CEPR Discussion Papers

From Centre for Economic Policy Research
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21350: Recombinant Search

Arjada Bardhi and Steven Callander

21349: The Shared Costs of Pursuing Shareholder Values

Michele Fioretti, Victor Saint-Jean and Simon Smith

21348: Sovereign Hold-Up and Technology Adoption: Evidence from the North Sea

Michele Fioretti, Alessandro Iaria, Aljoscha Janssen, Mazet-Sonilhac, Clément and Robert K. Perrons

21347: Interest-Rate Fee Substitution: Credit Facilitation in Segmented Markets

Cocco, João F., Lakshmi Naaraayanan and Jagdish Tripathy

21346: Green Mortgages

Cocco, João F., Bernardo Mendes and Lakshmi Naaraayanan

21345: Company Wage Policy in a Low-Wage Labor Market

Giulia Giupponi and Stephen Machin

21344: Retirement Under Policy Uncertainty

Piera Bello, Vincenzo Galasso and Alessandro Izzo

21343: Why Do Americans No Longer Work So Much More Than Non-Americans?

Serdar Birinci, Loukas Karabarbounis and Kurt See

21342: Low Fertility Around the World: The Role of Social Norms

Kanato Nakakuni, Tertilt, Michèle and Minchul Yum

21341: How a Nation was Born: Brazilian Economic Growth, 1574–1920

Guilherme Lambais and Nuno Palma

21340: Places versus People: The Ins and Outs of Labor Market Adjustment to Globalization

David Autor, David Dorn, Gordon Hanson, Maggie R. Jones and Bradley Setzler

21339: Does the Transmission of Monetary Policy Shocks Change when Inflation is High?

Fabio Canova and Pérez Forero, Fernando J.

21338: Incentives and Strategic Behaviour: An Experiment

Teresa Esteban Casanelles and Gonçalves, Duarte

21337: Mind the Gap: AI Adoption in Europe and the US

Alexander Bick, Adam Blandin, David Deming, Fuchs-Schündeln, Nicola and Jonas Jessen

21336: Pricing and Investment by a Two-Sided Monopoly Platform

Moraga-González, José-Luis, Evgenia Motchenkova and Long Hoà ng

21335: Tracing the Impact of Bank Shocks under Bank-Specific Credit Demand

Max Bruche, Farinha, Luísa, Sotirios Kokas, Enrico Sette and Serafeim Tsoukas

21334: Competing with Term Length

Hans Gersbach and Arthur Schichl

21333: Nonlinear Business-Cycle Anatomy

Marco Brianti, Mario Forni, Luca Gambetti and Antonio Granese

21332: Pharmaceutical Advertising in Dynamic Equilibrium

Pierre Dubois and Ariel Pakes

21331: Central Bank Independence and Accountability: An Update

Sylvester Eijffinger and Jakob de Haan

21330: Bending the Climate Change Curve by Blending Finance: What is the Real Potential Value-Added of Guarantees?

Stijn Claessens and Sony Kapoor

21329: Who Gains from Electricity Export?

Rikard Forslid

21328: Quantifying Strategic Dependence

Niccolo Consonni and Glenn Magerman

21327: Cross-Country CIP Deviations

Philippe Bacchetta and Eric van Wincoop

21326: The Elasticity of Substitution between Native and Immigrant Labor: A Meta-Analysis

Klara Kantova, Tomas Havranek, Zuzana Irsova and Jiří Schwarz

21325: Female Promotions and the Academic Pipeline: Evidence from a Natural Experiment

Manuel Bagues, Milan Makany, Giulia Vattuone and Natalia Zinovyeva

21324: “Us vs Themâ€: Salient Conflict and Belief Polarization

Nicola Gennaioli, Frederik Schwerter and Guido Tabellini

21323: The Worth of a “Woâ€: Gender Bias in Financial Advice from LLMs

Richard Foltyn and Jonna Olsson

21322: Optimal Default in a Small Open Economy: Senegal’s Hidden Debt Crisis

Louphou Coulibaly and Abdoulaye Ndiaye

21321: Stablecoins and Monetary Policy Transmission

Carlo Altavilla, Miguel Boucinha, Lorenzo Burlon, Ramon Adalid, Roberta Fortes and Franziska Maruhn

21320: Strategic Confusopoly: Evidence from the UK Mobile Telecommunications Market

Ambre Elsas-Nicolle, Christos Genakos and Tobias Kretschmer

21319: An Olympic Opportunity

Christos Genakos, Eleni Kyrkopoulou and Elias Papaioannou

21318: Private Information in the Family

Suzanne Bellue, Matthias Doepke and Tertilt, Michèle

21317: Do Elections Moderate or Polarize Political Rhetoric?

