CEPR Discussion Papers

From Centre for Economic Policy Research
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7703: The 'Emulator Effect' of the Uruguay Round on US Regionalism

Frederic Robert-Nicoud and Marco Fugazza

7702: Durable consumption and asset management with transaction and observation costs

Luigi Guiso, Fernando Alvarez and Francesco Lippi

7701: Estate Taxation and Intergenerational Transfers

Tullio Jappelli, Mario Padula and Giovanni Pica

7700: The Return of the Wage Phillips Curve

Galí, Jordi

7699: Which Immigrants Are Most Innovative and Entrepreneurial: Distinctions by Entry Visa

Jennifer Hunt

7698: Development Uncorked: Reputation Acquisition in the New Market for Chilean Wines in the UK

Rocco Macchiavello

7697: Intermediation and Economic Integration

Pol Antràs and Arnaud Costinot

7696: Intermediated Trade

Pol Antràs and Arnaud Costinot

7695: Do terms-of-trade effects matter for trade agreements? Evidence from WTO countries

Rodney Ludema and Anna Maria Mayda

7694: Cross-Border Investment in Small International Financial Centers

Gian Maria Milesi-Ferretti and Philip Lane

7693: Global Imbalances: In Midstream?

Olivier Blanchard and Gian Maria Milesi-Ferretti

7692: Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model

Mario Forni and Luca Gambetti

7691: Business Cycle Dynamics under Rational Inattention

Bartosz Maćkowiak and Mirko Wiederholt

7690: Financial Development and the Patterns of International Capital Flows

Juergen von Hagen and Haiping Zhang

7689: Commodity prices, commodity currencies, and global economic developments

Paolo Pesenti and Jan Groen

7688: Family Values and the Regulation of Labor

Alberto Alesina, Pierre Cahuc, Yann Algan and Paola Giuliano

7687: Keynes Meets Markowitz: The Trade-off Between Familiarity and Diversification

Raman Uppal, Phelim Boyle, Tan Wang and Lorenzo Garlappi

7686: Improving Portfolio Selection Using Option-Implied Volatility and Skewness

Raman Uppal, Victor DeMiguel, Yuliya Plyakha and Grigory Vilkov

7685: The Tip of the Iceberg: Modeling Trade Costs and Implications for Intra-Industry Reallocation

Andreas Moxnes, Alfonso Irarrazabal and Luca David Opromolla

7684: Watchdog or Lapdog? Media and the U.S. Government

Nancy Qian and David Yangagizawa

7683: Price Discrimination under Customer Recognition and Mergers

Helder Vasconcelos and Rosa Esteves

7682: Brain drain in globalization: A general equilibrium analysis from the sending countries? perspective

Frédéric Docquier, Luca Marchiori and I-Ling Shen

7681: Public-private partnerships versus traditional procurement: Innovation incentives and information gathering

Patrick Schmitz and Eva Hoppe

7680: The Consumption Response to Income Changes

Tullio Jappelli and Luigi Pistaferri

7679: Decentralized Investment Management: Evidence from the Pension Fund Industry

David Blake, Ian Tonks, Allan Timmermann and Russell Wermers

7678: The Timing of Takeovers in Growing and Declining Markets

Helen Weeds and Robin Mason

7677: Forecasting with Factor-augmented Error Correction Models

Anindya Banerjee, Massimiliano Marcellino and Igor Masten

7676: Performance Maximization of Actively Managed Funds

Gur Huberman, Paolo Guasoni and Zhenyu Wang

7675: Greasing the Wheels of International Commerce: How Services Facilitate Firms' International Sourcing

Görg, Holger, Horst Raff and Peter Debaere

7674: The lender of last resort: liquidity provision versus the possibility of bail-out

