CEPR Discussion Papers

From Centre for Economic Policy Research
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19368: Japan’s Economic Puzzle

Dany Bahar, Guillermo Arcay, Jesus Daboin Pacheco and Ricardo Hausmann

19367: CBDCs, Payment Firms, and Geopolitics

Tobias Berg, Jan Keil, Felix Martini and Manju Puri

19366: Fallow Lengths and the Structure of Property Rights

Etienne Le Rossignol, Sara Lowes and Eduardo Montero

19365: Do Contract Remedies Affect Efficient Renegotiation? An Experiment

Maria Bigoni, Stefania Bortolotti, Francesco Parisi and Xin Zhang

19364: The Retail Execution Quality Landscape

Anne Haubo Dyhrberg, Andriy Shkilko and Ingrid Werner

19363: Trading Fees and Intermarket Competition

Barbara Rindi, Marios Panayides and Ingrid Werner

19362: Beyond Reverse Splits: How Do Fallen Angels Restructure?

Abed El Karim Farroukh, Jennifer Koski and Ingrid Werner

19361: Monetary Policy and Fragility in Corporate Bond Mutual Funds

John Chi-Fong Kuong, James O'Donovan and Jinyuan Zhang

19360: Did I make myself clear? The Fed and the market under the 2020 monetary policy framework

Anna Cieslak, Michael McMahon and Hao Pang

19359: Platform-enabled information disclosure

Jacopo Gambato and Martin Peitz

19358: Why DeFi lending? Evidence from Aave V2

Giulio Cornelli, Leonardo Gambacorta, Rodney Garratt and Alessio Reghezza

19357: Industrial Composition of Syndicated Loans and Banks' Climate Commitments

Galina Hale, Brigid Meisenbacher and Fernanda Nechio

19356: Graduation

Anton Heil, Munshi Sulaiman, Oriana Bandiera and Robin Burgess

19355: The Lifecycle of Protests in the Digital Age

Pierre Boyer, Germain Gauthier, Yves Le Yaouanq, Vincent Rollet and Benoit Schmutz

19354: The Fiscal Contract up Close: Experimental Evidence from Mexico City

Anne Brockmeyer, Francisco Garfias and Suárez Serrato, Juan Carlos

19353: How Do We Age? A Decomposition of Gompertz Law

Casper Hansen and Holger Strulik

19352: Horizontal and Vertical Connector Countries in a Geoeconomically Fragmenting World

Shekhar Aiyar, Franziska Ohnsorge and Hakan Yilmazkuday

19351: Young, Educated, Unemployed

Sena Coskun

19350: Climate Policies and External Adjustment

Rudolfs Bems, Luciana Juvenal, Weifeng Larry Liu and Warwick McKibbin

19349: Carbon VIX: Carbon Price Uncertainty and Decarbonization Investments

Maximilian Fuchs, Ströbel, Johannes and Julian Terstegge

19348: Pace of adoption of alternatives to animal-source foods and climate goals

Galina Hale, Vlad Onescu and Ritesh Bhangale

19347: Climate Disasters and Exchange Rates: Are Beliefs Keeping up with Climate Change?

Galina Hale

19346: At the Threshold: The Increasing Relevance of the Middle-Income Trap

Patrick Imam and Jonathan Temple

19345: Intergenerational Impacts of Secondary Education: Experimental Evidence from Ghana

Esther Duflo, Pascaline Dupas, Elizabeth Spelke and Mark Walsh

19344: The Impact of Secondary School Subsidies on Career Trajectories in a Dual Labor Market: Experimental Evidence from Ghana

Esther Duflo, Pascaline Dupas and Michael Kremer

19343: Training Time, Robots and Technological Unemployment

Fenicia Cossu, Alessio Moro and Michelle Petersen Rendall

19342: Sailing Ship Technology, Navigation and the Duration of Voyages to Australia, 1848-85

Tim Hatton

19341: Yield Determinants and the Role of ESM Loans in the Primary Market for Spanish Sovereign Debt

Josha van Spronsen and Roel Beetsma

19340: Optimal Monetary and Fiscal Policies in Disaggregated Economies

Lydia Cox, Jiacheng Feng, Müller, Gernot, Ernesto Pasten, Raphael Schoenle and Michael Weber

19339: Strike while the Iron is Hot: Optimal Monetary Policy under State-Dependent Pricing

Peter Karadi, Anton Nakov, Nuño, Galo, Ernesto Pasten and Dominik Thaler

19338: Bilateral Monopoly Revisited: Price Formation, Efficiency and Countervailing Powers

