CEPR Discussion Papers

From Centre for Economic Policy Research
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16754: Fiscal Multipliers in the COVID19 Recession

Yuriy Gorodnichenko, Alan Auerbach, Peter McCrory and Daniel Murphy

16753: Price Authority and Information Sharing with Competing Principals

Damien Neven, Salvatore Piccolo and Enrique Andreu

16752: Distributed Ledgers and the Governance of Money

Raphael Auer, Hyun Song Shin and Cyril Monnet

16751: Non-Standard Errors

Christian Wolff, Albert Menkveld, Anna Dreber, Felix Holzmeister, Juergen Huber, Magnus Johannesson, Michael Kirchler, Neusüess, Sebastian, Michael Razen and Utz Weitzel

16750: Sovereign Risk and Financial Risk

Egon Zakrajšek, Simon Gilchrist, Bin Wei and Vivian Yue

16749: What Types of Capital Flows Help Improve International Risk Sharing?

Ayhan Kose and Ergys Islamaj

16748: Ambiguity with Machine Learning: An Application to Portfolio Choice

Eric Ghysels, Yan Qian and Steve Raymond

16747: The Geography of Investor Attention

Marco Pagano, Stefano Mengoli and Pierpaolo Pattitoni

16746: The impact of 2020 French municipal elections on the spread of COVID-19

Guilhem Cassan and Marc Sangnier

16745: Carbon Taxes and the Geography of Fossil Lending

Luc Laeven and Alexander Popov

16744: CDS and Credit: After the Bangs Cheaper Credit Insurance, More Lending and Hedging

Steven Ongena, ,, Tümer-Alkan, Günseli and Yuejuan Yu

16743: Rooted to the Soil: The impact of social housing on population in Ireland since 1911

Alan de Bromhead and Ronan Lyons

16742: A Primer on Trade and Inequality

Dani Rodrik

16741: Globalization and the Ladder of Development: Pushed to the Top or Held at the Bottom?

Arnaud Costinot, David Atkin and Masao Fukui

16740: The Gender Gap in Preferences: Evidence from 45,397 Facebook Interests

Klaus Desmet, Angel Cuevas Rumin, Ruben Cuevas Rumin and Ortuño-Ortin, Ignacio

16739: The Other Great Migration: Southern Whites and the New Right

Samuel Bazzi, Andreas Ferrara, Martin Fiszbein, Thomas Pearson and Patrick Testa

16738: The Travel Shock

Gian Maria Milesi-Ferretti

16737: Short-term political memory and the inevitability of polarisation

Ronny Razin and Gilat Levy

16736: Gender inequality and caste: Field experimental evidence from India

Yves Zenou, Asad Islam, Debayan Pakrashi, Soubhagya Sahoo and Liang Wang

16735: Equilibrium Worker-Firm Allocations and the Deadweight Losses of Taxation

Espen R. Moen, Jesper Bagger and Rune Vejlin

16734: Transportation Costs in the Age of Highways: Evidence from United States 1955-2010

Alexander Klein and Sylvain Barde

16733: Equilibrium Job Turnover and the Business Cycle

Carlos Carrillo-Tudela, Alex Clymo and Melvyn G Coles

16732: Does Organized Crime Attract EU Funding? Evidence from the Sicilian Mafia

Tavares, José, Marlene Thomas and João Pereira Dos Santos

16731: Social Media and Collective Action in China

Yanhui Wu and Strömberg, David

16730: The Health Effects of Universal Early Childhood Interventions: Evidence from Sure Start

Gabriella Conti, Sarah Cattan, Christine Farquharson, Rita Ginja and Maud Pecher

16729: Zero Lower Bound on Inflation Expectations

Dmitriy Sergeyev and Yuriy Gorodnichenko

16728: International Evidence on Vaccines and the Mortality to Infections Ratio in the Pre-Omicron Era

Joshua Aizenman, Alex Cukierman, Yothin Jinjarak and Weining Xin

16727: Loan Guarantees, Bank Lending and Credit Risk Reallocation

Andrea Polo, Carlo Altavilla, Andrew Ellul, Marco Pagano and Thomas Vlassopoulos

16726: The Effects of Fiscal Measures During COVID-19

Jonathan Ostry, Pragyan Deb, Davide Furceri, Nour Tawk and Naihan Yang

16725: Firm-Level Upgrading in Developing Countries

Eric Verhoogen

16724: Search Direction: Position Externalities and Position Auction Bias

Simon Anderson and Renault, Régis

16723: Cultural and public services as factors of city resilience? Evidence from big plant closures and downsizing

Florian Mayneris, Kristian Behrens and Drabo, Manassé

16722: Rethinking Exchange Rate Regimes

Ethan Ilzetzki, Carmen Reinhart and Kenneth Rogoff

16721: Labor Unions and the Electoral Consequences of Trade Liberalization

Emanuel Ornelas, Pedro Ogeda and Rodrigo Soares

16720: Falling Interest Rates and Credit Reallocation: Lessons from General Equilibrium

