CEPR Discussion Papers

From Centre for Economic Policy Research
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7758: Promising the right prize

Emeric Henry

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 Climate-Related R&D

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

Keith Maskus, Ahmed Mobarak and Eric Stuen

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

László Halpern, Görg, Holger and Balazs Murakozy

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

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

Phelim Boyle, Lorenzo Garlappi, Raman Uppal and Tan Wang

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

Victor DeMiguel, Yuliya Plyakha, Raman Uppal 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