CEPR Discussion Papers

From Centre for Economic Policy Research
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21050: Sustaining International Rules in a Multipolar World

Cecilia Carvalho, Nicolas Goulart, Daniel Monte and Emanuel Ornelas

21049: Evaluating Behavioral Interventions at Scale with AI

Felix Chopra, Ingar Haaland, Röver, Nicolas and Christopher Roth

21048: Drain the Swamp: A Theory of Anti-Elite Populism

Gabriele Gratton and Barton Lee

21047: Left in Charge: Political Rule and the Rise of Local Welfare

Casper Worm Hansen and Peter Sandholdt Jensen

21046: Incapacitating the Competition: The Impact of Vertical Restraints on Technology Adoption

Laura Grigolon and Michelle Sovinsky

21045: Expanding the Landscape of Cross-Border Flow Restrictions: Modern Tools and Historical Perspectives

Katharina Bergant, Fernández Martin, Andrés, Ken Teoh and Uribe, Martín

21044: In their own words: What Workers Like and Dislike about their Jobs

Belot, Michèle, Xiaoying Liu and Vaios Triantafyllou

21043: Management Style Under the Spotlight: Evidence from Studio Recordings

Girum Abebe, Marcel Fafchamps, Michael Koelle, Simon Quinn and Tom Schwantje

21042: Global Spillovers from Fed Hikes and a Strong Dollar: The Risk Channel

Cristi, José, Sebnem Kalemli-Ozcan, Mariana Sans and Filiz Unsal

21041: Global Transmission of Fed Hikes: The Role of Policy Credibility and Balance Sheets

Sebnem Kalemli-Ozcan and Filiz Unsal

21040: Firm Financing During Sudden Stops: Can Governments Substitute Markets?

Miguel Acosta-Henao, Fernández Martin, Andrés, Patricia Gomez-Gonzalez and Sebnem Kalemli-Ozcan

21039: Mortgage Liquidity Shocks and Corporate Lending: Evidence from Household-Initiated Bank Balance Sheet Adjustment

Sumit Agarwal, Sergio Mayordomo, Maria Rodriguez Moreno and Emanuele Tarantino

21038: Resolution Design and Investment in Banking Groups

Albert Banal-Estanol, Lóránth, Gyöngyi and David Pothier

21037: Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks

Viral Acharya, Nicola Cetorelli and Bruce Tuckman

21036: Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios

Andreas Fuster, Teodora Paligorova and James Vickery

21035: The Value of Pricing Power When Investors Benchmark to Headline Inflation

Amra Hrustanovic and Alexander F. Wagner

21034: Wedges: A Microeconomic Perspective on Misallocation

Lauren Falcao Bergquist, Danial Lashkari and Eric Verhoogen

21033: Stablecoins and Central Bank Digital Currencies: Who Supplies Liquidity?

Pierpaolo Benigno

21032: Technology and Economic Development

Daron Acemoglu, Ufuk Akcigit and Simon Johnson

21031: Mothers’ Work, Reconciliation Issues, and Fertility Desires: Evidence from the Evaluation of a Program to Support Mothers

Daniela Del Boca, Luca Favero and Chiara Pronzato

21030: Equivalent Logit Choice Probabilities from Optimization and Randomization

Marti Mestieri and Jordan Norris

21029: Structural Change and Jobless Development

Franziska Ohnsorge, Richard Rogerson and Zoe Leiyu Xie

21028: Collateral Scarcity and Bad Credit Booms

Joseba Martinez, Fatih Ozturk, Pau Rabanal and Filiz Unsal

21027: Adapting to Scarcity: The Role of Firms in Occupational Transitions

Jeremias Klaeui, Daniel Kopp, Rafael Lalive and Michael Siegenthaler

21026: Propose or Vote: A Canonical Democratic Procedure

Hans Gersbach

21025: Forced to Face the Truth: A Meta-Analysis on the Effectiveness of Moral Reminders

Constance Frohly, Roberto Galbiati, Emeric Henry and Nicolas Jacquemet

21024: Trade Fragmentation, Inflationary Pressures and Monetary Policy

Maria Ludovica Ambrosino, Jenny Chan and Silvana Tenreyro

21023: Credit Constraints and Capital Allocation in Agriculture: Theory and Evidence from Uganda

Konrad Burchardi, Benedetta Lerva, Jonathan de Quidt and Stefano Tripodi

21022: The Economics of Architecture

Gabriel Ahlfeldt, Elisabetta Pietrostefani and Ailin Zhang

21021: The Elusive Link Between FDI and Economic Growth: Sectoral Heterogeneity and Global Value Chains

Bénétrix, Agustín, Hayley Pallan and Ugo Panizza

21020: Dollar Dominance and the Transmission of Monetary Policy

Michael McLeay and Silvana Tenreyro

21019: The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom

Ben Broadbent, Federico Di Pace, Thomas Drechsel, Richard Harrison and Silvana Tenreyro

