CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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13411: The first twenty years of the European Central Bank: monetary policy

Philipp Hartmann and Frank Smets

13410: The Rise of the Dollar and Fall of the Euro as International Currencies

Matteo Maggiori, Brent Neiman and Jesse Schreger

13409: Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis

Julien Bengui, Sushant Acharya, Keshav Dogra and Shu Lin Wee

13408: Rent Sharing and Inclusive Growth

Stephen Machin, Brian Bell and Pawel Bukowski

13407: The Cost of Wage Rigidity

Ester Faia and Vincenzo Pezone

13406: How (Not) to Foster Innovations in Public Infrastructure Projects

Patrick Schmitz and ,

13405: Artificial intelligence, algorithmic pricing and collusion

Giacomo Calzolari, Emilio Calvano, Vincenzo Denicolo' and Sergio Pastorello

13404: The Economics of Cryptocurrency Pump and Dump Schemes

Neil Gandal, Jt Hamrick, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Tyler Moore and Marie Vasek

13403: Organizational Equilibrium with Capital

Marco Bassetto and Zhen Huo

13402: Machine Learning Estimation of Heterogeneous Causal Effects: Empirical Monte Carlo Evidence

Michael Lechner, Michael Knaus and Anthony Strittmatter

13401: Liquidity and Exchange Rates - An Empirical Investigation

Charles Engel and Steve Pak Yeung Wu

13400: House Price Dynamics, Optimal LTV Limits and the Liquidity Trap

Andrea Ferrero, Richard Harrison and Benjamin Nelson

13399: The costs and benefits of performance fees in mutual funds

Henri Servaes and Kari Sigurdsson

13398: Monetary policy implications of state-dependent prices and wages

Anton Nakov, Borja Petit and James Costain

13397: The Non-Existence of Representative Agents

Leeat Yariv and Matthew Jackson

13396: The Transmission of Monetary Policy Shocks

Giovanni Ricco and Silvia Miranda-Agrippino

13395: Characteristics of Mutual Fund Portfolios: Where Are the Value Funds?

Martin Lettau, Sydney Ludvigson and Paulo Manoel

13394: Immigration and Wage Dynamics: Evidence from the Mexican Peso Crisis

Joan Monras

13393: The economics and politics of revoking NAFTA

Andrei Levchenko, Raphael Auer and Barthélémy Bonadio

13392: Can Kings Create Towns that Thrive? The long-run implications of new town foundations

Kerstin Enflo and Cermeño, Alexandra

13391: Dominant Currency Debt

Semyon Malamud and Egemen Eren

13390: Identity, Beliefs, and Political Conflict

Guido Tabellini and Nicola Gennaioli

13389: Macroeconomic Consequences of Tariffs

Andrew Rose, Davide Furceri, Swarnali Hannan and Jonathan Ostry

13388: Real Interest Rates, Inflation, and Default

Fabrizio Perri, Sewon Hur and Illenin Kondo

13387: A Global Safe Asset for and from Emerging Market Economies

Markus Brunnermeier and Lunyang Huang

13386: Women's Empowerment in Action: Evidence from a Randomized Control Trial in Africa

Imran Rasul, Oriana Bandiera, Niklas Buehren, Markus Goldstein, , and Munshi Sulaiman

13385: What Happened to CIT collection? Solving the Rates-Revenues Puzzle

Nicodème, Gaëtan, Antonella Caiumi and Ina Majewski

13384: Continuous Time Versus Discrete Time in the New Keynesian Model: Closed-Form Solutions and Implications for Liquidity Trap

Lilia Maliar

13383: Taylor Rules and Forward Guidance: A Rule is not a Path

John Taylor

13382: Price Reference Effects in Consumer Demand

Martin Pesendorfer and Matthew Gentry

13381: Trade Liberalization and the Agglomeration of Heterogeneous Entrepreneurs

Rikard Forslid and Toshihiro Okubo

13380: Venting Out: Exports During a Domestic Slump

Eduardo Morales, Miguel Almunia, Pol Antràs and David Lopez Rodriguez

13379: Industrialization without Innovation

Jacopo Ponticelli, Paula Bustos, Juan Castro-Vincenzi and Joan Monras

13378: Can Mobile-Linked Bank Accounts Bolster Savings? Evidence from a Randomized Controlled Trial in Sri Lanka

