CEPR Discussion Papers

From Centre for Economic Policy Research
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13946: Intersectoral linkages: Good shocks, bad outcomes?

Kristian Behrens, Sergey Kichko and Philip Ushchev

13945: Putting Global Governance in its Place

Dani Rodrik

13944: Ownership, wealth, and risk taking: Evidence on private equity fund managers

Karin Thorburn, Carsten Bienz and Uwe Walz

13943: Cryptocurrencies, Currency Competition, and The Impossible Trinity

Pierpaolo Benigno, Linda Schilling and Harald Uhlig

13942: The countercyclical capital buffer and the composition of bank lending

Raphael Auer and Steven Ongena

13941: Art Dealers’ Inventory Strategy The case of Goupil, Boussod & Valadon from 1860 to 1914

Kim Oosterlinck, Geraldine David and Christian Huemer

13940: Rational Buyers Search When Prices Increase

Luis Cabral and Sonia Gilbukh

13939: A Unified Approach to Measuring u*

Marc Giannoni, Richard Crump, Stefano Eusepi and Aysegul Sahin

13938: Coordination and Organization Design: Theory and Micro-evidence

Wouter Dessein, Lo, Desmond (Ho-Fu) and Chieko Minami

13937: Welfare State vs. Market Forces in a Globalization Era

Assaf Razin, Efraim Sadka and Alexander Schwemmer

13936: The Value of Intermediation in the Stock Market

Francesco Franzoni, Marco Di Maggio and Mark Egan

13935: Buyer-Driven Upgrading in GVCs: The Sustainable Quality Program in Colombia

Rocco Macchiavello and Josepa Miquel-Florensa

13934: Sequential Learning

Yair Antler, Daniel Bird and Santiago Oliveros

13933: Cannabis Prices on the Dark Web

Jan C. van Ours

13932: Synergizing Ventures

Ufuk Akcigit, Emin Dinlersoz, Jeremy Greenwood and Veronika Penciakova

13931: The Textbook Case for Industrial Policy: Theory Meets Data

Arnaud Costinot, Dominick Bartelme, Dave Donaldson and Rodríguez-Clare, Andres

13930: The Political Economy of the Prussian Three-class Franchise

Sascha Becker and Erik Hornung

13929: Swing Pricing and Fragility in Open-end Mutual Funds

Marcin Kacperczyk, Dunhong Jin, Bige Kahraman and Felix Suntheim

13928: Becker Meets Kyle: Inside Insider Trading

Marcin Kacperczyk and Emiliano Pagnotta

13927: The interdependence of domestic and international success: the case of the UEFA Champions League

Shlomo Weber and Juan Moreno-Tenero

13926: Housing Wealth or Collateral: How Home Value Shocks Drive Home Equity Extraction and Spending

Henrik Yde Andersen

13925: The Herfindahl-Hirschman Index and the distribution of social surplus

Yossi Spiegel

13923: Foreign currency loan conversions and currency mismatches

Andreas Fischer and Yeşin, Pınar

13922: Persistent Government Debt and Aggregate Risk Distribution

Mariano Croce, Thien Nguyen and Steve Raymond

13921: The Effect of Handicaps on Turnout for Large Electorates: An Application to Assessment Voting

Hans Gersbach, Akaki Mamageishvili and Oriol Tejada

13920: The Financial Development of London in the 17th Century Revisited: A View from the Accounts of the Corporation of London

Nathan Sussman

13919: Politsplaining: Populism Breeds Populism

Hans Gersbach and Köhler-Schindler, Laurin

13918: Dynamic Social Interactions and Health Risk Behavior

Eleonora Patacchini and Alberto Bisin

13917: A Theory of Power Wars

Helios Herrera, Massimo Morelli and Salvatore Nunnari

13916: Monetary Policy Announcements and Expectations: Evidence from German Firms

Müller, Gernot, Zeno Enders and Hünnekes, Franziska

13915: Improving U.S. Monetary Policy Communications

Stephen Cecchetti and Kermit Schoenholtz

13914: Predicting Consumer Default: A Deep Learning Approach

Stefania Albanesi and Domonkos Vamossy

13913: End-of-Life Medical Expenses

Eric French, John Jones, Jeremy McCauley and Elaine Kelly

13912: Multiple Applications, Competing Mechanisms, and Market Power

Pieter Gautier, James Albrecht, Xiaoming Cai and Susan Vroman

13911: A Structural Model for the Coevolution of Networks and Behavior

Michael Koenig, Chih-Sheng Hsieh and Xiaodong Liu

13910: Productivity, Network Effects and Telecommunications Capital: Evidence from the US and Europe

