CEPR Discussion Papers

From Centre for Economic Policy Research
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13263: Hysteresis via Endogenous Rigidity in Wages and Participation

Cynthia Doniger and López-Salido, J David

13262: The Effectiveness of Leniency Programs when Firms choose the Degree of Collusion

Winand Emons

13261: Information and Bargaining through Agents: Experimental Evidence from Mexico’s Labor Courts

Joyce Sadka, Enrique Seira Bejarano and Christopher Woodruff

13260: A Nazi †Killer†Amendment

Benny Moldovanu

13259: A Theory of Auctions with Endogenous Valuations

Benny Moldovanu

13258: The Feedback Effect in Two-Sided Markets with Bilateral Investments

Benny Moldovanu

13257: Religiosity and Terrorism: Evidence from Ramadan Fasting

Roland Hodler, Paul Raschky and Anthony Strittmatter

13256: Legislative Restraint in Corporate Bailout Design

Mark Gradstein and Michael Kaganovich

13255: Firms' Beliefs and Learning: Models, Identification, and Empirical Evidence

Victor Aguirregabiria and Jihye Jeon

13254: Are Banking and Capital Markets Union Complements? Evidence from Channels of Risk Sharing in the Eurozone

Mathias Hoffmann, Egor Maslov, Sørensen, Bent E and Iryna Stewen

13253: The effect of exchange rate shocks on firm-level exports: evidence from the Brexit vote

Ana Fernandes and L. Winters

13252: International yield curves and currency puzzles

Mikhail Chernov and Drew Creal

13251: Social networks and tax avoidance: Evidence from a well-defined Norwegian tax shelter

Alstadsæter, Annette, Wojciech Kopczuk and Kjetil Telle

13250: Social Norms in Networks

Philip Ushchev and Yves Zenou

13249: Vacancy Durations and Entry Wages: Evidence from Linked Vacancy-Employer-Employee Data

Andreas Kettemann, Andreas Mueller and Josef Zweimueller

13248: Markets, Banks, and Shadow Banks

David Martinez-Miera and Rafael Repullo

13247: Job Displacement, Family Dynamic, and Spousal Labor Supply

Martin Halla, Julia Schmieder and Andrea Weber

13246: The Return on Information Technology: Who Benefits Most?

Emmanuel Dhyne, Jozef Konings, Jeroen Van den bosch and Stijn Vanormelingen

13245: A composite likelihood approach for dynamic structural models

Fabio Canova and Christian Matthes

13244: Fake Persuasion

Jacob Glazer, Helios Herrera and Motty Perry

13243: Survey: Rational Inattention, a Disciplined Behavioral Model

Bartosz Maćkowiak, Filip Matejka and Mirko Wiederholt

13242: Analyzing the Aftermath of a Compensation Reduction

Jason Sandvik, Richard Saouma, Nathan Seegert and Christopher Stanton

13241: Worst-Case Bounds on R&D and Pricing Distortions: Theory and Disturbing Conclusions if Consumer Values Follow the World Income Distribution

Michael Kremer

13240: Linear IV Regression Estimators for Structural Dynamic Discrete Choice Models

Myrto Kalouptsidi, Paul T. Scott and Eduardo Souza-Rodrigues

13239: Collaboration in Bipartite Networks

Chih-Sheng Hsieh, Michael Koenig, Xiaodong Liu and Christian Zimmermann

13238: Electoral Competition, Voter Bias and Women in Politics

Thomas Le Barbanchon and Julien Sauvagnat

13237: Global Investors, the Dollar, and U.S. Credit Conditions

Friederike Niepmann and Tim Schmidt-Eisenlohr

13236: Fast, “Robustâ€, and Approximately Correct: Estimating Mixed Demand Systems

Salanié, Bernard and Frank Wolak

13235: Nominal exchange rate dynamics and monetary policy: uncovered interest rate parity and purchasing power parity revisited

Yossi Saadon and Nathan Sussman

13234: More Women in Tech? Evidence from a field experiment addressing social identity

Lucia Del Carpio and Maria Guadalupe

13233: Credit mechanics – a precursor to the current money supply debate

Frank Decker and Charles Goodhart

13232: Revealed Preference Analysis with Framing Effects

Jacob Goldin and Daniel Reck

13231: Looking into Crystal Balls: A Laboratory Experiment on Reputational Cheap Talk

Debrah Meloso, Salvatore Nunnari and Marco Ottaviani

13230: Completing Markets with Contracts: Evidence from the First Central Clearing Counterparty

Guillaume Vuillemey

13229: Credit Shocks and Equilibrium Dynamics in Consumer Durable Goods Markets

Alessandro Gavazza and Andrea Lanteri

13228: Cheap Trade Credit and Competition in Downstream Markets

Mariassunta Giannetti, Nicolas Serrano-Velarde and Emanuele Tarantino

13227: Long-Term Employment Relations When Agents are Present Biased

Florian Englmaier, Matthias Fahn and Marco Schwarz

13226: The Effect of Incentives in Non-Routine Analytical Team Tasks - Evidence from a Field Experiment

