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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11906: International Inflation Spillovers Through Input Linkages

Raphael Auer, Andrei Levchenko and Sauré, Philip

11905: The globalisation of inflation: the growing importance of global value chains

Raphael Auer, Claudio Borio and Andrew Filardo

11904: Prizes versus Contracts as Incentives for Innovation

Elisabetta Iossa, Yeon-Koo Che and Patrick Rey

11903: Global Skill-Based Immigration Policies and Israel's Brain Drain

Assaf Razin

11902: The Making of Hawks and Doves: Inflation Experiences on the FOMC

Stefan Nagel, Ulrike M. Malmendier and Zhen Yan

11901: Credit Misallocation During the European Financial Crisis

Fabiano Schivardi, Guido Tabellini and Enrico Sette

11900: Understanding the Determinants of Financial Outcomes and Choices: The Role of Noncognitive Abilities

Kim Peijnenburg and Gianpaolo Parise

11899: Migrants and the Making of America: The Short and Long Run Effects of Immigration during the Age of Mass Migration

Sandra Sequeira, Nathan Nunn and Nancy Qian

11898: Whistle-Blower Protection: Theory and Experimental Evidence

Andreas Roider, Gerd Muehlheusser and Lydia Mechtenberg

11897: The Peace Dividend of Distance: Violence as Interaction Across Space

Dominic Rohner, Hannes Mueller and Schönholzer, David

11896: Picking Funds with Confidence

Allan Timmermann, Asger Lunde, Niels Groenborg and Russell Wermers

11895: Transparency, Investor Information Acquisition, and Money Market Fund Risk Rebalancing during the 2011-12 Eurozone Crisis

Allan Timmermann, Lawrence Schmidt, , and Russell Wermers

11894: Comparing Apples to Apples: Estimating Consistent Partial Effects of Preferential Economic Integration Agreements

Peter Egger and ,

11893: The effects of tax on bank liability structure

Leonardo Gambacorta, Suresh Sundaresan, Giacomo Ricotti and Zhenyu Wang

11892: The Great Chinese Inequality Turnaround

Ravi Kanbur, Yue Wang and Xiaobo Zhang

11891: Structural breaks in panel data: Large number of panels and short length time series

Jan Hanousek, Jaromir Antoch, Marie Huskova, Lajos Horvath and Shixuan Wang

11890: Trade Policy and Redistribution when Preferences are Non-Homothetic

Andrei Levchenko and Quy-Toan Do

11888: The Fall of Capital Punishment and the Rise of Prisons: How Punishment Severity Affects Jury Verdicts

Randi Hjalmarsson and Anna Bindler

11887: Endogenous Asymmetric Shocks in the Eurozone. The Role of Animal Spirits

Paul De Grauwe and Yuemei Ji

11886: Weakness in Investment Growth: Causes, Implications and Policy Responses

Ayhan Kose, Franziska Ohnsorge, Ye, Lei (Sandy) and Ergys Islamaj

11885: Exchange rate implications of Border Tax Adjustment Neutrality

Willem Buiter

11884: The determinants of coagglomeration: Evidence from functional employment patterns

Kristian Behrens and Rachel Guillain

11883: Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms

Fougère, Denis, Rémy Lecat and Simon Ray

11882: Israel Globalized: High Tech, Productivity and FDI

Assaf Razin

11881: The Economist as Plumber

Esther Duflo

11880: Political Specialization

Kevin Sheedy and Bernardo Guimaraes

11879: ECONOMICS AND POLITICS OF INTERNATIONAL INVESTMENT AGREEMENTS

Henrik Horn and Tangerås, Thomas

11878: When Work Disappears: Manufacturing Decline and the Falling Marriage-Market Value of Men

David Dorn, David Autor and Gordon Hanson

11877: Israel’s Immigration Story: Globalization lessons

Assaf Razin

11876: How the Tight Oil Boom Has Changed Oil and Gasoline Markets

Lutz Kilian

11875: Media Capture through Favor Exchange

Adam Szeidl and Ferenc Szucs

11874: Vertical Integration and Relational Contracts: Evidence from the Costa Rica Coffee Chain

Rocco Macchiavello and Josepa Miquel-Florensa

11873: The Macrogenoeconomics of Comparative Development

Oded Galor and Quamrul Ashraf

11872: Follow the money: Does the financial sector intermediate natural resource windfalls?

