CEPR Discussion Papers

From Centre for Economic Policy Research
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21175: Unconditional Cash Transfers: A Bayesian Meta-Analysis of Randomized Evaluations in Low and Middle Income Countries

Tommaso Crosta, Dean Karlan, Finley Ong, Julius Ruschenpohler and Christopher Udry

21174: Great Expectations: Responses to Current and Future Transfers for Low-Income Individuals

Achyuta Adhvaryu, Gauthier, Jean-François, Pamela Jakiela and Dean Karlan

21173: Geopolitics in the Evaluation of International Scientific Collaboration

Alexander Furnas, Ruixue Jia, Margaret Roberts and Dashun Wang

21172: Automation, Recessions, and Production Networks

Marc Klemp

21171: Random Connections and Violence in the French Revolution

Brenda Van Coppenolle and Oliver Vanden Eynde

21170: Climate Change, Natural Resources, and Conflict

Oliver Vanden Eynde and Juan Vargas

21169: When Loss Strikes Twice: Severe Health Shocks and Financial Well-Being

Kaveh Majlesi, Elin Molin and Paula Roth

21168: Social Media vs. Democracy: Evidence from the January 6th Insurrection

Müller, Karsten, Carlo Schwarz and Zekai Shen

21167: Menstrual Stigma and Human Capital: Experimental Evidence from Madagascar

Karen Macours, Julieta Vera Rueda and Duncan Webb

21166: Why Do Firms Pay Different Interest Rates on Their Bank Loans?

Mary Amiti, Anil K Kashyap, Anna Kovner and David Weinstein

21165: Putting the 'Finance' into 'Public Finance': A Theory of Capital Gains Taxation

Mark Aguiar, Benjamin Moll and Florian Scheuer

21164: A Unified Urban Model With Non-Homothetic Housing Demand

Robert-Nicoud, Frédéric, Pierre-Philippe Combes, Gilles Duranton and Laurent Gobillon

21163: Self-Enforcing Tax Design and Supply Chain Formalization: Evidence from India’s GST Reform

Megha Patnaik

21162: Mean Group and Pooled Mixed-Frequency Estimators of Responses of Low-Frequency Variables to High-Frequency Shocks

Alexander Chudik and Lutz Kilian

21161: Financial Dominance and Macroeconomic Expectations

Martin Wolf and Leopold Zessner-Spitzenberg

21160: Fiscal Monitoring with VARs

Jacopo Cimadomo, Domenico Giannone, Michele Lenza, Francesca Monti and Andrej Sokol

21159: Deflationary Equilibrium with Uncertainty

Philip Coyle, Naoki Maezono, Taisuke Nakata and Sebastian Schmidt

21158: Academic Human Capital in European Countries and Regions, 1200–1793

Matthew Curtis, David De La Croix, Filippo Manfredini and Mara Vitale

21157: Stimulating Avenues: EIB Loans and Returns to Public Investment

Morteza Ghomi and Evi Pappa

21156: State-Dependent Pass-Through with Heterogeneous Exposure to Common Shocks

Raphael Lafrogne-Joussier, Julien Martin and Isabelle Mejean

21155: The Economic Impact of Mass Deportations

Javier Cravino, Andrei Levchenko, Francesc Ortega and Nitya Pandalai-Nayar

21154: The Agency and Wholesale Models When a Platform Can Charge Entry Fees

Marie-Laure Allain, Marc Bourreau and Moraga-González, José-Luis

21153: Climate Change, Climate Policy, and the Macroeconomy

Frederick van der Ploeg and Armon Rezai

21152: Regulation by Public Options: Evidence from Pension Funds

Pablo Blanchard, Sebastian Fleitas and González Valdenegro, Rodrigo

21151: Private Money and Money Market Integration: The Role of Payments Infrastructure in 19th Century Switzerland

Rebecca Stuart and Daniel Kaufmann

21150: Firm Hierarchies and Misallocation

Matthias Kehrig and Shipeng Fu

21149: Consumer Price Stickiness in the Euro Area During an Inflation Surge

Erwan Gautier, Cristina Conflitti, Daniel Enderle, Ludmila Fadejeva, Alex Grimaud, Gutiérrez, Eduardo, Valentin Jouvanceau, Jan-Oliver Menz, Alari Paulus, Pavlos Petroulas, Pau Roldan-Blanco and Elisabeth Wieland

21148: Robust Trust

Piotr Dworczak and Alex Smolin

21147: Monetary and Fiscal Coordination in the Face of Supply-Side Shocks: With an Application to the Effects of the War in Ukraine

Christopher Adam, Paul Luk and David Vines

21146: The Macroeconomic Effects of Climate Policy Uncertainty

Konstantinos Gavriilidis, Känzig, Diego, Ramya Raghavan and James Stock

21145: Vibe Coding Kills Open Source

Koren, Miklós, Békés, Gábor, Julian Hinz and Aaron Lohmann

21144: Exchange-Rate Pass-Through and Invoicing Currency Choice in International Production Networks

Alessandro Ferrari, Andreas Freitag, Eric Kammerlander, Sarah Lein and Frank Pisch

21143: The Origins and Propagation of Animal Spirits Shocks

Makoto Nirei and Xavier Ragot

21142: Quality Unobserved: Can Information Provision Unlock Demand-Side Incentives for Upgrading in Low-income Countries?

