CEPR Discussion Papers

From Centre for Economic Policy Research
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7804: The Price Impact of Institutional Herding

Andrea Prat, Amil Dasgupta and Michela Verardo

7803: The Cliometrics of International Migration: A Survey

Timothy Hatton

7802: Expansion of Trade at the Extensive Margin: A General Gains-from-Trade Result and Illustrative Examples

James Markusen

7801: Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?

Justin Wolfers and Erik Snowberg

7800: Is Economic Recovery a Myth? Robust Estimation of Impulse Responses

C. N. Teulings and Nick Zubanov

7799: Asymmetric Information and List Price Reductions in the Housing Market

Bas van der Klaauw and Erik de Wit

7798: Currency Crises and Monetary Policy: A Study on Advanced and Emerging Economies

Sylvester Eijffinger and Bilge Karataş

7797: Empirical Simultaneous Confidence Regions for Path-Forecasts

Massimiliano Marcellino, Knüppel, Malte and Oscar Jorda

7796: Forecasting Government Bond Yields with Large Bayesian VARs

Massimiliano Marcellino, George Kapetanios and Andrea Carriero

7795: Optimal Mix of Applied and Basic Research, Distance to Frontier, and Openness

Hans Gersbach, Maik Schneider and Olivier Schneller

7794: The Price of Liquidity: Bank Characteristics and Market Conditions

Kjell Nyborg, Falko Fecht and Rocholl, Jörg

7793: Credit within the Firm

Luigi Guiso, Luigi Pistaferri and Fabiano Schivardi

7792: Does Ricardian Equivalence Hold When Expectations are not Rational?

Seppo Honkapohja, George Evans and Kaushik Mitra

7791: A Transaction Data Study of the Forward Bias Puzzle

Paolo Vitale, Dagfinn Rime and Francis Breedon

7790: Putting Per-Capita Income back into Trade Theory

James Markusen

7789: Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool

Pérez-Quirós, Gabriel and Hugo Rodriguez Mendizabal

7788: Conclude Doha: It Matters!

Aaditya Mattoo and Will Martin

7787: Why Governments Tax or Subsidize Trade: Evidence From Agriculture

Kishore Gawande

7786: Recent Developments in Intergenerational Mobility

Sandra Black and Paul Devereux

7785: Pricing and Information Disclosure in Markets with Loss-Averse Consumers

Martin Peitz and Heiko Karle

7784: Deep Financial Integration and Volatility

Sørensen, Bent E, Kalemli-Özcan, Sebnem and Vadym Volosovych

7783: A Balls-and-Bins Model of Trade

Miklós Koren and Roc Armenter

7782: Social Capital and Political Accountability

Guido Tabellini, Tommaso Nannicini and Andrea Stella

7781: The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences

Rubio-Ramírez, Juan Francisco, Fernández-Villaverde, Jesús, Ralph Koijen and Jules van Binsbergen

7780: On the Dynamics of Hedge Fund Risk Exposures

Andrew Patton

7779: Training and Search during Unemployment

Johannes Spinnewijn

7778: Competition with Local Network Externalities

Espen Moen, Christian Riis and Fjeldstad, Øystein

7777: Search and Matching in the Housing Market

David Genesove and Lu Han

7776: EMU, EU, capital market integration and consumption smoothing

Jacques Melitz and Atanas Christev

7775: Trade-in-goods and trade-in-tasks: An Integrating Framework

Richard Baldwin and Frederic Robert-Nicoud

7774: Bargaining cum Voice

Hans Gersbach and Hans Haller

7773: Power Laws in Firm Size and Openness to Trade: Measurement and Implications

Rancière, Romain, Andrei Levchenko and Julian di Giovanni

7772: The Forward Premium Puzzle and Latent Factors Day by Day

Casper de Vries, Juergen von Hagen and Kerstin Bernoth

7771: Monetary Policy and Unemployment

Galí, Jordi

7770: Economic Growth with Bubbles

Jaume Ventura and Martín, Alberto

7769: Reconciling VAR-based and Narrative Measures of the Tax-Multiplier

Francesco Giavazzi and Carlo Favero

7768: Media Mergers and Media Bias with Rational Consumers

Simon Anderson and John McLaren

7767: Tax Arbitrage with Risk and Effort Aversion -- Swedish Lottery Bonds 1970-1990

