CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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20248: What Drives Trade Policy Reform?

Julia Estefania Flores, Davide Furceri, Jonathan Ostry and Federico Steinberg

20247: Banks and the State-Dependent Effects of Monetary Policy

Martin Eichenbaum, Mathias Trabandt, Sergio Rebelo and Federico Puglisi

20246: The 2025 Trade War: Dynamic Impacts Across U.S. States and the Global Economy

Andres Rodriguez-Clare, Mauricio Ulate and Jose P. Vasquez

20245: Economics of Greenfield Urban Planning

J. Vernon Henderson, Francisco Libano-Monteiro, Martina Manara, Guy Michaels and Tanner Regan

20244: AI in Corporate Governance: Can Machines Recover Corporate Purpose?

Boris Nikolov, Schürhoff, Norman and Sam Wagner

20243: Futureproofing Companies & Valuation Ratios

Wander Marijnissen, Dirk Schoenmaker and Willem Schramade

20242: Partisan Corporate Speech

William Cassidy and Elisabeth Kempf

20241: Internal Migration and the Spatial Reorganization of Agriculture

Raahil Madhok, Frederik Noack, Ahmed Mobarak and Olivier Deschenes

20240: Tradeoffs over Rate Cycles: Activity, Inflation and the Price Level

Kristin Forbes, Jongrim Ha and Ayhan Kose

20239: Climate Credit Risk and Corporate Valuation

Stefano Battiston, Antoine Mandel and Irene Monasterolo

20238: Running the Risk: Immunity and Mobility in Response to a Pandemic

Claudio Deiana, Andrea Geraci, Giovanni Mastrobuoni and Simon Weidenholzer

20237: Strategic Cops and Robbers?

Giovanni Mastrobuoni and Emily Owens

20236: Women Behind Bars: Do Single-Gender Prisons Reduce Recidivism?

Francesca Calamunci, Gianmarco Daniele, Giovanni Mastrobuoni and Daniele Terlizzese

20235: The Persistence of Female Political Power in Africa

Siwan Anderson, Sophia Du Plessis, Sahar Parsa and James A. Robinson

20234: Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming

Franca Glenzer, Pierre-Carl Michaud and Stefan Staubli

20233: Acemoglu, Johnson, and Robinson: The Identification of Historically Contingent Causal Effects

Davide Cantoni and Noam Yuchtman

20232: Pandemics, Capital Allocation and Structural Change

Sergi Basco and Rosés, Joan R.

20231: The Long-Run Effects of Popular Uprisings: Evidence from the German Peasants’ War

Fabian Wahl

20230: Meaning at Work

Nava Ashraf, Oriana Bandiera, Virginia Minni and Luigi Zingales

20229: Measuring Organizational Capital

Wei Cai, Andrea Prat and Jiehang Yu

20228: Boosting Student Achievement through Cost-Effective Management

Tiago Cavalcanti and Felipe Puccioni

20227: Data-Driven Mechanism Design: Jointly Eliciting Preferences and Information

Dirk Bergemann, Marek Bojko, Paul Duetting, Renato Paes Leme, Haifeng Xu and Song Zuo

20226: The Economics of Large Language Models: Token Allocation, Fine-Tuning and Optimal Pricing

Dirk Bergemann, Alessandro Bonatti and Alex Smolin

20225: Making America Great Again? The Economic Impacts of Liberation Day Tariffs

Anna Ignatenko, Ahmad Lashkaripour, Luca Macedoni and Ina Simonovska

20224: When Protection Becomes Exploitation: The Impact of Firing Costs on Present-Biased Employees

Florian Englmaier, Matthias Fahn, Ulrich Glogowsky and Marco A. Schwarz

20223: Unconventional Monetary Policies in Small Open Economies

Marcin Kolasa, Stefan Laseen and Lindé, Jesper

20222: Employee Performance and Mental Well-Being: The Mitigating Effects of Transformational Leadership During Crisis

Kristina Czura, Florian Englmaier, Hoa Ho and Lisa Spantig

20221: Gene x Environment Interactions: Polygenic Scores and the Impact of an Early Childhood Intervention in Colombia

Orazio Attanasio, Gabriella Conti, Pamela Jervis, Costas Meghir and Aysu Okbay

20220: The Military Multiplier

Ralph Luetticke, Müller, Gernot, Müller, Gernot and Anastasiia Antonova

20219: Scenario Synthesis and Macroeconomic Risk

Tobias Adrian, Domenico Giannone, Matteo Luciani and Mike West

20218: Fostering Psychological Safety in Teams: Evidence from an RCT

Silvia Castro, Florian Englmaier and Maria Guadalupe

20217: Confused about Careers? Untangling Occupational Mobility, Miscoding and Distance