Vladimir Asriyan, Luc Laeven, Martín, Alberto, Alejandro Van der Ghote and Victoria Vanasco

16719: Democracy, Growth, Heterogeneity, and Robustness

Markus Eberhardt

16718: Discrimination and State Capacity: Evidence from WWII U.S. Army Enlistment

Marco Tabellini and Nancy Qian

16717: Rounding the Corners of the Trilemma: A Simple Framework

Olivier Jeanne

16716: Lockdowns, Keyworkers and Covid-19 Infections and Mortality

Filipa Sã¡,

16715: On the Interaction between Patent Screening and its Enforcement

Gerard Llobet, Alvaro Parra and Javier Suarez

16714: A Theory of Socially-Inefficient Patent Holdout

Gerard Llobet and Jorge Padilla

16713: Who should bear the burden of COVID-19 related ï¬ scal pressure? An optimal income taxation perspective

Dominik Sachs, Mehmet Ayaz, Lea Fricke and Clemens Fuest

16712: Scrambling for Dollars: International Liquidity, Banks and Exchange Rates

Charles Engel, Javier Bianchi and Saki Bigio

16711: Informality and Financial Development: A Literature Reviews

Franziska Ohnsorge, Salvatore Capasso and Shu Yu

16710: The Effects of Forward Guidance: Theory with Measured Expectations

Mirko Wiederholt, Christopher Roth and Johannes Wohlfart

16709: Asylum Recognition Rates in Europe: Persecution, Policies and Performance

Timothy Hatton

16708: Demographic Transitions Across Time and Space

Fernández-Villaverde, Jesús, Matthew Delventhal and Nezih Guner

16707: Score Disclosure

Mikhail Drugov and ,

16706: Price Discrimination and Big Data: Evidence from a Mobile Puzzle Game

Alessandro Iaria, Louis Pape, Christian Helmers, Stefan Wagner and Julian Runge

16705: Assessing EU Merger Control through Compensating Efficiencies

Tomaso Duso, Pauline Affeldt, Klaus Gugler and Joanna Piechucka

16704: Shining with the stars: competition, screening, and concern for coworkers' quality

Helmuth Cremer and Francesca Barigozzi

16703: AI-tocracy

Noam Yuchtman, Martin Beraja, Andrew Kao and David Yang

16702: Profit Taxation, R&D Spending, and Innovation

Sebastian Siegloch, Andreas Lichter, Löffler, Max, Ingo Isphording, Thu-Van Nguyen and Felix Poege

16701: The Dark Side of Stakeholder Influence: The Surprising Effect of Customer Fraud on Suppliers

Shantanu Banerjee, Sudipto Dasgupta and Rui Shi

16700: Escaping Air Pollution: Do Chinese Students and Immigrants Drive Property Prices and Economic Activity Abroad?

Sudipto Dasgupta and Yuk Ying Chang

16699: Economic Interests, Worldviews, and Identities: Theory and Evidence on Ideational Politics

Dani Rodrik, Elliott Ash and Sharun Mukand

16698: The Great Expansion. The Exceptional Spread of Bank Branches in Interwar France

Eric Monnet, Emilie Bonhoure, Hadrien Clausse and ,

16697: Contracts versus Communication

Andreas Blume, Inga Deimen and Sean Inoue

16696: Institutional Integration and Productivity Growth: Evidence from the 1995 Enlargement of the European Union

Fabrizio Coricelli, Nauro Campos and Emanuele Franceschi

16695: Without liberty and justice, what extremes to expect? Two contemporary perspectives

Marcus Miller and ,

16694: The Psychological Gains from COVID-19 Vaccination: Who Benefits the Most?

Manuel Bagues and Velichka Dimitrova

16693: Bank Credit and Market-based Finance for Corporations: The Effects of Minibond Issuances

Steven Ongena, Sara Pinoli, , and ,

16692: Too-big-to-strand? Bond versus bank financing in the transition to a low-carbon economy

Steven Ongena, Winta Beyene, Manthos Delis and Kathrin De Greiff

16691: Urban Public Works in Spatial Equilibrium: Experimental Evidence from Ethiopia

Simon Franklin, Clément Imbert, Girum Abebe and Carolina Mejia-Mantilla

16690: A Temporary VAT Cut as Unconventional Fiscal Policy

Ruediger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharakov, Ralph Luetticke and Michael Weber

