CEPR Discussion Papers

From Centre for Economic Policy Research
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13477: On Event Studies and Distributed-Lags in Two-Way Fixed Effects Models: Identification, Equivalence, and Generalization

Kurt Schmidheiny and Sebastian Siegloch

13476: Female Leadership and Gender Gap within Firms: Evidence from an Italian Board Reform

Agata Maida and Andrea Weber

13475: Dual Labour Markets Revisited

Samuel Bentolila, Juan Dolado and Juan F Jimeno

13474: Child Penalties Across Countries: Evidence and Explanations

Henrik Kleven, Camille Landais, Johanna Posch, Andreas Steinhauer and Josef Zweimueller

13473: Marginal Jobs and Job Surplus: A Test of the Efficiency of Separations

Jäger, Simon, Benjamin Schoefer and Josef Zweimueller

13472: Investor Protection and Asset Prices

Suleyman Basak, Georgy Chabakauri and M. Deniz Yavuz

13471: Public Debt Through the Ages

Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves and Kris Mitchener

13470: The Global Component of Inflation Volatility

Andrea Carriero, Francesco Corsello and Massimiliano Marcellino

13469: A theory of structural change that can fit the data

Simon Alder, Timo Boppart and Müller, Andreas

13468: Credit and Income

Manthos Delis, Fulvia Fringuellotti and Steven Ongena

13467: Networks and Spillovers in Software in Israeli Hi-Tech

Neil Gandal and Shani Cohen

13466: Heterogeneous Households under Uncertainty

Pietro Veronesi

13465: The Trials of the Trilemma: International Finance 1870-2017

Barry Eichengreen and Rui Esteves

13464: Currency Factors

Arash Aloosh and Geert Bekaert

13463: Good Carry, Bad Carry

Geert Bekaert and George Panayotov

13462: Why are schools segregated? Evidence from the secondary-school match in Amsterdam

Hessel Oosterbeek, Sóvágó, Sándor and Bas van der Klaauw

13461: Organizing Competition for the Market

Elisabetta Iossa, Patrick Rey and Michael Waterson

13460: Declared Support and Clientelism

Simeon Nichter and Salvatore Nunnari

13459: Aggregation and the Gravity Equation

Stephen Redding and David Weinstein

13458: Disclosure Regulation and Corporate Acquisitions

Pietro Bonetti, Miguel Duro and Gaizka Ormazabal

13457: Markets for Financial Innovation

Ana Babus and Kinda Hachem

13456: Systemic Bank Risk and Monetary Policy

Ester Faia and Karau, Sören

13455: Measuring Global Real Economic Activity: Do Recent Critiques Hold Up to Scrutiny?

Lutz Kilian

13454: Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment

Can Gao and Ian Martin

13453: China vs. U.S.: IMS Meets IPS

Emmanuel Farhi and Matteo Maggiori

13452: Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration

Galí, Jordi and Luca Gambetti

13451: Mothers’ care: reversing early childhood health shocks through parental investments

Bellés-Obrero, Cristina, Antonio Cabrales, Jiménez-Martín, Sergi and Judit Vall-Castello

13450: The Origins and Effects of Macroeconomic Uncertainty

Francesco Bianchi, Howard Kung and Mikhail Tirskikh

13449: The generation gap in direct democracy

Gabriel Ahlfeldt, Wolfgang Maennig and Steffen Mueller

13448: Canadian Legalization of Cannabis reduces both its cash usage and ‘Black’ Economy

Charles Goodhart and Jonathan Ashworth

13447: How fast is this novel technology going to be a hit?

Michele Pezzoni, Reinhilde Veugelers and Fabiana Visentin

13446: Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence from the Impact of Brexit on UK Exports

Meredith Crowley, Oliver Exton and Lu Han

13445: New Characteristics and Hedonic Price Index Numbers

Ian Crawford and J. Peter Neary

13444: Booms and Busts with Dispersed Information

Kenza Benhima

13443: Using RCTs to Estimate Long-Run Impacts in Development Economics

Adrien Bougen, Yue Huang, Michael Kremer and Edward Miguel

13442: Search Frictions in International Good Markets

Clemence Lenoir, Julien Martin and Méjean, Isabelle

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?

Federica Liberini, Andrew Oswald, Eugenio Proto and Michela Redoano

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

Stephen Hansen, 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, 1892-2016

Neil Cummins

13435: Global Price of Risk and Stabilization Policies

Tobias Adrian, Daniel Stackman and Erik Vogt

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

Anna Bindler and Nadine Ketel

13430: Modified Causal Forests for Estimating Heterogeneous Causal Effects

Michael Lechner

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

Andrew Bernard, Emmanuel Dhyne, Glenn Magerman, Kalina Manova 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

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

13426: New testing approaches for mean-variance predictability

Gabriele Fiorentini and Enrique Sentana

13425: Folklore

Stelios Michalopoulos and Melanie Meng Xue

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

Joseph Abadi and Markus Brunnermeier

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

Asad Islam, Philip Ushchev, Yves Zenou 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?

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

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

Sanjiv Das, Kris Mitchener and Angela Vossmeyer

13415: Exchange Competition, Entry, and Welfare

Giovanni Cespa and Xavier Vives

13414: Term Structure of Risk in Expected Returns

Irina Zviadadze

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

Diva Dhar, Tarun Jain and Seema Jayachandran

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

Emeline Bezin, Chabé-Ferret, Bastien and David de la Croix

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

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

13408: Rent Sharing and Inclusive Growth

Brian Bell, Pawel Bukowski and Stephen Machin

13407: The Cost of Wage Rigidity

Ester Faia and Vincenzo Pezone

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

Eva Hoppe and Patrick Schmitz

13405: Artificial intelligence, algorithmic pricing and collusion

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

13404: The Economics of Cryptocurrency Pump and Dump Schemes

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

13403: Organizational Equilibrium with Capital

Marco Bassetto, Ríos-Rull, José-Víctor and Zhen Huo

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

Michael Knaus, Michael Lechner 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

James Costain, Anton Nakov and Borja Petit

13397: The Non-Existence of Representative Agents

Matthew Jackson and Leeat Yariv

13396: The Transmission of Monetary Policy Shocks

Silvia Miranda-Agrippino and Giovanni Ricco

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

Raphael Auer, Barthélémy Bonadio and Andrei Levchenko

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

Cermeño, Alexandra L. and Kerstin Enflo

13391: Dominant Currency Debt

Egemen Eren and Semyon Malamud

13390: Identity, Beliefs, and Political Conflict

Nicola Gennaioli and Guido Tabellini

13389: Macroeconomic Consequences of Tariffs

Davide Furceri, Swarnali Hannan, Jonathan Ostry and Andrew Rose

13388: Real Interest Rates, Inflation, and Default

Sewon Hur, Illenin Kondo and Fabrizio Perri

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

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

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

Nicodème, Gaëtan, Alessandro 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

Lilia Maliar and John Taylor

13382: Price Reference Effects in Consumer Demand

Matthew Gentry and Martin Pesendorfer

13381: Trade Liberalization and the Agglomeration of Heterogeneous Entrepreneurs

Rikard Forslid and Toshihiro Okubo

13380: Venting Out: Exports During a Domestic Slump

Miguel Almunia, Pol Antrà s, David Lopez Rodriguez and Eduardo Morales

13379: Industrialization without Innovation

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

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

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