Carlos Carrillo-Tudela, Saman Darougheh and Ludo Visschers

20216: Distributional Consequences of Becoming Climate-Neutral

Philipp Hochmuth, Per Krusell and Kurt Mitman

20215: Fiscal and Macroprudential Policies During an Energy Crisis

Romanos Profitis and Raphael Schoenle

20214: Justices of the Peace: Legal Foundations of the Industrial Revolution

Timothy Besley, Dan Bogart, Jonathan Chapman and Nuno Palma

20213: A KISS for Central Bank Communication in Times of High Inflation

Mathias Hoffmann, Emanuel Moench, Lora Pavlova and Guido Schultefrankenfeld

20212: Debt-at-Risk

Davide Furceri, Domenico Giannone, Faizaan Kisat, Raphael Lam and Hongchi Li

20211: Gender Biased Norms

Siwan Anderson

20210: Equality for Granted: What Happens when Discrimination in Academia Becomes Salient?

Lena Hensvik and J Peter Nilsson

20209: The Rise and Fall of Single-Use Plastic Tax: The Effects on Sales and Prices

Itai Ater, Michal Hodor and Nir Yoseph

20208: Do Transfer Pricing Consultants Lead to a Boom in Tax Consultants?

Dina Pomeranz and Suárez Serrato, Juan Carlos

20207: The Race Between Tax Enforcement and Tax Planning: Evidence From a Natural Experiment in Chile

Sebastian Bustos, Dina Pomeranz, Suárez Serrato, Juan Carlos, Vila-Belda, José and Gabriel Zucman

20206: Generative AI’s Impact on Student Achievement and Implications for Worker Productivity

Naomi Hausman, Oren Rigbi and Sarit Weisburd

20205: Quote Competition in Corporate Bonds

Terrence Hendershott, Dan Li, Dmitry Livdan, Schürhoff, Norman and Kumar Venkataraman

20204: Finfluencers

Ali Kakhbod, Seyed Kazempour, Dmitry Livdan and Schürhoff, Norman

20203: General Equilibrium Effects of Technical Non-Tariff Measures: Evidence from Bilateral Trade Cost Estimates

Fernández-Amador, Octavio, Joseph Francois and Achim Vogt

20202: Pitfalls and Optimal Design of Emergency Liquidity Assistance

Linda Schilling

20201: Agglomeration and Human Capital

Yujiang River Chen and Coen Teulings

20200: Migration and Regime Change: Outflows Follow Democratic Decline, Inflows Fuel Illiberal Drift

Assaf Razin

20199: Cash or care? Insights from the German long-term care system

Iris Kesternich, Romahn, André, Johannes Van Biesebroeck and Marjolein Van Damme

20198: Institutions, History, Antagonisms, and Development The Contributions of Daron Acemoglu, Simon Johnson, and James Robinson

Elias Papaioannou

20197: Immigration and Productivity: Unpacking the Role of Spatial Sorting

Jan Auerbach, Elisa Keller, Julian Neira and Rish Singhania

20196: Monetary Transmission with Frequent Policy Events

Carlo Altavilla, Gürkaynak, Refet, Thilo Kind and Luc Laeven

20195: Job Amenity Shocks and Labor Reallocation

Sadhika Bagga, Lukas Mann, Aysegul Sahin and Giovanni L. Violante

20194: Culture and Contemporary Political Preferences

Vasiliki Fouka and Marco Tabellini

20193: Industry and Identity: The Migration Linkage Between Economic and Cultural Change in 19th Century Britain

Vasiliki Fouka and Theo Serlin

20192: Trade Sanctions Against Russia: Stylized Facts

Konstantin Egorov, Vasily Korovkin, Alexey Makarin and Dzhamilya Nigmatulina

20191: The Rise of China and the Global Production of Scientific Knowledge

Hyejin Ku and Tianrui Mu

20190: Parental Educational Styles with Externalities

Antonio Cabrales and Esther Hauk

20189: Quantifying Okun’s Leaky Bucket: The Case of Progressive Childcare Subsidies

David Koll, Dominik Sachs, Stürmer-Heiber, Fabian and Turon, Hélène

20188: No Country for Dying Firms: Evidence from India

Shoumitro Chatterjee, Kala Krishna, Kalyani Padmakumar and Yingyan Zhao

20187: The Short- and Long-Run Effects of Affirmative Action: Evidence from Imperial China

Melanie Meng Xue and Boxiao Zhang

20186: Is Davos More Than a Boondoggle?

Andreas Fuchs, Sebastian S. Leue and Andrew Rose

20185: Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth

Ufuk Akcigit, Harun Alp, Jeremy Pearce and Marta Prato

20184: Corporate Actions as Moral Issues

Zwetelina Iliewa, Elisabeth Kempf and Oliver G. Spalt

20183: The Political Economy of Firm Networks: CEO Ideology and Global Trade

Elisabeth Kempf, Mancy Luo and Margarita Tsoutsoura

20182: Modern Monetary Analysis

Ramon Adalid, Alessandro Ferrari, Andrew Hannon, Philip Lane and Sofia Velasco

20181: Macroprudential and Monetary Policy Tightening: More than a Double Whammy?