Sylvester Eijffinger and Rob Nijskens

7673: An Area-Wide Real-Time Database for the Euro Area

Jerome Henry, Domenico Giannone, Magdalena Lalik and Michele Modugno

7672: The Political Resource Curse

Guido Tabellini, Roberto Perotti, Tommaso Nannicini and Fernanda Brollo

7671: Common Factors in Latin America?s Business Cycles

Allan Timmermann, Marco Aiolfi and Catão, Luís

7670: Asset Auctions, Information, and Liquidity

Xavier Vives

7669: Monetary policy in exceptional times

Lucrezia Reichlin, Huw Pill and Michele Lenza

7668: Trade Liberalization and Heterogeneous Firm Models: An Evaluation Using the Canada - US Free Trade Agreement

Cuñat, Alejandro and Holger Breinlich

7667: Rotten Kids with Bad Intentions

Armin Schmutzler and Nick Netzer

7666: The 2008 Financial Crisis and Taxation Policy

Nicodème, Gaëtan and Thomas Hemmelgarn

7665: Fiscal Centralization and the Political Process

Facundo Albornoz

7664: Composition of International Capital Flows: A Survey

Assaf Razin and Korolai Kirabaeva

7663: Thanks for Nothing? Not-for-Profits and Motivated Agents

Maitreesh Ghatak and Hannes Mueller

7662: A Framework for Cross-Country Comparisons of Public Infrastructure Constraints on Firm Growth

Paul Seabright, Mark Schaffer and Wendy Carlin

7661: Growth in a Time of Debt

Kenneth Rogoff and Carmen Reinhart

7660: Rational Crowd-Pleasing and Democratic Accountability

Mathias Dewatripont and Paul Seabright

7659: Incentive Compatible Reimbursement Schemes for Physicians

Winand Emons

7658: Screening, Competition, and Job Design: Economic Origins of Good Jobs

Klaus Schmidt, Ernst Fehr and Björn Bartling

7657: Does university quality drive international student flows?

Reinhilde Veugelers and Linda Van Bouwel

7656: Understanding Analysts' Earnings Expectations: Biases, Nonlinearities and Predictability

Allan Timmermann, Marco Aiolfi and Marius Rodriguez

7655: Credit Supply: Identifying Balance-Sheet Channels with Loan Applications and Granted Loans

Steven Ongena, Peydró, José-Luis, Jiménez, Gabriel and Jesús Saurina

7654: The Institutional Foundations of China?s Reforms and Development

Cheng-Gang Xu

7653: Who Owns Children and Does it Matter?

Michele Tertilt and Alice Schoonbroodt

7652: Trading Frenzies and Their Impact on Real Investment

Itay Goldstein, Kathy Yuan and Emre Ozdenoren

7651: Learning and Complementarities: Implications for Speculative Attacks

Itay Goldstein, Kathy Yuan and Emre Ozdenoren

7650: Monetary Persistence and the Labor Market: A New Perspective

Dennis Snower, Christian Merkl and Wolfgang Lechthaler

7649: Debt consolidation and fiscal stabilization of deep recessions

Giancarlo Corsetti, Müller, Gernot, Keith Kuester and Andre Meier

7648: Cultural and Institutional Bifurcation: China and Europe Compared

Guido Tabellini and Avner Greif

7647: Gender and Racial Biases: Evidence from Child Adoption

Leonardo Felli, Leeat Yariv, Mariagiovanna Baccara and Allan Collard-Wexler

7646: Majority Voting in Multidimensional Policy Spaces: Kramer-Shepsle versus Stackelberg

Philippe De Donder, Michel Le Breton and Eugenio Peluso

7645: An Optimum Currency Area Odyssey

Harris Dellas and George Tavlas

7644: Monetary Misperceptions, Output and Inflation Dynamics

Harris Dellas and Fabrice Collard

7643: Imperfect information and the business cycle

Harris Dellas, Frank Smets and Fabrice Collard

7642: Wholesalers and Retailers in US Trade (Long Version)

Andrew Bernard, Stephen Redding, Peter Schott and J. Jensen

7641: The Multi-unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard

Estelle Cantillon and Eric Budish

7640: The relation between competition and innovation -- Why is it such a mess?