21018: Climate-Change Pledges, Actions and Outcomes

Tiloka de Silva and Silvana Tenreyro

21017: Comparative Advantage and Economies of Scale under Uncertainty

Xiao Ma and Natalia Ramondo

21016: Born Different: Entrepreneurship through Inventor Mobility, Innovation, and Growth

Salome Baslandze and Ia Vardishvili

21015: External Finance in Emerging Markets and Developing Economies: A Tale of Differences in Vulnerabilities

Dohan Kim and Gian Maria Milesi-Ferretti

21014: Fiscal Policy in a Permanent Liquidity Trap: Evidence from Japan

Alice Albonico, Guido Ascari and Alessandro Gobbi

21013: Pension Wealth and the Timing of Retirement

Torben M Andersen, Anne Katrine Borgbjerg and Jonas Maibom

21012: (How) Can Advertising Solve the Chicken-and-Egg Problem? Early Stage Dynamics of Platform Markets

Haese, Jérémie, Tobias Kretschmer and Christian Peukert

21011: Faith-Based Platforms

Emmanuelle Auriol, Amma Panin, Eva Raiber and Paul Seabright

21010: When Growth leads to Zero-Sum Conflict

Alvaro Delgado-Vega and Barton Lee

21009: Political Ideologies, Redistribution and Local (Mis-)Perceptions of Migrant Stocks and Flows

Sarah Langlotz, Johannes Matzat, Axel Dreher and Christopher Parsons

21008: From Moderates to Extremes: How Immigration Polarizes American Politics

Johannes Matzat, Axel Dreher, Sarah Langlotz and Christopher Parsons

21007: Can Sanctions Deter Wars? The Russia-Ukraine Case

Thierry Mayer, Isabelle Mejean and Mathias Thoenig

21006: Geographic Mobility over the Life Cycle

Díaz, Antonia, Alvaro Janez and Felix Wellschmied

21005: When Decisions Require Consideration, People Give Up Control

Holly Dykstra, Christine Exley, Muriel Niederle and Heather Wong

21004: Household Finance in Retrospect and Prospect

John Y Campbell and Tarun Ramadorai

21003: Financial Market Effects of FOMC Communication: Evidence from a New Event-Study Database

Miguel Acosta, Andrea Ajello, Michael Bauer, Francesca Loria and Silvia Miranda-Agrippino

21002: Optimally Designing Purpose and Meaning at Work

Antonio Cabrales and Esther Hauk

21001: Fiscal Seigniorage and Price Level Determination in a Currency Union

Sebastian Schmidt

21000: You Only Live Twice: Financial Inflows and Growth in a Westward-Facing Ukraine

Yuriy Gorodnichenko and Maurice Obstfeld

20999: Does Partisanship or Arguing Activate Political Motivated Reasoning?

Andrew T. Little and Salvatore Nunnari

20998: Reciprocity and Democratic Accountability

Benjamin Blumenthal and Salvatore Nunnari

20997: Credit Constraints and the Redistribution of Housing Wealth

Belinda Tracey and Neeltje van Horen

20996: The Work-from-Home Wage Premium

Huiyu Li, Julien Sauvagnat and Tom Schmitz

20995: Can Cash Transfers Save Lives? Evidence from a Large-Scale Experiment in Kenya

Michael Walker, Nick Shankar, Edward Miguel, Dennis Egger and Grady Killeen

20994: Calibrated Mechanism Design

Laura Doval and Alex Smolin

20993: Firm Emissions and Credit Allocation

Grace Gu, Galina Hale, Bhavyaa Sharma and Jinhong Wu

20992: Artificial Intelligence and Growth in Advanced and Emerging Economies: Short-Run Impact

Leonardo Gambacorta, Enisse Kharroubi, Aaron Mehrotra and Tommaso Oliviero

20991: Ratcheting up Paris

Humberto Llavador, John E Roemer and Thomas Stoerk

20990: Weak Instrument Bias in Impulse Response Estimators

Daniel Lewis and Karel Mertens

20989: Size Distribution of All Italian Cities

Marianna Belloc

20988: Decoding Regional Dynamics: Institutions, Innovation, and Regional Development in the EU

Kamila Borsekova, Samuel Korony, Rodríguez-Pose, Andrés, Michal Styk and Hans Westlund

20987: A World Trading System For Whom? Evidence from Global Tariffs

Rodrigo Adao, John Becko, Arnaud Costinot and Dave Donaldson

20986: Mergers and R&D Investment: A Unified Approach

Moraga-González, José-Luis and Evgenia Motchenkova

20985: Tariff War Shock and the Convenience Yield of US Treasuries — A Hedging Perspective

Viral Acharya and Toomas Laarits

20982: Employment Impacts of the CHIPS Act

Bilge Erten, Joseph Stiglitz and Eric Verhoogen

20981: Quality Upgrading in Global Supply Chains: Evidence from Colombian Coffee

Rocco Macchiavello, Josepa Miquel-Florensa, Nicolás de Roux, Eric Verhoogen, Mario Bernasconi and Patrick Farrell