Flavio Toxvaerd

19337: Technological greenness and long-run performance

Stefano Battiston, Irene Monasterolo and Maurizio Montone

19336: The covenant removal option in corporate bonds

Carsten Bienz, Zsuzsanna Fluck and Karin Thorburn

19335: Innovation Adoption by Committee: Evaluating Decision-Making in the FDA

Nathan Canen and Matias Iaryczower

19334: How do central banks control inflation? A guide for the perplexed

Laura Castillo-Martinez and Ricardo Reis

19333: Money in a Heterogeneous Agent Model

Roger Farmer

19332: The Effect of Foreign Aid on Migration

Andreas Fuchs, Gröger, Andre, Tobias Heidland and Lukas Wellner

19331: When Large Traders Create Noise

Sergei Glebkin and John Chi-Fong Kuong

19330: Local Decline and Populism

Thiemo Fetzer, Jacob Edenhofer and Prashant Garg

19329: The Democracy Dividend: How Early Exposure to Democracy Shapes Health Outcomes

Federico Maggio, Dominic Rohner and Alessandro Saia

19328: Exchange Rate Models are Better than You Think, and Why They Didn't Work in the Old Days

Charles Engel and Steve Pak Yeung Wu

19327: Early Home Visiting Delivery Model and Maternal and Child Mental Health at Primary School Age

Gabriella Conti, Soeren Kliem and Malte Sandner

19326: Evaluating and pricing health insurance in lower-income countries: A field experiment in India

Anup Malani, Cynthia Kinnan, Gabriella Conti, Kosuke Imai, Morgen Miller, Shailender Swaminathan, Alessandra Voena and Bartek Woda

19325: State-Dependent Exchange Rate Pass-Through

Yan Carriere-Swallow, Melih Firat, Davide Furceri and Jiménez, Daniel

19324: Birth Timing and Spacing: Implications for Parental Leave Dynamics and Child Penalties

Abigail Adams, Jensen, Mathias Fjællegaard and Barbara Petrongolo

19323: Online versus In-Person Services: Effects on Patients and Providers

Amanda Dahlstrand, Nestor Le Nestour and Guy Michaels

19322: Mafia, Politics and Machine Predictions

Gian Maria Campedelli, Gianmarco Daniele and Marco Le Moglie

19321: Which discount rate for sustainability?

Dirk Schoenmaker and Willem Schramade

19320: Intrinsic Value: A Solution to the Declining Performance of Value Strategies

Derek Bergen, Francesco Franzoni, Daniel Obrycki and Rafael Resendes

19319: Samuelson's Fallacy of Large Numbers With Decreasing Absolute Risk Aversion

Karl Whelan

19318: Optimal Regulation of Electricity Provision with Rolling and Systemic Blackouts

Catherine Bobtcheff, Philippe De Donder and Salanié, François

19317: The Long-term Effects of Charity Nurseries: Evidence from Early 20th Century New York

Philipp Ager and Viktor Malein

19316: When London Burned to Sticks: The Economic Impact of the Great Fire of 1666

Philipp Ager, Maja Pedersen, Paul Sharp and Xanthi Tsoukli

19315: Comparing Experiments in Discounted Problems

Ludovic Renou and Xavier Venel

19314: Portfolio management with big data

Francisco Penaranda and Enrique Sentana

19313: Tough Talk: The Fed and the Risk Premium

Anna Cieslak and Michael McMahon

19312: Correlation in State and Local Tax Changes

Scott Baker, Pawel Janas and Lorenz Kueng

19311: The impact of heterogenous financial shocks on asset prices and corporate decisions

Frederico Belo, Xiaoji Lin, Juliana Salomao and Fan Yang

19310: Beyond Bilateral Flows: Indirect Connections and Exchange Rates

Saleem Bahaj, Pasquale Della Corte, Daniele Massacci and Eduard Seyde

19309: Selecting the Best: The Persistent Effects of Luck

Mikhail Drugov, Margaret Meyer and Möller, Marc

19308: Mispricing Narratives after Social Unrest

Bocar A. Ba, Abdoulaye Ndiaye, Roman G. Rivera and Alexander Whitefield

19307: Clerks

Kfir Eliaz, Daniel Fershtman and Alexander Frug

19306: Can term limits accelerate women's access to top political positions? Quasi-experimental evidence from Italy

Carolina Kansikas and Manuel Bagues

19305: We Don't Need No Education: The Effect of Income Shocks on Human Capital in Africa

Mark Gradstein and Phoebe W. Ishak

19304: Traumatic Financial Experiences and Persistent Changes in Financial Behavior: Evidence from the Freedman's Savings Bank