Kristian Rydqvist

7766: Fiscal expansions affect unemployment, but they may increase it

Evi Pappa and Brückner, Markus

7765: The vulnerability of sub-Saharan Africa to the financial crisis: the case of trade

Philippe Martin and Nicolas Berman

7764: Hierarchical Trade

Hans Gersbach and Hans Haller

7763: The Forecasting Performance of Real Time Estimates of the Euro Area Output Gap

Massimiliano Marcellino and Alberto Musso

7762: Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

Florian Heider, Cornelia Holthausen and Marie Hoerova

7761: Cartels Uncovered

Frode Steen, Otto Toivanen and Ari Hyytinen

7760: Rational Inattention to Subsidies for Charitable Contributions

Kimberley Scharf and Sarah Smith

7759: Migration and Economic Mobility in Tanzania: Evidence from a Tracking Survey

Stefan Dercon, Kathleen Beegle and ,

7757: Civic Capital as the Missing Link

Luigi Guiso, Luigi Zingales and Paola Sapienza

7756: Offshoring, tasks, and the skill-wage pattern

Görg, Holger, Ingo Geishecker and ,

7755: A primer on unconventional monetary policy

Peter Bofinger and ,

7754: Giving Credit Where it is Due

Abhijit Banerjee and Esther Duflo

7753: The Role of Inventories and Speculative Trading in the Global Market for Crude Oil

Lutz Kilian and Daniel Murphy

7752: Entrepreneurial Innovations, Entrepreneurship Policy and Globalization

Lars Persson, Norbäck, Pehr-Johan and Robin Douhan

7751: What Should we Expect from Innovation? A Model-Based Assessment of the Environmental and Mitigation Cost Implications of Climat

Carlo Carraro, Romain Duval, Valentina Bosetti and Massimo Tavoni

7750: Incentives to Innovate and the Decision to Go Public or Private

Daniel Ferreira, Gustavo Manso and Andre Silva

7749: Would Freeing Up World Trade Reduce Poverty and Inequality? The Vexed Role of Agricultural Distortions

Kym Anderson, John Cockburn and Will Martin

7748: Changing contributions of different agricultural policy instruments to global reductions in trade and welfare

Kym Anderson and Johanna L. Croser

7747: Agricultural Distortions in Sub-Saharan Africa: Trade and Welfare Indicators, 1961 to 2004

Kym Anderson and Johanna L. Croser

7746: Short-Term Inflation Projections: a Bayesian Vector Autoregressive approach

Domenico Giannone, Michele Lenza, Luca Onorante and Daphne Momferatou

7745: Growth, History, or Institutions? What Explains State Fragility in Sub-Saharan Africa

Graziella Bertocchi and Andrea Guerzoni

7744: Returns to Inventors

Otto Toivanen and Väänänen, Lotta

7743: Expectation Shocks and Learning as Drivers of the Business Cycle

Fabio Milani

7742: Measuring Output Gap Uncertainty

Anthony Garratt, Shaun Vahey and James Mitchell

7741: Distortionary fiscal policy and monetary policy goals

Klaus Adam and Roberto Billi

7740: The geography of conflicts and free trade agreements

Philippe Martin and Thierry Mayer

7739: A "quantum" approach to rational inattention

Gilles Saint-Paul

7738: Limits of Arbitrage: The State of the Theory

Denis Gromb and Dimitri Vayanos

7737: Optimal Interventions in Markets with Adverse Selection

Thomas Philippon and Vasiliki Skreta

7736: Optimal market design

Jan Boone and Jacob Goeree

7735: The international diversification of banks and the value of their cross-border M&A advice

Steven Ongena, Abe De Jong and Marieke van der Poel

7734: Demographic Trends, the Dividend-Price Ratio and the Predictability of Long-Run Stock Market Returns