Julia Cajal-Grossi, Lore Vandewalle and Christopher Woodruff

21141: Central Bank Digital Currency and Monetary Architecture

Dirk Niepelt

21140: Competition, Procurement and Learning-By-Doing in the Space Launch Industry

Ruibing Su, Chenyu Yang and Andrew Sweeting

21139: Specialization, Complexity, and Resilience in Supply Chains

Alessandro Ferrari and Lorenzo Pesaresi

21138: Monetary Stabilization of Export Shocks, Revisited

Sushant Acharya, Edouard Challe and Giancarlo Corsetti

21137: The Personal Characteristics that Affect Trust in Government: A Global Analysis Across Regions

Charles Goodhart and Ly Hoang Vu

21136: Bank Governance: Lessons Still Not Learned

Marco Becht, Patrick Bolton and Röell, Ailsa

21135: Gender Norms and the Quantity–Quality Tradeoff: Evidence from Free Primary Education in Africa

Matthew Collins, Eleonora Guarnieri and Helmut Rainer

21134: Granular Portfolios, Expectations, and International Capital Flows

Kenza Benhima, Elio Bolliger and Margaret Davenport

21133: Multidimensional Signaling and the Rise of Cultural Politics

Daron Acemoglu, Georgy Egorov and Konstantin Sonin

21132: Should Charitable and Political Donations Benefit from Similar Tax Treatments? Evidence from a Survey Experiment

Julia Cage, Malka Guillot and Yuchen Huang

21131: Differential Land Efficiency and the Environmental Consequences of Agricultural Productivity Growth

Tiago Cavalcanti and Kilian Kamkar

21130: Using Life Satisfaction Data to Measure Parents' Child Gender Preferences

Anna Barbeta-Margarit, Seema Jayachandran and Suanna Oh

21129: The Value of Public Insurance Against Idiosyncratic Income Risk: A Variance-Adjustment Statistic

Christopher Busch and Rocio Madera

21128: Green Lending

Manthos Delis, Maria Iosifidi, Panayotis G. Michaelides and Steven Ongena

21127: Reconstruction following Destruction: Entrepreneurship in the Aftermath of a Natural Disaster

Richard Lombardo, Elizabeth Frankenberg and Duncan Thomas

21126: The Liquidity Coverage Ratio a Decade On: A Stocktake of the Literature

Sebastian Doerr and Mathias Drehmann

21125: Make or Buy Decisions and Data Sharing

Antoine Dubus and Patrick Legros

21124: Searching for Fish in Trees (緣木求魚)? Economic Development when Context Matters

Jacob Moscona, Nathan Nunn and James A. Robinson

21123: Causal Effects of Interest Rate Beliefs on Firm Decisions and their Aggregate Implications

Alina Bartscher, Georg Duernecker, Johannes Goensch and Wehrhöfer, Nils

21122: Money (Not) to Burn: Payments for Ecosystem Services to Reduce Crop Residue Burning

Kelsey Jack, Seema Jayachandran, Namrata Kala and Rohini Pande

21121: Never Enough: Dynamic Status Incentives in Organizations

Leonardo Bursztyn, Ewan Rawcliffe and Hans-Joachim Voth

21120: Firms, Flexibility, and Fertility

Nezih Guner, Ezgi Kaya, Alessandro Ruggieri and Sánchez Marcos, Virginia

21119: Democracy, Redistribution, and Inequality: Evidence from the English Poor Law

Jonathan Chapman

21118: A Population Perspective on the Beneficiaries of Public and Private Assistance Immediately and Over the Long-Term After a Maj

Elizabeth Frankenberg, Nicholas Ingwersen, Cecep Sumantri and Duncan Thomas

21117: Selling on Recommender Platforms: Demand Boost versus Customer Migration

Heiko Karle, Marcel Preuss and Markus Reisinger

21116: First-Price Principle and the Failure of Revenue Equivalence

Byeong-hyeon Jeong and Marek Pycia

21115: Africa as a Success Story: Political Organization in Pre-Colonial Africa

Soeren Henn and James A. Robinson

21114: Culture and the Great Escape

Hans-Joachim Voth

21113: An FTPL Approach to International Reserve Accumulation

Giancarlo Corsetti

21112: The Variety-Effect Multiplier: On the transmission of uncertainty shocks

Francesco Saverio Gaudio and Poilly, Céline

21111: China Spillovers: Aggregate and Firm-Level Evidence

Alexander Copestake, Melih Firat, Davide Furceri and Chris Redl

21110: The Economics of Public Procurement

Francesco Decarolis and Stjepan Srhoj

21109: Heaven or Earth? The Evolving Role of Global Shocks for Domestic Monetary Policy