Tito Boeri, Nina Nikiforova and Guido Tabellini

21316: Offsetting the Earnings Disincentive in Public Housing: Evidence from a Behaviorally Informed Field Intervention

Holly Dykstra and Fernández-Guerrico, Sofia

21315: The Effects of Fiscal News on Household Expectations and Spending: New Causal Evidence

Myungkyu Shim, Kwang Hwan Kim, Myunghwan Andrew Lee, Sangyup Choi, Siye Bae, Olivier Coibion and Yuriy Gorodnichenko

21314: Mobility-Restricting Covenants in Business Contracts: The Case of Franchising

Francine Lafontaine, Lorenzo Luisetto and J.J. Prescott

21313: Artificial Intelligence, Productivity, and the Workforce: Evidence from Corporate Executives

Salome Baslandze, Zachary Edwards, John Graham, Ty McClure, Michael Sparks, Brent Meyer, Sonya Waddell and Daniel Weitz

21312: Adapting to Brexit: the Response of Corporate Structures to Geopolitical Uncertainty

Meredith A. Crowley, Mar Domenech Palacios, Elisa Faraglia, Chryssi Giannitsarou and Lea Havemeister

21311: Demand Shocks in Equity Markets and Firm Responses

Fernando Broner, Juan J. Cortina, Sergio Schmukler and Tomas Williams

21310: Information Span in Credit Market Competition

Zhiguo He, Jing Huang and Cecilia Parlatore Siritto

21309: DNA Laws and the Pursuit of Racial Justice: Access to Forensic DNA Technology and the Exoneration of the Wrongfully Convicted

d’Este, Rocco and Noam Yuchtman

21308: Social Mobility in Western Countries: The Role of Families, Networks, and Institutions

Martin Nybom, Rodríguez Mora, José V and Kjell G Salvanes

21307: Preparing Kids for Capitalism: The Effect of German Reunification on the Intergenerational Transmission of Preferences

Matthias Doepke and Mariko Klasing

21306: The Labour Market in the Euro Area: And yet, it Moves!

Agostino Consolo, Claudia Foroni and Hjelm, Linnéa

21305: Monopolistic Competition under Horizontal and Vertical Differentiation

Sergey Kichko, Marco Marini, Ricardo Saulle and Thisse, Jacques-François

21304: An 'Austrian' Model of International Specialization

Pol Antràs and Adrian Kulesza

21303: Residential Air Purifiers and the Value of Clean Air

Ashfaqul Chowdhury, Teevrat Garg, Maulik Jagnani and Martin Mattsson

21302: The Effects of Education on Corruption: Evidence from Vietnam's University Expansion

Edmund J. Malesky, Martin Mattsson, Khoa Vu and Liaoliang Zhang

21301: Immigration, Labor Shortages, and Labor Market Dynamics

Federico Mandelman, Yang Yu and Francesco Zanetti

21300: Dynamic Carbon Emission Management

Maria Cecilia Bustamante and Francesca Zucchi

21299: Does Generative AI Narrow Education-Based Productivity Gaps? Evidence from a Randomized Experiment

Guillermo Cruces, Diego Fernandez Meijide, Sebastian Galiani, Ramiro Galvez and Lombardi, María

21298: FDI, Forward Linkages and Services Inputs

Bernard Hoekman, Daniel Prosi, Marco Sanfilippo and Rohit Ticku

21297: Price Caps and Coordinated Effects: Evidence from Retail Gasoline

Simon Martin and Frank Verboven

21296: Consumption Inequality in the Digital Age

Kai Arvai and Katja Mann

21295: Who Trusts National Institutions and The Role of Media Use: A Global Analysis Across Regions

Charles Goodhart and Ly Hoang Vu

21294: Services Across Borders: How Firms Organize Remote Work at Scale

Megha Patnaik

21293: Attention (And Money) Is All You Need: Why Universities Are Struggling to Keep AI Talent

Ufuk Akcigit, Craig A. Chikis, Emin Dinlersoz and Nathan Goldschlag

21292: On the Role of Natural Capital - Sustainability, Dynamic (in)Efficiency, and Inclusive Wealth

Torben M Andersen, Løchte Jørgensen, Cecilie Marie and Allan Soerensen

21291: The Economics of Not Knowing: A Symmetric Ignorance Theory of IPO Pricing

Michel Habib and Alexander Ljungqvist

21290: Financial Conditions Targeting in a Multi-Asset Open Economy

Ricardo Caballero and Alp Simsek

21289: Shaping Society's Character: The Role of Schools in Developing Social and Emotional Skills

Sule Alan

21288: Refugee Return

Joop Adema, Cevat Giray Aksoy, Yvonne Giesing and Panu Poutvaara

21287: Climate Fairness and Growth: Allocating the Remaining Carbon Budget

Galina Hale, Michael Halling, Nora Paulus and Han Pham

21286: From Free Rider to Innovator: The Rise of China's Drug Development

Panle Barwick, Hongyuan Xia and Tianli Xia

21285: A Stairway to Success: How Parenting Shapes Culture and Social Stratification

Francesco Agostinelli, Matthias Doepke, Giuseppe Sorrenti and Fabrizio Zilibotti

21284: Protection for Whom? The Political Economy of Protective Labor Laws for Women