Markus Behn, Stijn Claessens, Leonardo Gambacorta and Alessio Reghezza

20180: Monetary Policy Transmission, Bank Market Power, and Income Source

Gödl-Hanisch, Isabel and Jordan Pandolfo

20179: Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity

Viral Acharya, Manasa Gopal and Sascha Steffen

20178: Cryptocurrencies and decentralised finance: functions and financial stability implications

Matteo Aquilina, Giulio Cornelli, Jon Frost and Leonardo Gambacorta

20177: Explaining the Dynamics of the Gender Gap in Lifetime Earnings

Bertrand Garbinti, García-Peñalosa, Cecilia, Vladimir Pecheu and Frédérique Savignac

20176: Micro-Evidence on the Consumption Impact of Income-Support Policies During COVID-19

Metodij Hadzi-Vaskov, Emiliano Luttini and Luca Antonio Ricci

20175: Welfare Effects of Social Security With Uninsured Income Risk

Gaetano Bloise and Pietro Reichlin

20174: The Political Consequences of Controversial Education Reform: Lessons from Wisconsin’s Act 10

Barbara Biasi and Wayne Sandholtz

20173: Ballot Richness and Information Aggregation

Laurent Bouton, Aniol Llorente-Saguer, Macé, Antonin and Dimitrios Xefteris

20172: The Impact of Financial Support to Firms During Crises: The Case of Covid Aid in the EU

Giulia Canzian, Elena Crivellaro, Tomaso Duso, Antonella Rita Ferrara, Alessandro Sasso and Stefano Verzillo

20171: When Hotelling meets Shaked and Sutton: A Unified Linear Model of Product Differentiation

Armin Schmutzler

20170: Providing Innovation Incentives for the Green Transition

Armin Schmutzler

20169: The Menopause "Penalty"

Gabriella Conti, Rita Ginja, Petra Persson and Barton Willage

20168: Global Networks, Monetary Policy, Trade

Sebnem Kalemli-Ozcan, Can Soylu and Yıldırım, Muhammed A.

20167: Banks and the State-Dependent Effects of Monetary Policy

Martin Eichenbaum, Federico Puglisi, Sergio Rebelo and Mathias Trabandt

20166: Decomposing Monetary Policy Surprises: Shock, Information, and Policy Rule Revision

Giovanni Ricco and Emanuele Savini

20165: The Macroeconomics of Tariff Shocks

Adrien Auclert, Matthew Rognlie and Ludwig Straub

20164: Bank Financing of Global Supply Chains

Laura Alfaro, Mariya Brussevich, Camelia Minoiu and Andrea Presbitero

20163: The Trade Imbalance Network and Currency Returns

Ai Jun Hou, Lucio Sarno and Xiaoxia Ye

20162: Conviction, Incarceration, and Recidivism: Understanding the Revolving Door

John Humphries, Aurelie Ouss, Kamelia Stavreva, Megan Stevenson and Winnie Van Dijk

20161: The US-China Trade War Creates Jobs (Elsewhere)

Tiago Cavalcanti, Pedro Ogeda and Emanuel Ornelas

20160: Climate Policy Uncertainty and Firms' and Investors' Behavior

Piero Basaglia, Clara Berestycki, Stefano Carattini, Antoine Dechezleprêtre and Tobias Kruse

20159: The Conventional Impulse Response Prior in VAR Models with Sign Restrictions

Atsushi Inoue and Lutz Kilian

20158: LASH Risk and Interest Rates

Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathon Hazell and Ioana Neamtu

20157: The Market for Inflation Risk

Saleem Bahaj, Robert Czech, Sitong Ding and Ricardo Reis

20156: Merger Policy for Platforms: A Growth Theory Perspective

Jane Olmstead-Rumsey, Federico Puglisi and Liangjie Wu

20155: Field Choice, Skill Specificity, and Labor Market Disruptions

Valerie Smeets, Lin Tian and Sharon Traiberman

20154: Love & Loans The Effect of Race, Beauty and Personal Characteristics in Credit Markets

Enrichetta Ravina

20153: ESG Choice with Polarized Investors

Nicola Persico and Enrichetta Ravina

20152: Dynamic Development Accounting and Relative Income Traps

Patrick Imam and Jonathan Temple

20151: When Developers Hold Office: Shaping Housing Supply Through Local Politics

Ghizlen Ouasbaa, Solé-Ollé, Albert and Elisabet Viladecans-Marsal

20150: Fast-Tracked Jobs Help Asylum Seekers Integrate Faster

Giovanni Abbiati, Erich Battistin, Paola Monti and Paolo Pinotti

20149: Fiscal Stagnation

Luca Fornaro and Martin Wolf