Thorsten Beck and Steven Poelhekke

11871: Populism: Demand and Supply

Luigi Guiso, Helios Herrera, Massimo Morelli and Tommaso Sonno

11870: Creditor Control Rights and Board Independence

Daniel Ferreira, Miguel Ferreira and Beatriz Mariano

11869: Adverse Selection and Assortative Matching in Labor Markets

Daniel Ferreira and Radoslawa Nikolowa

11868: Is the Discretionary Income Effect of Oil Price Shocks a Hoax?

Christiane Baumeister, Lutz Kilian and Xiaoqing Zhou

11867: Information Design: A Unified Perspective

Dirk Bergemann and Stephen Morris

11866: Capitalism and Socialism: Review of Kornai’s Dynamism, Rivalry, and the Surplus Economy

Cheng-Gang Xu

11865: Technology-Skill Complementarity in Early Phases of Industrialization

Oded Galor and Raphael Franck

11864: Political Cycles and Stock Returns

Pástor, Luboš and Pietro Veronesi

11863: Dynamic Higher Order Expectations

Kristoffer Nimark

11862: Cost and Product Advantages: Evidence from Chinese Manufacturing Firms

Jordi Jaumandreu and Heng Yin

11861: Multi-Product Firms and Product Quality

Kalina Manova and Zhihong Yu

11860: A Theory of Grand Innovation Prizes

Alberto Galasso, Gábor Virág and Matthew Mitchell

11859: Losing Trust in Money Doctors

Martin Weber and Daniel Dorn

11858: Firms' Internal Networks and Local Economic Shocks

Holger Mueller and Xavier Giroud

11857: Contracting out the Last-Mile of Service Delivery: Subsidized Food Distribution in Indonesia

Benjamin Olken, Abhijit Banerjee, Rema Hanna, Jordan Kyle and Sudarno Sumarto

11856: EU Membership or Thatcher’s Structural Reforms: What Drove the Great British Reversal?

Fabrizio Coricelli and Nauro Campos

11855: The International Elasticity Puzzle Is Worse Than You Think

Philippe Martin, Fontagné, Lionel and Gianluca Orefice

11854: China’s Decentralized Privatization and Change of Control Rights

Cheng-Gang Xu, Jie Gan and Yan Guo

11853: Institutions and Managerial Task Allocation: Evidence from Chinese Entrepreneurs

Cheng-Gang Xu, Di Guo and Kun Jiang

11852: The Wounds That Do Not Heal. The Life-time Scar of Youth Unemployment

Gianni De Fraja, Sara Lemos and James Rockey

11851: Following the Code: Spillovers and Knowledge Transfer

Neil Gandal, Uriel Stettner and Peter Naftaliev

11850: Aftershocks of Monetary Unification: Hysteresis with a Financial Twist

Barry Eichengreen and Tamim Bayoumi

11849: The Design of Credit Information Systems

V Bhaskar and Caroline Thomas

11848: Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)

Thomas Piketty, Jonathan Goupille-Lebret and Bertrand Garbinti

11847: Who Receives Medicaid in Old Age? Rules and Reality

Mariacristina De Nardi, Margherita Borella and Eric French

11846: The End of Alchemy: A Review Essay

Roger Farmer

11845: The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem

Emmanuel Farhi and David Baqaee

11844: Monetary Policy and the Predictability of Nominal Exchange Rates

Rebelo, Sérgio, Martin Eichenbaum and Benjamin Johannsen

11843: Activism, Strategic Trading, and Liquidity

Pierre Collin-Dufresne, Kerry E. Back, Vyacheslav Fos, Tao Li and Alexander Ljungqvist

11842: "Low-For-Long†Interest Rates and Banks’ Interest Margins and Profitability: Cross-Country Evidence

Stijn Claessens, Nicholas Coleman and Michael Donnelly

11841: Carbon Dioxide Emissions and Economic Growth: An Assessment based on Production and Consumption Emission Inventories

Joseph Francois, Fernández-Amador, Octavio, Doris Oberdabernig and Patrick Tomberger

11840: Democracy and Credit “Democracy Doesn`t Come Cheap†But At Least Credit to Its Corporations Will Be

