard van den Berg

6156: The Great Inflation and Early Disinflation in Japan and Germany

Edward Nelson

6155: Why do Black Workers Search Less? A Transport-Mode Based Theory

Yves Zenou

6154: Public Action for Public Goods

Abhijit Banerjee, Rohini Somanathan and Lakshmi Iyer

6153: Women, Work and Culture

Fernández, Raquel

6152: Seigniorage

Willem Buiter

6151: Competing Auctions with Endogenous Quantities

Benny Moldovanu, Aner Sela and Xianwen Shi

6150: Accuracy versus Falsification Costs: The Optimal Amount of Evidence under Different Procedures

Winand Emons and Claude Fluet

6149: Financial Integration, Financial Deepness and Global Imbalances

Enrique Mendoza and Vincenzo Quadrini

6148: The Returns to Currency Speculation in Emerging Markets

Martin Eichenbaum, Sergio Rebelo and Craig Burnside

6147: Financial Globalization and Monetary Policy

Alan Sutherland and Michael Devereux

6146: Real Origins of the Great Depression: Monopolistic Competition, Union Power, and the American Business Cycle in the 1920s

Albrecht Ritschl and Monique Ebell

6145: The Role of Debt and Equity Finance over the Business Cycle

Wouter Den Haan and Francisco Covas

6144: Marriage and Divorce: Changes and their Driving Forces

Justin Wolfers and Betsey Stevenson

6143: Political Institutions and Economic Growth

Renström, Thomas I and Laura Marsiliani

6142: The Allocative Cost of Price Ceilings: Lessons to be Learned from the US Residential Market for Natural Gas

Lutz Kilian and Lucas Davis

6141: The Rules of Standard Setting Organizations: An Empirical Analysis

Jean Tirole, Josh Lerner and Benjamin Chiao

6140: Long Run Impacts of Income Shocks: Wine and Phylloxera in 19th Century France

Abhijit Banerjee, Esther Duflo, Gilles Postel-Vinay and Tim Watts

6139: Public investment: a remedy or a curse? Examining the Role of Public Investment for Macroeconomic Performance

Gulcin Ozkan and Mustafa Ismihan

6138: Macroeconomic Implications of Size-Dependent Policies

Nezih Guner, Gustavo Ventura and Daniel Yi Xu

6137: International Financial Integration through Equity Markets: Which Firms from Which Countries Go Global?

Stijn Claessens and Sergio Schmukler

6136: Asset Pricing with Limited Risk Sharing and Heterogeneous Agents

Alexander Michaelides and Francisco Gomes

6135: Pricing and Trust

Jean-Robert Tyran, Steffen Huck and Gabriele K. Ruchala

6134: Network Security: Vulnerabilities and Disclosure Policy

Chaim Fershtman, Neil Gandal and Jay Choi

6133: Why are Buyouts Leveraged? The Financial Structure of Private Equity Firms

Michael Weisbach, Strömberg, Per and Ulf Axelson

6132: Tying-in Two-Sided Markets and the Honour All Cards Rule

Jean Tirole and Jean Rochet

6131: The Farm, the City and the Emergence of Social Security

Thomas Cooley, Nezih Guner and Elizabeth Caucutt

6130: Ethnicity and Spatial Externalities in Crime

Yves Zenou and Eleonora Patacchini

6129: Social Interactions and Labour Market Outcomes in Cities

Yves Zenou

6128: Are Shirking and Leisure Substitutable? An Empirical Test of Efficiency Wages based on Urban Economic Theory

Yves Zenou and Stephen Ross

6127: The Joint Design of Unemployment Insurance and Employment Protection. A First Pass

Olivier Blanchard and Jean Tirole

6126: Who Blows the Whistle on Corporate Fraud?

Luigi Zingales, Alexander Dyck and Adair Morse

6125: Social Change

Jeremy Greenwood and Nezih Guner

6124: Favouritism or Markets in Capital Allocation?

Mariassunta Giannetti and Xiaoyun Yu

6123: Identity, Dignity and Taboos: Beliefs as Assets

Jean Tirole and Bénabou, Roland

6122: Random Walk Expectations and the Forward Discount Puzzle

Philippe Bacchetta and Eric van Wincoop

6121: Reliability and Competitive Electricity Markets

Jean Tirole and Paul Joskow

6120: Harnessing Success: Determinants of University Technology Licensing Performance

Mark Schankerman and Sharon Belenzon

6119: Forming Priors for DSGE Models (and How It Affects the Assessment of Nominal Rigidities)

Marco Del Negro and Frank Schorfheide

6118: Teaching locals new tricks: foreign experts as a channel of knowledge transfer

James Markusen and Natalia Trofimenko

6117: Slow Moving Capital

Lasse Pedersen, Mark Mitchell and Todd Pulvino

6116: Dollarization and Financial Integration

Jonathan Heathcote and Cristina Arellano

6115: The Vanishing Bequest Tax: The Comparative Evolution of Bequest Taxation in Historical Perspective

Graziella Bertocchi

6114: Privatisation in Poland: What Was the Government Trying to Achieve?