Kristin Forbes, Jongrim Ha and M. Ayhan Kose

21108: Expenditure Smoothing under Balanced Budget Rules

Xavier Martin Bautista, Steven Craig, Annie Yuhsin Hsu, Sørensen, Bent E, Vasundhara Tanwar and Priyam Verma

21107: A Leak in Paradise: Reputation Repair Policies After Offshore Data Leaks

Katarzyna Bilicka and Simone Traini

21106: Misallocation in Firm Production: A Nonparametric Analysis Using Procurement Lotteries

Paul Carrillo, Dave Donaldson, Dina Pomeranz and Monica Singhal

21105: The Race Between Tax Enforcement and Tax Planning: Evidence From a Natural Experiment in Chile

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

21104: Judicial Gender Match in Juvenile Courts: In-Court Sanctions and Long-Run Socioeconomic Consequences

Ozkan Eren, Randi Hjalmarsson and Orgul Ozturk

21103: The Role of Juror Demographics in Civil Trials

Shamena Anwar, Patrick Bayer and Randi Hjalmarsson

21102: Distortions for Nothing - Optimal Taxation of (Un)Distributed Profits*

Etienne Lehmann and Eddy Zanoutene

21101: Fiscal Insurance

Leslie Sheng Shen and Nancy Xu

21100: Not All Shocks Are Shared Equally: Commodity Exporters and International Risk Sharing

Emiliano Luttini, Dawit Mekonnen, Valerie Anne Mercer-Blackman and Sørensen, Bent E

21099: Marriage and the Intergenerational Mobility of Women: Evidence from Marriage Certificates 1850-1920

Katherine Eriksson, Gregory T. Niemesh, Myera Rashid and Jacqueline Craig

21098: Gauging Hourly Economic Activity in Your Neighborhood

Fabrizio Ghezzi, Allan Timmermann and Max Yang

21097: Child Penalties in Personal Finances: Evidence from Bank Data

Arna Olafsson and David Westerheide

21096: Wage Inequality Dynamics: Productivity versus Frictions

Martim Leitao, Jaime Montana and Joana Silva

21095: Pension Liquidity Risk

Kristy Jansen, Sven Klingler, Angelo Ranaldo and Patty Duijm

21094: Younger Firms and CEOs Allow More Work from Home

Cevat Giray Aksoy, Jose Maria Barrero, Nicholas Bloom, Katelyn Cranney, Steven Davis, Mathias Dolls and Pablo Zarate

21093: The Response of Debtors to Rate Changes

Andreas Fuster, Virginia Gianinazzi, Andreas Hackethal, Philip Schnorpfeil and Michael Weber

21092: Diversionary Escalation: Theory and Evidence from Eastern Ukraine

Natalie Ayers, Christopher Blair, Joseph Ruggiero, Austin L. Wright and Konstantin Sonin

21091: What is the “Right†Geographic Market Definition?

Christos Genakos and Themistoklis Kampouris

21090: Carbon, Natural Capital and the Option Values of Climate Policies

Ottmar Edenhofer and Max Franks

21089: Deliver Us from Crime? Gig Jobs, Labor Market Opportunities, and Offending

Hugo Allouard, Grazia Cecere, Jose De Sousa, Olivier Marie and Ines Picard

21088: Information Design and Mechanism Design: An Integrated Framework

Dirk Bergemann, Tibor Heumann and Stephen Morris

21087: Economic Development and the Environment

Kelsey Jack and Nicholas Ryan

21086: Rebuilding Ukraine's Cities: Maximizing Benefits and Minimizing Costs

Edward Glaeser, Martina Kirchberger and Andrii Parkhomenko

21085: The Governance Triangle: Economic Interactions in Civil Society, the State, and the Market

Samuel Bowles and Wendy Carlin

21084: Fiscal-Monetary Interactions in the United States

Paul Bouscasse and Seungki Hong

21083: Embracing GenAI: A Comparison of Italian and US Households

David Loschiavo, Olivier Armantier, Antonio Dalla-Zuanna, Leonardo Gambacorta, Mirko Moscatelli and Ilaria Supino

21082: AI Adoption, Productivity and Employment: Evidence from European Firms

Inaki Aldasoro, Leonardo Gambacorta, Pál, Rozália, Debora Revoltella, Christoph Weiss and Marcin Wolski

21081: God, Guilt, and Giving: Public Good Contribution among Catholics and Protestants

Francesco Cinnirella, Sebastiano Della Lena, Elena Manzoni and Fabrizio Panebianco

21080: Astrology and Matrimony: Social Reinforcement of Religious Beliefs on Marriage Matching in Vietnam

Edoardo Ciscato, Quoc-Anh Do and Kieu-Trang Nguyen

21079: Granular Treasury Demand with Arbitrageurs

Kristy Jansen, Wenhao Li and Lukas Schmid

21078: A Strategic Compass for Navigating Senegal's Debt Crisis

Abdoulaye Ndiaye and Martin Kessler

21077: The Distributional Effects of Cost-Sharing in a Universal Healthcare System

Simon Bensnes, Ingrid Huitfeldt and Victoria Marone

21076: The Regional Keynesian Cross

Marco Bellifemine, Adrien Couturier and Rustam Jamilov