CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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13441: Strategic Interpretations

Kfir Eliaz, Ran Spiegler and Heidi Thysen

13440: The economic effects of density: A synthesis

Gabriel Ahlfeldt and Elisabetta Pietrostefani

13439: Was Brexit Triggered by the Old and Unhappy? Or by Financial Feelings?

Eugenio Proto, Federica Liberini, Andrew Oswald and Michela Redoano

13438: The Long-Run Information Effect of Central Bank Communication

Michael McMahon, , and Matthew Tong

13437: Bite and Divide: Malaria and Ethnolinguistic Diversity

Matteo Cervellati, Giorgio Chiovelli and Elena Esposito

13436: Where is the Middle Class? Inequality, Gender and the Shape of the Upper Tail from 60 million English Death and Probate Records

Neil Cummins

13435: Global Price of Risk and Stabilization Policies

Tobias Adrian, Erik Vogt and Daniel Stackman

13434: From Microeconomic Favoritism to Macroeconomic Populism

Gilles Saint-Paul

13433: Heterogeneity, Measurement Error, and Misallocation: Evidence from African Agriculture

Douglas Gollin and Christopher Udry

13432: Monetary and Fiscal Policy when People have Finite Lives

Roger Farmer and Pawel Zabczyk

13431: Scaring or scarring? Labour market effects of criminal victimisation

Nadine Ketel and Anna Bindler

13430: Modified Causal Forests for Estimating Heterogeneous Causal Effects

Michael Lechner

13429: The Origins of Firm Heterogeneity: A Production Network Approach

Kalina Manova, Andrew Bernard, Emmanuel Dhyne, Glenn Magerman and Andreas Moxnes

13428: The Fall in UK Potential Output due to the Financial Crisis: a Much Bigger Estimate

Nicholas Crafts

13427: The Granular Nature of Large Institutional Investors

Francesco Franzoni, Itzhak Ben-David, Rabih Moussawi and John Sedunov

13426: New testing approaches for mean-variance predictability

Enrique Sentana and Gabriele Fiorentini

13425: Folklore

Stelios Michalopoulos and ,

13424: Fighting Mobile Crime

Crinò, Rosario, Giovanni Immordino and Salvatore Piccolo

13423: Well-being, political decentralisation and governance quality in Europe

Rodríguez-Pose, Andrés and Vassilis Tselios

13422: International Relocation of Production and Growth

Francisco Alcalá and Marta Solaz

13421: Production Networks: A Primer

Vasco Carvalho and Alireza Tahbaz-Salehi

13420: Blockchain Economics

Markus Brunnermeier and Joseph Abadi

13419: The Value of Information in Technology Adoption: Theory and Evidence from Bangladesh

Yves Zenou, Asad Islam, Philip Ushchev and Xin Zhang

13418: The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates

Ramin Baghai, Bo Becker and Stefan Pitschner

13417: Does pre-play social interaction improve negotiation outcomes?

Antonio Cabrales, Brañas, Pablo, Guillermo Mateu, Sánchez, Anxo and Angela Sutan

13416: Bank Regulation, Network Topology, and Systemic Risk: Evidence from the Great Depression

Kris Mitchener, Sanjiv Das and Angela Vossmeyer

13415: Exchange Competition, Entry, and Welfare

Xavier Vives and Giovanni Cespa

13414: Term Structure of Risk in Expected Returns

Irina Zviadadze

13413: Reshaping Adolescents' Gender Attitudes: Evidence from a School-Based Experiment in India

Seema Jayachandran, Diva Dhar and Tarun Jain

13412: Strategic Fertility, Education Choices, and Conflicts in Deeply Divided Societies

David de la Croix, Emeline Bezin and ,

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 ,