16689: Uncertainty and Change: Survey Evidence of Firms’ Subjective Beliefs

Ruediger Bachmann, Kai Carstensen, Stefan Lautenbacher and Martin Schneider

16688: On the Persistence of the China Shock

David Dorn, David Autor and Gordon Hanson

16687: The Debt Capacity of a Government

Bernard Dumas, , and Chunyu Yang

16686: Women in Economics: Europe and the World

Emmanuelle Auriol, Guido Friebel, Alisa Weinberger and ,

16685: Zombie Lending: Theoretical, International, and Historical Perspectives

Viral Acharya, Matteo Crosignani, Tim Eisert and Sascha Steffen

16684: The Real Effects of FinTech Lending on SMEs: Evidence from Loan Applications

Eça, Afonso, Miguel Ferreira, Melissa Prado and Emanuele Rizzo

16683: Dynamic coordination in efficient and fair strategies: a developmental perspective

Isabelle Brocas and Juan D. Carrillo

16682: The Effects of COVID-19 Vaccines on Economic Activity

Jonathan Ostry, Pragyan Deb, Davide Furceri, Jiménez, Daniel, Siddharth Kothari and Nour Tawk

16681: Determinants of COVID-19 Vaccine Rollouts and Their Effects on Health Outcomes

Jonathan Ostry, Pragyan Deb, Davide Furceri, Jiménez, Daniel, Siddharth Kothari and Nour Tawk

16680: Misdiagnosing Bank Capital Problems

Paul Klemperer and Jeremy Bulow

16679: The Central Bank, the Treasury, or the Market: Which One Determines the Price Level?

Eric Mengus, Barthélemy, Jean and Guillaume Plantin

16678: Competition and Misconduct

John Thanassoulis

16677: Business Groups as Knowledge-Based Hierarchies of Firms

Gianmarco Ottaviano, Carlo Altomonte, Armando Rungi and Tommaso Sonno

16676: A Note on the Global Distribution of Authorship in Economics Journals

Dani Rodrik and Jacob Greenspon

16675: Multinationals’ Sales and Profit Shifting in Tax Havens

Farid Toubal and Sébastien Laffitte

16674: Alone and Lonely. The economic cost of solitude for regions in Europe

Rodríguez-Pose, Andrés and Chiara Burlina

16673: The effects of financial incentives and disincentives on teachers' retirement decisions: Evidence from the 2003 French pension

Fougère, Denis and Gouëdard, Pierre

16672: Risks and global supply chains: What we know and what we need to know

Richard Baldwin and Rebecca Freeman

16671: Understanding the role of firms in the gender wage gap over time, over the life cycle, and across worker types

Marco Palladino, Alexandra Roulet and Mark Stabile

16670: A q-theory of banks

Juliane Begenau, Saki Bigio, Matias Vieyra and Jeremy Majerovitz

16669: What are the likely macroeconomic effects of the EU Recovery plan?

Evi Pappa and Fabio Canova

16668: FinTech Lending

Tobias Berg and Manju Puri

16667: On the Possibility of Krusell-Smith Equilibria

Tobias Broer, Alexandre Kohlhas, Kurt Mitman and Kathrin Schlafmann

16666: An Empirical Model of Quantity Discounts with Large Choice Sets

Alessandro Iaria and Ao Wang

16665: "There is No Planet B", but for Banks There are "Countries B to Z": Domestic Climate Policy and Cross-Border Bank Lending

Steven Ongena, Emanuela Benincasa and Gazi Kabaş

16663: The Fiscal and Welfare Effects of Policy Responses to the Covid-19 School Closures

Alexander Ludwig, Fuchs-Schündeln, Nicola, Dirk Krueger, André Kurmann, Lalé, Etienne and Irina Popova

16662: Water Treatment and Child Mortality: Evidence from Kenya

Michael Kremer

16661: Perpetual Motion: Human Mobility and Spatial Frictions in Three African Countries

Douglas Gollin, Martina Kirchberger and Paul Blanchard

16660: Wealth-Income Ratios in Free Market Capitalism: Switzerland, 1900–2020

Martínez, Isabel Z. and Enea Baselgia

16659: Terms of Engagement: Migration, Dowry, and Love in Indian Marriages

Andrew Beauchamp, Rossella Calvi and Scott Fulford

16658: Zombie Lending and Policy Traps

Viral Acharya, Simone Lenzu and Olivier Wang

16657: How Do Acquisitions Affect the Mental Health of Employees?

Rui Silva, ,, Ramin Baghai and Marieke Bos

16656: Intelligence Disclosure and Cooperation in Repeated Interactions

Eugenio Proto, Marco Lambrecht, Aldo Rustichini and Andis Sofianos

16655: Selecting Valuation Distributions: Non-Price Decisions of Multi-Product Firms

Armin Schmutzler and Stefanie Bossard

16654: Growing Apart: Declining Within- and Across-Locality Insurance in Rural China

Yu Zheng, Orazio Attanasio, Costas Meghir and Corina Mommaerts