Matthias Doepke, Hanno Foerster, Anne Hannusch and Tertilt, Michèle

21283: Stakeholders’ Aversion to Inequality and Bank Lending to Minorities

Matteo Crosignani and Hanh Le

21282: The Global Incumbency Advantage

Raphael Descamps, Benjamin Marx, Vincent Pons and Vincent Rollet

21281: Optimal Formula Instruments

Kirill Borusyak and Peter Hull

21280: Cross-Border Payment Technologies: Innovations and Challenges

Stijn Claessens and Tara Rice

21279: Education and Skills During the First Industrial Revolution in England

Alexandra de Pleijt, Julius Koschnick and Patrick Wallis

21278: Frost and Fire: A Tale of Two Crises

Vladimir Asriyan, Priit Jeenas and Martín, Alberto

21277: Why did Inflation Rise and Fall in 2021-24? Channels and Evidence from Expectations

Ricardo Reis

21276: Digital Network Centrality and the Structure of Goods Trade

Gianmarco Ottaviano

21275: Menu Pricing of Large Language Models

Dirk Bergemann, Alessandro Bonatti and Alex Smolin

21274: The Elasticity of Corporate Taxable Income Across Countries

Claudio Agostini, Zareh Asatryan, Laurent Bach, Govindadeva Bernier, Marinho Berthana, Katarzyna Bilicka, Anne Brockmeyer, Jaroslav Bukovina, Guillermo Falcone, Pablo Garriga, Yuxuan He, Janský, Petr, Evangelos Koumanakos, Tomas Lichard, Jan Palguta, Elena Patel, Pereira dos Santos, João, Louis Perrault, Thomas Schwab, Nathan Seegert, Oliver Skultety, Kristina Strohmaier, Maximilian Todtenhaupt, Guillermo Vuletin and Branislav Zudel

21273: On the Origins of Modern East Asia: Knowledge and the Economic Transformation of Japan and China in the late 19th century

Debin Ma, Jared Rubin and Yin Weiwen

21272: AI Meets Fiscal Policy: Mapping Government Spending Actions Across 62 Countries

Shuvam Das, Davide Furceri, Adrian Peralta-Alva and Nikhil Patel

21271: Technology Adoption and Women’s Rights: Evidence from Switzerland

Björn Brey, Edoardo Cefala and García-Peñalosa, Cecilia

21270: Aggregate and Distributional Implications of a Military Buildup

Mathieu Boullot, Christophe Cahn, Edouard Challe and Julien Matheron

21269: Tariffs and Firm Expectations

Klaus Abberger, Bibaj, Arbërim, Hans Gersbach, Alexis Perakis, Alexander Rathke, Samad Sarferaz and Kieran James Walsh

21268: The Global Credit Cycle

Nina Boyarchenko and Leonardo Elias

21267: The Effects of the Legal Minimum Working Time on Workers, Firms and the Labor Market

Pauline Carry

21266: Religion and Conflict: Evidence from China, 1860–1911

Yujing Huang, Chicheng Ma and Felipe Valencia Caicedo

21265: An Opening for the Euro

Barry Eichengreen, Arnaud Mehl and Isabel Vansteenkiste

21264: Tariffs, Automation, and Business Dynamism

Stephane Auray, Michael B Devereux and Aurélien Eyquem

21263: Predicting University Dropouts: Evidence on the Value of Student Expectations and Motivation

Thomas Frank Epper, Kristoffer Ibsen, Alexander K Koch and Julia Nafziger

21262: The Effects of AI Assistance on Self-Promotion

Alexander K Koch, Jenny Kragl, Sijuan Ming and Julia Nafziger

21261: The Costs of Counterparty Risk in Long-Term Contracts

Natalia Fabra and Gerard Llobet

21260: How Rules and Compliance Impact Organizational Outcomes: Evidence from Delegation in Environmental Regulation

James Fenske, Muhammad Haseeb and Namrata Kala

21259: Seeing Green: The Effects of Financial Exposures on Support for Climate Action

Michelle Hanlon, Saumitra Jha, Namrata Kala, Nemit Shroff and Chagai Weiss

21258: Sticking to Their Guns: Short-Horizon Exchange Rate Expectations

Lukas Kremens and Liliana Varela

21257: The Content Moderator's Dilemma: Removal of Toxic Content and Distortions to Online Discourse

Mahyar Habibi, Dirk Hovy and Carlo Schwarz

21256: Unobservable No More: Estimating the Natural Rate of Interest under Flat IS and Phillips Curves

Gabriele Fiorentini, Alessandro Galesi, Peña, Rodrigo, Pérez Quirós, Gabriel and Enrique Sentana

21255: The Accuracy and Malleability of Parental Beliefs about Child Socio-Emotional Health

Audrey Bousselin, Isabelle Brocas, Giorgia Menta and Eugenio Proto

21254: Securities Losses and the Bank Collateral Channel of Monetary Transmission

Mariassunta Giannetti, Martina Jasova, Caterina Mendicino and Dominik Supera

21253: Industrial Policies, Global Imbalances and Technological Hegemony

Ambrogio Cesa-Bianchi, Andrea Ferrero, Luca Fornaro and Martin Wolf

21252: Institutional Shocks and Migration Adjustment: Evidence from the Syrian Crisis and Brexit’s Referendum and Implementation

Assaf Razin

21251: Determinants of Sovereign Bond Issuance in Emerging Markets

Ka Lok Wong, Mark Manger and Ugo Panizza