Jonathan Haskel, Harald Edquist and Peter Goodridge

13909: What is the Optimal Immigration Policy? Migration, Jobs and Welfare

Sergio Rebelo, Joao Guerreiro and Pedro Teles

13908: Building a productive workforce: the role of structured management

Daniela Scur, Ian Schmutte and Christopher Cornwell

13907: Stress Testing and Bank Lending

Joel Shapiro and Jing Zeng

13906: Inspecting the Mechanism of Quantitative Easing in the Euro Area

Ralph Koijen, Francois Koulischer, Benoît Nguyen and Motohiro Yogo

13905: Collateral and Asymmetric Information in Lending Markets

Nicola Pavanini, Vasso Ioannidou and Yushi Peng

13904: Markets and Markup: A New Empirical Framework and Evidence on Exporters from China

Meredith Crowley, Giancarlo Corsetti, Lu Han and Huasheng Song

13903: The "New" Economics of Trade Agreements: From Trade Liberalization to Regulatory Convergence?

Gene Grossman, Phillip McCalman and Robert Staiger

13902: What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models

Xavier Jaravel and Erick Sager

13901: Symbolism Matters: The Effect of Same-Sex Marriage Legalization on Partnership Stability

Jan C. van Ours and Shuai Chen

13900: Anchored Inflation Expectations

Carlos Carvalho, Stefano Eusepi, , and Bruce Preston

13899: Risk-Free Interest Rates

Jules van Binsbergen, William Diamond and Marco Grotteria

13898: How Effective Are Monetary Incentives to Vote? Evidence from a Nationwide Policy

León-Ciliotta, Gianmarco, Luis Martinez and Mariella Gonzales

13897: From Mad Men to Maths Men: Concentration and Buyer Power in Online Advertising

Francesco Decarolis and Gabriele Rovigatti

13896: Interest rates

Eric Monnet

13895: Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891

Eric Monnet, Guillaume Bazot and Matthias Morys

13894: Do Short-Term Incentives Affect Long-Term Productivity?

Vyacheslav Fos, Heitor Almeida, Nuri Ersahin, Rustom M Irani and ,

13893: Sharing a Government

Jaume Ventura

13892: The Entertaining Way to Behavioral Change: Fighting HIV with MTV

Eliana La Ferrara, Abhijit Banerjee and Victor Orozco-Olvera

13891: On Selecting the Right Agent

Kfir Eliaz, Kareen Rozen, Geoffroy de Clippel and Daniel Fershtman

13890: Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models

Adrien Auclert, Bence Bardoczy, Matthew Rognlie and Ludwig Straub

13889: China’s Industrial Policy: an Empirical Evaluation

Myrto Kalouptsidi, Panle Barwick and Nahim Bin Zahur

13888: Financial Policies and Internal Governance with Heterogeneous Risk Preferences

Bart Lambrecht and Shiqi Chen

13887: Global Dimensions of U.S. Monetary Policy

Maurice Obstfeld

13886: Covered Interest Parity Deviations: Macrofinancial Determinants

Maurice Obstfeld, Eugenio Cerutti and Haonan Zhou

13885: Gig-Labor: Trading Safety Nets for Steering Wheels

Vyacheslav Fos, Naser Hamdi, Ankit Kalda and Jordan Nickerson

13884: Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior, Credit Scores and Their Predictive

Dean Karlan, Jeremy Burke, Julian C. Jamison, Kata Mihaly and Jonathan Zinman

13883: Are Professors Worth It? The Value-added and Costs of Tutorial Instructors

Zölitz, Ulf, Jan Feld and Nicolas Salamanca

13882: Competition and Pass-Through: Evidence from Isolated Markets

Christos Genakos and Mario Pagliero

13881: Incomplete Contracts, Limited Liability, and the Optimality of Joint Ownership

Patrick Schmitz

13880: Clients' Connections: Measuring the Role of Private Information in Decentralised Markets