Gianni De Fraja and Barbara Roberts

6113: Vintage Capital and Expectations Driven Business Cycles

Martin Flodén

6112: Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach

Frank Smets and Raf Wouters

6111: Descent Rules and Strategic Transfers. Evidence from Matrilineal Groups in Ghana

Eliana La Ferrara

6110: US Imbalances: The Role of Technology and Policy

Frank Smets, Luca Dedola and Rudolfs Bems

6109: Information Technology, Efficient Restructuring and the Productivity Puzzle

Grüner, Hans Peter

6108: Corporate Governance and Regulation: Can There Be Too Much of a Good Thing?

Stijn Claessens and Valentina Bruno

6107: Incentives and Managerial Experience in Multi-Task Teams: Evidence from Within a Firm

Rachel Griffith and Andrew Neely

6106: College Cost and Time to Complete a Degree: Evidence from Tuition Discontinuities

Francesco Giavazzi, Andrea Ichino, Pietro Garibaldi and Enrico Rettore

6105: Information Technology, Organisational Change and Productivity

Jonathan Haskel, Chiara Criscuolo and ,

6104: Financial Constraints and the Costs and Benefits of Vertical Integration

Rocco Macchiavello

6103: The Compromise Game: Two-sided Adverse Selection in the Laboratory

Juan D. Carrillo and Thomas Palfrey

6102: Globalization and Profitability of Cross-border Mergers & Acquisitions

Lars Persson and Norbäck, Pehr-Johan

6101: Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data

Marc Giannoni, Ilian Mihov and Jean Boivin

6100: The Political Origin of Pension Funding

Enrico Perotti and Armin Schwienbacher

6099: Is Numérairology the Future of Monetary Economics? Unbundling Numéraire and Medium of Exchange Through a Virtual Currency and

Willem Buiter

6098: Money in Monetary Policy Design under Uncertainty: The Two-Pillar Phillips Curve versus ECB-Style Cross-Checking

Volker Wieland and Guenter Beck

6097: Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking

Volker Wieland and Guenter Beck

6096: Endogenous Capacities and Price Competition: The Role of Demand Uncertainty

Natalia Fabra and Maria-Angeles de Frutos

6095: Economics and Politics of Alternative Institutional Reforms

Francesco Caselli and Nicola Gennaioli

6094: A Generalized Portfolio Approach to Limited Risk Arbitrage: Evidence from the MSCI Global Index Change

Harald Hau

6093: Efficiency Gains and Structural Remedies in Merger Control

Helder Vasconcelos

6092: Debt and the Effects of Fiscal Policy

Francesco Giavazzi and Carlo Favero

6091: Royalty Stacking in High Tech Industries: Separating Myth from Reality

Jorge Padilla, Anna Layne-Farrar and Damien Geradin

6090: The Political Economy of Public Investment

Frederick (Rick) van der Ploeg and Roel Beetsma

6089: Pension systems, Intergenerational Risk Sharing and Inflation

Roel Beetsma and Lans Bovenberg

6088: On the Relationship between Fiscal Plans in the European Union: An Empirical Analysis Based on Real-Time Data

Roel Beetsma and Massimo Giuliodori

6087: Career Progression and Formal versus On-the-Job Training

Costas Meghir, Christian Dustmann, Jerome Adda and Jean-Marc Robin

6086: Ethnic Self-Identification of First-Generation Immigrants

Klaus Zimmermann, Amelie Constant and Laura Zimmermann

6085: The Russian-Ukrainian Political Divide

Klaus Zimmermann, Martin Kahanec and Amelie Constant

6084: Ethnic Persistence, Assimilation and Risk Proclivity

Klaus Zimmermann, Holger Bonin, Amelie Constant and Konstantinos Tatsiramos

6083: Combination Bidding in Multi-Unit Auctions

Martin Pesendorfer and Estelle Cantillon

6082: Procurement when Price and Quality Matter

Estelle Cantillon and John Asker

6081: The Gambler's and Hot-Hand Fallacies: Theory and Applications

Dimitri Vayanos and Matthew Rabin

6080: Trade in Business Services in General Equilibrium

James Markusen and Bridget Strand

6079: A Dynamic Equilibrium Model of Firm's Life Cycle and Mergers as Efficient Reallocation

Masako Ueda and Kyriakos Frantzeskakis

6078: Outsourcing Tariff Evasion: A New Explanation for Entrepôt Trade

Shang-Jin Wei, Raymond Fisman and Peter Moustakerski

6077: The Return to Knowledge Hierarchies

Thomas N. Hubbard and Luis Garicano

6076: Predictive Systems: Living with Imperfect Predictors

Robert Stambaugh and Pástor, Luboš

6075: Research Cycles

Gilles Saint-Paul and Bramoullé, Yann

6074: Investigation of the Costly-Arbitrage Model of Price Formation Around the Ex-Dividend Day

Kristian Rydqvist and Qinglei Dai

6073: Competition vs. Regulation in Mobile Telecommunications

Johan Stennek and Tangerås, Thomas P.

6072: Exclusive Quality - Why Exclusive Distribution May Benefit the TV Viewers

Johan Stennek

6071: Credit Elasticities in Less-Developed Economies: Implications for Microfinance

Jonathan Zinman and Dean Karlan