20980: Structural Reinforcement Learning for Heterogeneous Agent Macroeconomics

Yucheng Yang, Chiyuan Wang, Andreas Schaab and Benjamin Moll

20979: The Global (Mis)Allocation of Capital

Carol Bertaut, Stephanie E. Curcuru, Ester Faia and Pierre-Olivier Gourinchas

20978: Topography of the FX Derivatives Market: A View from London

Hacıoğlu Hoke, Sinem, Daniel Ostry, Helene Rey, Adrien Rousset Planat, Vania Stavrakeva and Jenny Tang

20977: From Tweets to Transactions: High-Frequency Inflation Expectations, Consumption, and Stock Returns

Benjamin Born, Nora Lamersdorf, Jana-Lynn Schuster and Sascha Steffen

20976: New Keynesian Economics with Household and Firm Heterogeneity

Thomas Winberry, Adrien Auclert, Matthew Rognlie and Ludwig Straub

20975: Testing Shock Independence in Gaussian Structural VARs

Dante Amengual, Gabriele Fiorentini and Enrique Sentana

20974: Eligibility to the Central Bank in Times of Crises: Evidence from France, 1863–1890

Vincent Bignon and Clemens Jobst

20973: Multibrand Price Dispersion

Mark Armstrong and John Vickers

20972: The Departed: Italian Migration and the American Mafia

Massimo Anelli, Paolo Pinotti and Zachary Porreca

20971: Pricing in Crisis

Reyer Gerlagh, Matti Liski and Vehviläinen, Iivo

20970: Finding Stars: Mapping the Geography of the World’s Scientific Elites

Rodríguez-Pose, Andrés, Leiboyu Xiang and Neil Lee

20969: How Institutions Shape the Economic Returns to Investment in European Regions

Inmaculada C. à lvarez, Javier Barbero, Luis Orea and Rodríguez-Pose, Andrés

20968: How Monetary Policy Is Made: Lessons from Historical FOMC Discussions

Cooper Howes, Marc Dordal i Carreras, Olivier Coibion and Yuriy Gorodnichenko

20967: Investment in Emerging and Developing Economies

Amat Adarov, Ayhan Kose and Dana Vorisek

20966: Multilateral Contracting in Stage Financing

Paolo Fulghieri, Yunzhi Hu and Felipe Varas

20965: What Drives Corporate Savings

Nan Chen, Xavier Giroud, Ling Qin and Neng Wang

20964: Making Suptech Work: Evidence on the Key Drivers of Adoption

Leonardo Gambacorta, Nico Lauridsen, Kiuhan-Vásquez, Samir and Jermy Prenio

20963: Subsidiary Financing: Risk-Shifting as a Commitment Device

Lóránth, Gyöngyi, Alan Morrison and Jing Zeng

20962: Education Fever: Inequality, Fertility, and Growth, with Application to China

Mark Gradstein

20961: Inefficient Debt Relief: Evidence from a Foreign Currency Loan Repayment Program

Lóránth, Gyöngyi, Oláh, Zsolt and Ibolya Schindele

20960: Doux Commerce: Markets, Culture, and Cooperation in 1850-1920 U.S

Max Posch and Itzchak Tzachi Raz

20959: The Effects of Immigration on Places and People: Identification and Interpretation

Christian Dustmann, Sebastian Otten, Schönberg, Uta and Jan Stuhler

20958: The Ins & Outs of Chinese Monetary Policy Transmission

Silvia Miranda-Agrippino, Tsvetelina Nenova and Helene Rey

20957: Digital News Consumption: Evidence from Smartphone Content in the 2024 US Elections

Guy Aridor, Tevel Dekel, Jiménez-Durán, Rafael, Ro'ee Levy and Lena Song

20956: Pros and Cons of Globalization: Income-Based Attitudes

Assaf Razin

20955: Inward and Outward Migration under Shifting Legal-Democratic Regimes

Assaf Razin

20954: Voting with Their Feet: Democratic Backsliding and Market-Minded Migration - Evidence from Israel and Europe

Assaf Razin

20953: Brexit and Migration: Germany-Benchmarked Evidence on Structural and Reallocation Shifts

Assaf Razin

20952: Building Capacity in the Public Administration: Evidence from German Reunification

Nadja Dwenger and Anna Gumpert

20951: A Stairway to Success: How Parenting Shapes Culture and Social Stratification

Francesco Agostinelli, Matthias Doepke, Giuseppe Sorrenti and Fabrizio Zilibotti

20950: Talent is Everywhere, Opportunity is Not: Online Role Model Mentoring and Students’ Aspirations

Pietro Biroli, Amalia Di Girolamo, Giuseppe Sorrenti and Maddalena Totarelli

20949: Closing the Border: The Impact of U.S. Migration and Trade Policy

Cruz, José-Luis and Julian Di Giovanni