Péter Kondor and Gabor Pinter

13879: Third Party Intervention and Strategic Militarization

Massimo Morelli, Adam Meirowitz, Kristopher Ramsay and Francesco Squintani

13878: Divided Government, Delegation, and Civil Service Reform

Massimo Morelli, Elliott Ash and Matia Vannoni

13877: Devotion and Development: Religiosity, Education, and Economic Progress in 19th-Century France

Mara Squicciarini

13876: The Elasticity of Taxable Income in Spain: 1999-2014

Miguel Almunia and David Lopez Rodriguez

13875: Ambiguity Attitudes, Leverage Cycle and Asset Prices

Ester Faia, Marzio Bassanin and Valeria Patella

13874: The Term Structure of Government Debt Uncertainty

Antonio Mele, Yoshiki Obayashi and Shihao Yang

13873: Correlation Risk, Strings and Asset Prices

Antonio Mele, Walter Distaso and Grigory Vilkov

13872: The Social Costs of Side Trading

Thomas Mariotti, Andrea Attar and Salanié, François

13871: A Positive Effect of Political Dynasties: the Case of France’s 1940 Enabling Act

Kim Oosterlinck, Jean Lacroix and Méon, Pierre-Guillaume

13870: The Wall Street Stampede: Exit as Governance with Interacting Blockholders

Amil Dasgupta, Dragana Cvijanovic and Konstantinos Zachariadis

13869: Exchange Rate Reconnect

Matteo Maggiori, Andrew Lilley, Brent Neiman and Jesse Schreger

13868: Information Design with Agency

Eduardo Perez, Adrien Vigier and Jacopo Bizzotto

13867: China's Overseas Lending

Christoph Trebesch, Sebastian Horn and Carmen Reinhart

13866: Stock Price Cycles and Business Cycles

Klaus Adam and Sebastian Merkel

13865: Diffusion of Gender Norms: Evidence from Stalin's Ethnic Deportations

Ekaterina Zhuravskaya, Antonela Miho and Alexandra Jarotschkin

13864: The College Wealth Divide: Education and Inequality in America, 1956-2016

Moritz Schularick, Alina Bartscher and Moritz Kuhn

13863: Exportweltmeister: The Low Returns on Germany’s Capital Exports

Moritz Schularick, Hünnekes, Franziska and Christoph Trebesch

13862: The Economic Costs of Financial Distress

Custódio, Cláudia, Miguel Ferreira and Emilia Garcia-Appendini

13861: Optimal Transport Networks in Spatial Equilibrium

Edouard Schaal and Pablo Fajgelbaum

13860: Social Media and Polarization

Yves Zenou, Arthur Campbell and Matthew Leister

13859: Formative Experiences and the Price of Gasoline

Arthur van Benthem and Christopher Severen

13858: The Dog that Didn’t Bark: The Curious Case of Lloyd Mints, Milton Friedman and the Emergence of Monetarism

Harris Dellas and George Tavlas

13857: Sentiment and Speculation in a Market with Heterogeneous Beliefs

Ian Martin and ,

13856: Stock Market Wealth and the Real Economy: A Local Labor Market Approach

Alp ÅžimÅŸek, Gabriel Chodorow-Reich and Plamen T. Nenov

13855: The Transmission of Shocks in EndogenousFinancial Networks: A Structural Approach

Rancière, Romain, Amine Ouazad and Jonas Heipertz

13854: Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies

Christian Wolff and J. Thomas Connelly

13853: Identification with External Instruments in Structural VARs under Partial Invertibility

Giovanni Ricco and ,

13852: Pareto-Efficient Tax Deductions

Dominik Sachs and Köhne, Sebastian

13851: Is Employment Polarization Informative About Wage Inequality and Is Employment Really Polarizing?

Jennifer Hunt and Ryan Nunn

13850: Voting with their Money: Brexit and Outward Investment by UK Firms

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

13849: Does Drawing Down the U.S. Strategic Petroleum Reserve Help Stabilize Oil Prices?

Lutz Kilian and Xiaoqing Zhou

13848: Funding the Great War and the beginning of the end for British hegemony

Martin Ellison, Thomas Sargent and Andrew Scott

13847: Technology-induced Trade Shocks? Evidence from Broadband Expansion in France

Thierry Mayer, Clément Malgouyres and Clément Mazet-Sonilhac

13846: Did Austerity Cause Brexit?

Thiemo Fetzer