Vellore Arthi, G Gary Richardson and Mark Van Orden

19303: Women in Editorial Boards: An Investigation of Female Representation in Top Economic Journals

Patricia Funk, Nagore Iriberri and Nicole Venus

19302: Understanding Korea’s Long-Run Real Exchange Rate Behavior

Douglas A. Irwin and Maurice Obstfeld

19301: Cities as Engines of Opportunities: Evidence from Brazil

Radu Barza, Edward Glaeser, Hidalgo, César A. and Martina Viarengo

19300: Mind Your Language: Explaining the Retreat of the Irish Language Frontier

Alan Fernihough, Christopher Colvin and Eoin McLaughlin

19299: Monetary policy frameworks away from the ELB

Fiorella De Fiore, Benoit Mojon, Daniel Rees and Damiano Sandri

19298: Optimizing the workplace: The interplay between working environment, corporate outcomes and employee well-being

Mario Daniele Amore, Morten Bennedsen, Birthe Larsen and Zeyu Zhao

19297: Zero-Sum Thinking and the Roots of U.S. Political Divides

Sahil Chinoy, Nathan Nunn, Sandra Sequeira and Stefanie Stantcheva

19296: Financial Security, Climate Shock and Social Cohesion

Theresa Beltramo, Matthew O'Brien, Florence Nimoh and Sandra Sequeira

19295: Neural Network Learning for Nonlinear Economies

Julian Ashwin, Paul Beaudry and Martin Ellison

19294: Storage and Renewable Energies: Friends or Foes?

Andrés-Cerezo, David and Natalia Fabra

19293: Do Debt Investors Care about ESG Ratings?

Kornelia Fabisik, Michael Ryf, Schäfer, Larissa and Sascha Steffen

19292: ESG as Protection Against Downside Risk

Kräussl, Roman, Tobi Oladiran and Denitsa Stefanova

19291: Renaming with Purpose: Investor Response and Fund Manager Behavior after ESG Renaming

Kayshani Gibbon, Jeroen Derwall, Dirk Gerritsen and Kees Koedijk

19290: The Market for ESG Ratings

Ehsan Azarmsa and Joel Shapiro

19289: The Shifting Finance of Electricity Generation

Aleksandar Andonov and Joshua Rauh

19288: New spare tires: local currency credit as a global shock absorber

Stefan Avdjiev, John Burger and Bryan Hardy

19287: Italy's Lost Decades: Trade, Capital Flows and Currency Crisis, 1861-1883

Giovanni Federico and Andrea Incerpi

19286: Performance Capital Flows in DC Pensions

Bryan Gutierrez, Victoria Ivashina and Juliana Salomao

19285: Institutional Change

Desiree Desierto and Mark Koyama

19284: Elephants in Equity Markets

Helene Rey, Adrien Rousset Planat, Vania Stavrakeva and Jenny Tang

19283: Climate Policy, Irreversibilities and Global Economic Shocks

Anwesha Banerjee, Stefano Barbieri and Kai A. Konrad

19282: Is ESG a Sideshow? ESG Perceptions, Investment, and Firms’ Financing Decisions

Kräussl, Roman, Joshua Rauh and Denitsa Stefanova

19281: Trade agreements when profits matter

Monika Mrazova

19280: Are People Willing to Pay to Prevent Natural Disasters?

Luigi Guiso and Tullio Jappelli

19279: Wealth Shocks and Portfolio Choice

Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli and Geoff Kenny

19278: Exploiting complementarity in applied general-equilibrium models: heterogeneous firms, multinationals, endogenous zeros

James Markusen

19277: The Economics of Biodiversity Loss

Stefano Giglio, Theresa Kuchler, Ströbel, Johannes and Olivier Wang

19276: Savings, Efficiency and Bank Runs

Agnese Leonello, Caterina Mendicino, Ettore Panetti and Davide Porcellacchia

19275: A Theory Model of Digital Currency with Asymmetric Privacy

Katrin Tinn

19274: Behind the support for redistributive politics: Social preferences or beliefs?

Brañas, Pablo, Antonio Cabrales, Espinosa, María Paz and García-Muñoz, Teresa

19273: Uncertainty about What's in the Price

Joel Peress and Daniel Jonas Schmidt

19272: Rate Cycles

Kristin Forbes, Jongrim Ha and Ayhan Kose

19271: The Global Financial Cycle: Quantities versus Prices

Eugenio Cerutti and Stijn Claessens

19270: Filtering with Limited Information

Thorsten Drautzburg, Fernández-Villaverde, Jesús, Pablo Guerron and Dick Oosthuizen

19269: When Do FOMC Voting Rights Affect Monetary Policy?

Vyacheslav Fos and Nancy Xu