Carlo Favero, Arie Gozluklu and Andrea Tamoni

7733: Regulatory Reform After the Crisis: Opportunities and Pitfalls

Thorsten Beck

7732: How do Fiscal and Technology Shocks affect Real Exchange Rates? New Evidence for the United States

Almuth Scholl, Müller, Gernot and Zeno Enders

7731: Stabilization and Growth under Dictatorship: The Experience of Franco's Spain

Leandro Prados de la Escosura, Rosés, Joan R. and ,

7730: Welfare Analysis of Regulating Mobile Termination Rates in the UK (with an Application to the Orange/T-Mobile Merger)

Steffen Hoernig and David Harbord

7729: Platform Siphoning: Ad-Avoidance and Media Content

Simon Anderson and Joshua Gans

7728: Unemployment Fiscal Multipliers

Roberto Perotti, Tommaso Monacelli and Antonella Trigari

7727: Monetary Policy and the Cyclicality of Risk

López-Salido, J David and Christopher Gust

7726: Factor-GMM Estimation with Large Sets of Possibly Weak Instruments

Massimiliano Marcellino and George Kapetanios

7725: Public Support for Innovation, Intangible Investment and Productivity Growth in the UK Market Sector

Jonathan Haskel and Gavin Wallis

7724: Ideologues: Explaining Partisanship and Persistence in Politics (and Elsewhere)

Anke Kessler and Benno Buehler

7723: Economic growth and the rise of political extremism: theory and evidence

Grüner, Hans Peter and Brückner, Markus

7722: Vertical Merger, Collusion, and Disruptive Buyers

Volker Nocke and Lucy White

7721: Financial constraints and innovation: Why poor countries don't catch up

Monika Schnitzer and Yuriy Gorodnichenko

7720: When two-part tariffs are not enough: Mixing with nonlinear pricing

Tommaso Valletti and Steffen Hoernig

7719: Optimal Target Criteria for Stabilization Policy

Michael Woodford and Marc Giannoni

7718: Globalization and the Output-inflation Tradeoff: New Time Series Evidence

Sylvester Eijffinger and Zongxin Qian

7717: Similarities and Differences when Building Trust: the Role of Cultures

Andrea Ichino, Karl Schlag, Oliver Kirchkamp, Fabian Bornhorst and Eyal Winter

7716: The Reliability of Real Time Estimates of the Euro Area Output Gap

Massimiliano Marcellino and Alberto Musso

7715: `Let me dream on!' Anticipatory emotions and preference for timing in lotteries

Frans A.A.M. van Winden, Martin Kocher and Michal Krawczyk

7714: Joint Ventures as a Commitment Device Against Lobbies

Paul Seabright and Nicoletta Berardi

7713: Age, wage and productivity

Jan C. van Ours and Lenny Stoeldraijer

7712: Correlated Disturbances and U.S. Business Cycles

Vasco Cúrdia

7711: Imperfect Information and Aggregate supply

N. Gregory Mankiw

7710: The political economy of intergenerational income mobility

Andrea Ichino, Enrico Moretti and Loukas Karabarbounis

7709: Skilled Immigration and Innovation: Evidence from Enrollment Fluctuations in U.S. Doctoral Programs

Ahmed Mobarak, Keith Maskus and Eric Stuen

7708: Why do within firm-product export prices differ across markets?

László Halpern, Görg, Holger and Muraközy, Balázs

7707: Labor Market Frictions as a Source of Comparative Advantage, with Implications for Unemployment and Inequality

Elhanan Helpman

7706: Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey

Giuseppe Bertola, Claudia Kwapil, Marco Hoeberichts, Aurelijus Dabusinskas, ,, Daniel Radowski and Jérémi Montornes

7705: Conflicts of Interest, Reputation, and the Interwar Debt Crisis: Banksters or Bad Luck?

Marc Flandreau, Ugo Panizza and Norbert Gaillard

7704: Simple Analytics of the Government Expenditure Multiplier

Michael Woodford