Christopher Woodruff, Suresh De Mel, Ketki Sheth and Craig McIntosh

13377: Economic history and contemporary challenges to globalization

Kevin O'Rourke

13376: Animal Spirits and Fiscal Policy

Paul De Grauwe and Pasquale Foresti

13375: Trade and Credit Reallocation: How Banks Help Shape Comparative Advantage

Christian Keuschnigg and Michael Kogler

13374: Economic Uncertainty and Fertility Cycles: The Case of the Post-WWII Baby Boom

Paula Gobbi and ,

13373: A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse

Alex Cukierman

13372: Money Markets and Exchange Rates in Pre-Industrial Europe

Pilar Nogues-Marco

13371: What Option Prices tell us about the ECB's Unconventional Monetary Policies

Sweder van Wijnbergen, Stan Olijslagers, Annelie Petersen and Nander de Vette

13370: Pigouvian Cycles

Leonardo Melosi and Renato Faccini

13369: Beyond Okun's Law: Output Growth and Labor Market Flows

Jan C. van Ours, Guay Lim and Robert Dixon

13368: Measuring Ethnic Stratification and its Effect on Trust in Africa

Roland Hodler, Sorawoot Srisuma, Alberto Vesperoni and Zurlinden, Noémie

13367: Identity Politics and Trade Policy

Gene Grossman and Elhanan Helpman

13366: Media Sentiment and International Asset Prices

Rancière, Romain, Samuel Fraiberger, , and Damien Puy

13365: Conditional dynamics and the multi-horizon risk-return trade-off

Mikhail Chernov, Lars Lochstoer and Stig Lundeby

13364: Assimilation Patterns in Cities

Yves Zenou and Yasuhiro Sato

13363: A Review of Shadow Banking

Tobias Adrian, Peter Breuer, Adam Ashcraft and Nicola Cetorelli

13362: The Microeconomic foundations of Aggregate Production Functions

David Baqaee and Emmanuel Farhi

13361: High Tech and Venture Capital Inflows: The case of Israel

Assaf Razin

13360: Differential Performance in High vs. Low Stakes Tests: Evidence from the GRE Test

Analia Schlosser, Zvika Neeman and Yigal Attali

13359: Definition Matters: Metropolitan Areas and Agglomeration Economies in a Large Developing Country

Maarten Bosker, Mark Roberts and Jane Park

13358: The Costs and Benefits of Shareholder Democracy

Mariassunta Giannetti and Nickolay Gantchev

13357: Optimal Healthcare Contracts: Theory and Empirical Evidence from Italy

Gianni De Fraja, Paolo Berta and Stefano Verzillo

13356: The Benchmark Inclusion Subsidy

Anna Pavlova, Anil Kashyap, Natalia Kovrijnykh and ,

13355: Firm Leverage and Regional Business Cycles

Holger Mueller and Xavier Giroud

13354: The Intergenerational Behavioural Consequences of a Socio-Political Upheaval

Alison Booth, Xin Meng, Elliott Fan and Dandan Zhang

13353: Pareto-improving structural reforms

Gilles Saint-Paul

13352: Economic Policy Uncertainty in Turkey

Antonio Spilimbergo and La-Bhus Jirasavetakul

13351: Structural Transformation to Manufacturing and Services: What Role for Trade?

Kym Anderson

13350: Liquidity, Leverage, and Regulation Ten Years after the Global Financial Crisis

