CEPR Discussion Papers

From Centre for Economic Policy Research
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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 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, José 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

21075: Scaling Sustainable Investing in Emerging and Developing Economies: Frictions and Opportunities

Caroline Flammer, Thomas Giroux and Geoffrey Heal

21074: NGO Activism: Exposure vs. Influence

Michele Fioretti, Victor Saint-Jean and Simon Smith

21073: Directedness in Search

Rasmus Lentz, Jonas Maibom and Espen Rasmus Moen

21072: Financial Repression in the XXIst Century

Ricardo Reis

21071: Understanding Latin America’s Fertility Decline: Age, Education, and Cohort Dynamics

Berniell, Inés, Fernández, Raquel, Menduiña, Azul and Milagros Onofri

21070: Global Imbalances and Power Imbalances

Christopher Clayton, Matteo Maggiori and Jesse Schreger

21069: Senior Migration, Local Economic Development and Spatial Concentration

Marco Badilla-Maroto, Benjamin Faber, Antoine Levy and Mathilde Munoz

21068: Diagnosing ADHD in Prison: The Effects on Inmates and Their Families

Randi Hjalmarsson and Matthew Lindquist

21067: The Insider-Outsider Theory Reconsidered: Labor Markets as Human Ecosystems

Dennis Snower

21066: Mapping Technological Trajectories: Evidence from Two Centuries of Patent Data

Antonin Bergeaud, Ruveyda Nur Gozen and John van Reenen

21065: Electoral Results Affect Beliefs About the Past: Evidence from Chile

Nicolas Ajzenman, Patricio Dominguez Rivera and Lucas M. Novaes

21064: Challenges of Water Sharing: A Theory and an Application

Ricardo Martinez, Juan Moreno-Ternero, Pengshan Pan and Shlomo Weber

21063: Trade Within Multinational Boundaries

Laura Alfaro, Paola Conconi, Fariha Kamal and Zachary Kroff

21062: Global Trade, Tariff Uncertainty and the U.S. Dollar

Sebnem Kalemli-Ozcan, Can Soylu and Yıldırım, Muhammed A.

21061: A Macroeconomic Perspective on Stock Market Valuation Ratios

Andy Atkeson, Jonathan Heathcote and Fabrizio Perri

21060: Firm Presence, Pollution, and Agglomeration: Evidence from a Randomized Environmental Place-Based Policy

Michael Gechter and Namrata Kala

21059: War Destruction, Commercial Relocation and Urban Recovery

Gröger, Andre and Hannes Mueller

21058: Monopsony, Markdowns, and Minimum Wages

Ester Faia, Benjamin Lochner and Benjamin Schoefer

21057: ChatMacro: Evaluating Inflation Forecasts of Generative AI

M. Jahangir Alam, Shane Boyle, Huiyu Li and Tatevik Sekhposyan

21056: Interest Rate Surprises When the Fed Doesn't Speak

Silvia Miranda-Agrippino and John C. Williams

21055: Unwilling to Reskill? Experimental Evidence from Real-World Jobseekers

Alexia Delfino, Andrea Garnero, Sergio Inferrera, Marco Leonardi and Raffaella Sadun

21054: What Happens When Dating Goes Online? Evidence from U.S. Marriage Markets and Health Outcomes

Daniel Ershov, Jessica Fong and Pinar Yildirim

21053: The Price and Emissions Effects of Extending Nuclear Lifetimes: Evidence from Spain

Natalia Fabra

21052: Hitting Rock Bottom: Economic Hardship and Cheating

Livia Alfonsi, Michal Bauer, Chytilová, Julie and Edward Miguel

21051: Migration and the Making of the English Middle Class

Vasiliki Fouka and Theo Serlin