Armin Schmutzler

7639: Directed Search in the Housing Market

Pieter Gautier, James Albrecht and Susan Vroman

7638: Do Employers Discriminate by Gender? A Field Experiment in Female-Dominated Occupations

Alison Booth and ,

7637: On the Size of the Active Management Industry

Robert Stambaugh and Pástor, Luboš

7636: Vertical Relations under Credit Constraints

Volker Nocke and John Thanassoulis

7634: Can we infer social preferences from the lab? Evidence from the trust game

Luigi Zingales, Paola Sapienza and Nicole M. Baran

7633: Risk Heterogeneity and Credit Supply: Evidence from the Mortgage Market

Timothy Besley, Paolo Surico and Neil Meads

7632: Incentive Effects of Unemployment Insurance Savings Accounts: Evidence from Chile

Jan C. van Ours, Milan Vodopivec and Gonzalo Reyes Hartley

7631: Cost-Benefit Analysis of the Community Patent

Bruno van Pottelsberghe de la Potterie and Jérôme Danguy

7630: Can the Fiscal Theory of the price level explain UK inflation in the 1970s?

A. Patrick Minford and Jingwen Fan

7629: On the Origin of the Family

Marco Francesconi, Motty Perry and Christian Ghiglino

7628: Employment Protection Legislation, Multinational Firms and Innovation

Rachel Griffith and Gareth Macartney

7627: Part-Time Jobs: What Women Want?

Alison Booth and Jan C. van Ours

7626: Profit Taxation, Innovation and the Financing of Heterogeneous Firms

Christian Keuschnigg and Evelyn Ribi

7625: Public versus Private Risk Sharing

Fabrizio Perri and Dirk Krueger

7624: Is There a Fiscal Free Lunch in a Liquidity Trap?

Jesper Lindé and Christopher Erceg

7623: The Euro and Firm Restructuring

Fabiano Schivardi, Matteo Bugamelli and Roberta Zizza

7622: Cultural Transmission and Discrimination

Yves Zenou and Sáez-Martí, Maria

7621: Some Problems in the Testing of DSGE Models

A. Patrick Minford, Michael Wickens and Vo Phuong Mai Le

7620: Lab Experiments are a Major Source of Knowledge in the Social Sciences

James Heckman and Armin Falk

7619: Valuation of VIX Derivatives

Enrique Sentana and Mencía, Javier

7618: The Impact of Mergers on the Degree of Competition in the Banking Industry

Barbara Chizzolini, Vittoria Cerasi and Marc Ivaldi

7617: Excess Leverage and Productivity Growth in Emerging Economies: Is There A Threshold Effect?

Fabrizio Coricelli, ,, Sarmistha Pal and Isabelle Roland

7616: Services Trade and Policy

Joseph Francois

7615: Fiscal stimulus and the promise of future spending cuts

Volker Wieland

7614: Asset Prices, Exchange Rates and the Current Account

Lucio Sarno, Marcel Fratzscher and Luciana Juvenal

7613: Competition with exclusive contracts and market-share discounts

Giacomo Calzolari and Vincenzo Denicolo'

7612: The Macroeconomics of Model T

Zweimüller, Josef, Reto Foellmi and Tobias Wuergler

7611: Testing the "Waterbed" Effect in Mobile Telephony

Tommaso Valletti and Christos Genakos

7610: Crisis? What Crisis? Currency vs. Banking in the Financial Crisis of 1931

Albrecht Ritschl and Samad Sarferaz

7609: Do trade missions increase trade?

Keith Head and John Ries

7608: Japan's Lost Decade: Does Money have a Role?

Fabio Canova and Tobias Menz

7607: The Limits to Fiscal Stimulus

Willem Buiter

7606: Global Imbalances and the Financial Crisis: Products of Common Causes

Kenneth Rogoff and Maurice Obstfeld

7605: Reversing unconventional monetary policy: technical and political considerations

Willem Buiter

7604: On the origins of land use regulations: Theory and evidence from US metro areas

Frederic Robert-Nicoud and ,

7603: Markets for Reputation: Evidence on Quality and Quantity in Academe

Daniel Hamermesh and Gerard Pfann