Tobias Adrian, John Kiff and Hyun Song Shin

13349: The Term Structure of Growth-at-Risk

Tobias Adrian, Nellie Liang, Federico Grinberg and Sheherya Malik

13347: Matching In Cities

Enrico Moretti, Wolfgang Dauth, Sebastian Findeisen and Südekum, Jens

13346: Market Structure and Competition in Airline Markets

Federico Ciliberto, , and ,

13345: Over-the-Counter Market Frictions and Yield Spread Changes

Nils Friewald and Florian Nagler

13344: The Agency of CoCos: Why Contingent Convertible Bonds Aren't for Everyone

Steven Ongena, Roman Goncharenko and Asad Rauf

13343: Information Aggregation in Emissions Markets with Abatement

Estelle Cantillon and Aurélie Slechten

13342: The Half Life of Economic Injustice

David Miles

13341: Heterogeneous Tax Sensitivity of Firm-level Investments

Christian Keuschnigg, Peter Egger and ,

13340: Collateral Booms and Information Depletion

Martín, Alberto, Vladimir Asriyan and Luc Laeven

13339: The Financial Decisions of Immigrant and Native Households: Evidence from Italy

Graziella Bertocchi, Marianna Brunetti and Anzelika Zaiceva

13338: The Economic Geography of Innovation

Peter Egger and Nicole Loumeau

13337: Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness

Kalemli-Özcan, Sebnem

13336: Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis

Kalemli-Özcan, Sebnem, Luc Laeven and David Moreno

13335: Money Markets, Collateral and Monetary Policy

Harald Uhlig, Fiorella De Fiore and Marie Hoerova

13334: Neo-Fisherian Policies and Liquidity Traps

Florin Bilbiie

13333: The Micro-Level Anatomy of the Labor Share Decline

Matthias Kehrig and Nicolas Vincent

13332: Countering the Winner's Curse: Optimal Auction Design in a Common Value Model

Dirk Bergemann, Benjamin Brooks and Stephen Morris

13331: To Ask or Not To Ask? Bank Capital Requirements and Loan Collateralization

Hans Degryse, Artashes Karapetyan and ,

13330: Financial structure and income inequality

Leonardo Gambacorta, Michael Brei and ,

13329: Repayment Flexibility and Risk Taking: Experimental Evidence from Credit Contracts

Selim Gulesci, Marianna Battaglia and Andreas Madestam

13328: What hides behind the German labor market miracle? Unemployment insurance reforms and labor market dynamics

Moritz Kuhn, Philip Jung and Benjamin Hartung

13327: Minority share acquisitions and collusion: evidence from the introduction of national leniency programs

Yossi Spiegel, Sven Heim, , and ,

13326: International Migration Intentions and Illegal Costs: Evidence Using Africa-to-Europe Smuggling Routes

Guido Friebel, Miriam Manchin, Mariapia Mendola and Giovanni Prarolo

13325: Volatility Risk Pass-Through

Mariano Croce, Ric Colacito, Yang Liu and Ivan Shaliastovich

13324: Some Principles for Regulating Cyber Risk

Anil Kashyap and Anne Wetherilt

13323: The “End of Men†and Rise of Women in the High-Skilled Labor Market

Nir Jaimovich, Guido Matias Cortes and Henry Siu

13322: Quantitative Easing

Vincent Sterk and Wei Cui

13321: Organizing Global Supply Chains: Input-Output Linkages and Vertical Integration

Claudia Steinwender, Giuseppe Berlingieri and Frank Pisch

13320: Barriers to trade in environmental goods: How Important they are and what should developing countries expect from their removal

Jaime de Melo and Jean-Marc Solleder

13319: A Model of Competing Narratives

Kfir Eliaz and Ran Spiegler

13318: The Household Finance Landscape in Emerging Economies

Vimal Balasubramaniam

13317: Globalization, Gender, and the Family

Wolfgang Keller and Hale Utar

13316: Equitable Voting Rules

Leeat Yariv, Laurent Bartholdi, Wade Hann-Caruthers, Maya Josyula and Omer Tamuz

13315: Anti-social Behavior in Groups

Michal Bauer, Cahlíková, Jana, Dagmara Celik-Katreniak, Julie Chytilová, Lubomir Cingl and Želinský, Tomáš

13314: Learning from Noise: Evidence from India’s IPO Lotteries

Vimal Balasubramaniam and Santosh Anagol

13313: Climatic Roots of Loss Aversion

Oded Galor and ,

13312: Germs, Social Networks and Growth

Laura Veldkamp and Alessandra Fogli

13311: Civicness drain

Andrea Ichino, Marco Casari, Moti Michaeli, Maria De Paola, Ginevra Marandola and Vincenzo Scoppa