Steven Ongena, Manthos Delis and Iftekhar Hasan

11839: International Spillovers and Local Credit Cycles

Kalemli-Özcan, Sebnem, Julian di Giovanni, Mehmet Ulu and Yusuf Baskaya

11838: Risk-sharing benefits and the capital structure of insurance companies

Hans Degryse, Cynthia Van Hulle and Kristien Smedts

11837: Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade

Alexander Wagner, Richard Zeckhauser and Alexandre Ziegler

11836: The Global Role of the U.S. Economy: Linkages, Policies and Spillovers

Ayhan Kose, Franziska Ohnsorge, Csilla Lakatos and Marc Stocker

11835: When Britain turned inward: Protection and the shift towards Empire in interwar Britain

Kevin O'Rourke, Alan de Bromhead, Alan Fernihough and Markus Lampe

11834: Central Bank Policies and the Debt Trap

Athanasios Orphanides

11833: Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields

Emmanuel Farhi, Pierre-Olivier Gourinchas and Ricardo Caballero

11832: Revisiting the Commodity Curse: A Financial Perspective

Gianluca Benigno and Enrique Alberola

11831: The World We Live In: Local or Global?

Kees Koedijk, Ronald Mahieu, Joris van Toor and Jenke Horst

11830: The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy

Morten Ravn, Karel Mertens and Andrew Fieldhouse

11829: The Consumption Response to Positive and Negative Income Changes

Paolo Surico, Philip Bunn, Kate Reinold and Jeanne LeRoux

11828: Rethinking Detroit

Esteban Rossi-Hansberg, Pierre Daniel Sarte and Raymond Owens

11827: Capital Flows and the International Credit Channel

Julian di Giovanni, Kalemli-Özcan, Sebnem, Peydró, José-Luis, Yusuf Baskaya and Mehmet Ulu

11826: Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?

Ethan Ilzetzki, Carmen Reinhart and Kenneth Rogoff

11825: Human Capital Acquisition and Occupational Choice: Implications for Economic Development

Martí Mestieri, Johanna Schauer and Robert Townsend

11824: Are the Spanish Long-Term Unemployed Unemployable?

Samuel Bentolila, J. Ignacio García Pérez and Marcel Jansen

11823: Global Banking: Recent Developments and Insights from Research

Stijn Claessens

11822: Regulation and structural change in financial systems

Stijn Claessens

11821: The Role of Foreign Banks in Trade

Stijn Claessens, Neeltje Van Horen and Omar Hassib

11820: Tax design in the alcohol market

Rachel Griffith, Martin O'Connell and Kate Smith

11819: Testing part of a DSGE model by Indirect Inference

A. Patrick Minford, Michael R. Wickens and Yongdeng Xu

11818: A note on news about the future: the impact on DSGE models and their VAR representation

A. Patrick Minford, David Meenagh and Vo Phuong Mai Le

11817: What is the truth about DSGE models? Testing by indirect inference

A. Patrick Minford, David Meenagh, Yongdeng Xu and Michael R. Wickens

11816: Comparing different data descriptors in Indirect Inference tests on DSGE models

A. Patrick Minford, Michael R. Wickens and Yongdeng Xu

11815: The Explosive Combination of Religious Decentralisation and Autocracy: the Case of Islam

Emmanuelle Auriol and Jean-Philippe Platteau

11814: Optimal Monetary Policy and Liquidity with Heterogeneous Households

Florin Bilbiie and Xavier Ragot

11813: The Unexpected Consequences of Asymmetric Competition. An Application to Big Pharma

Georges Siotis, Micael Castanheira, Maria-Angeles de Frutos and Carmine Ornaghi

11812: Is Global Equality the Enemy of National Equality?

Dani Rodrik

11811: The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration

Manuel Adelino, Miguel Ferreira and Igor Cunha

11810: Concentrating on the Fall of the Labor Share

David Dorn, David Autor, Lawrence Katz, Christina Patterson and John van Reenen

11809: Firm-Related Risk and Precautionary Saving Response

Luigi Guiso, Luigi Pistaferri and Andreas Fagereng

11808: Social Media and Political Donations: New Technology and Incumbency Advantage in the United States

Maria Petrova, Pinar Yildirim and Ananya Sen

11807: Post Keynesian Dynamic Stochastic General Equilibrium Theory

Roger Farmer

11806: Gross Capital Inflows to Banks, Corporates and Sovereigns

Kalemli-Özcan, Sebnem, Servén, Luis, Stefan Avdjiev and Bryan Hardy