Florian Englmaier, Stefan Grimm, David Schindler and Simeon Schudy

13225: A General Equilibrium Theory of Occupational Choice under Optimistic Beliefs about Entrepreneurial Ability

Dell’Era, Michele, Luca David Opromolla and Luis Santos-Pinto

13224: Regulation with Experimentation: Ex Ante Approval, Ex Post Withdrawal, and Liability

Emeric Henry, Marco Loseto and Marco Ottaviani

13223: State Dependent Effects of Monetary Policy: the Refinancing Channel

Martin Eichenbaum, Sergio Rebelo and Arlene Wong

13222: Unlucky Cohorts: Estimating the Long-term Effects of Entering the Labor Market in a Recession in Large Cross-sectional Data Sets

Hannes Schwandt and Till von Wachter

13221: Friendship and Female Education: Evidence from a Field Experiment in Bangladeshi Primary Schools

Youjin Hahn, Asad Islam, Eleonora Patacchini and Yves Zenou

13220: New Technologies, Global Value Chains, and Developing Economies

Dani Rodrik

13219: Trade and Domestic Policies under Monopolistic Competition

Alessia Campolmi, Harald Fadinger and Chiara Forlati

13218: Corruption and Competition

Franklin Allen, Jun Qian and Lin Shen

13217: Fatal Attraction? Extended Unemployment Benefits, Labor Force Exits, and Mortality

Andreas Kuhn, Stefan Staubli, Jean-Philippe Wuellrich and Josef Zweimueller

13216: Connecting to Power: Political Connections, Innovation, and Firm Dynamics

Ufuk Akcigit, Salome Baslandze and Francesca Lotti

13215: Incarceration, Recidivism and Employment

Manudeep Bhuller, Gordon Dahl, Løken, Katrine and Magne Mogstad

13214: Monetary Policy, Product Market Competition, and Growth

Philippe Aghion, Emmanuel Farhi and Enisse Kharroubi

13213: Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

Klaus Adam, Dmitry Matveev and Stefan Nagel

13212: The Inverted-U Relationship Between Credit Access and Productivity Growth

Philippe Aghion, Antonin Bergeaud, Gilbert Cette, Rémy Lecat and Helene Maghin

13211: Inequality as experienced difference: A reformulation of the Gini coefficient

Samuel Bowles and Wendy Carlin

13210: Matlab, Python, Julia: What to Choose in Economics?

Chase Coleman, Spencer Lyon, Lilia Maliar and Serguei Maliar

13209: Robots, Trade, and Luddism: A Sufficient Statistic Approach to Optimal Technology Regulation

Arnaud Costinot and Iván Werning

13208: The not-so-generalized effects of the Generalized System of Preferences

Emanuel Ornelas and Marcos Ritel

13207: Earnings Management and the Role of Moral Values in Investing

Rajna Gibson Brandon, Matthias Sohn, Carmen Tanner and Alexander Wagner

13206: Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections

Stefano Ramelli, Alexander Wagner, Richard Zeckhauser and Alexandre Ziegler

13205: Risk-Adjusted Capital Allocation and Misallocation

Joel David, Lukas Schmid and David Zeke

13204: Government versus Private Ownership of Public Goods: Experimental Evidence

David Kusterer and Patrick Schmitz

13203: Should Straw Polls be Banned?

S. Nageeb Ali and Aislinn Bohren

13202: Rare Disasters, Financial Development, and Sovereign Debt

Sergio Rebelo, Neng Wang and Jinqiang Yang

13201: Australian wine industry competitiveness: Why so slow to emerge?

Kym Anderson

13200: Learning to Import from Your Peers

Marta Bisztray, Miklós Koren and Adam Szeidl

13199: How do Inheritances Shape Wealth Inequality? Theory and Evidence from Sweden

Arash Nekoei and David Seim

13198: Teams and Bankruptcy

Ramin Baghai, Rui Silva and Luofu Ye

13197: Market Liberalization: Price Dispersion, Price Discrimination and Consumer Search in the German Electricity Markets

Klaus Gugler, Sven Heim, Maarten Janssen and Mario Liebensteiner

13196: Optimal Need-Based Financial Aid

Mark Colas, Sebastian Findeisen and Dominik Sachs

13195: Perception of House Price Risk and Homeownership

Manuel Adelino, Antoinette Schoar and Felipe Severino

13194: Shaming for Tax Enforcement: Evidence from a New Policy

Nadja Dwenger and Lukas Treber

13193: Making Parametric Portfolio Policies Work

Thomas Gehrig, Sögner, Leopold and Arne Westerkamp

13192: Variation margins, fire sales, and information-constrained optimality

Bruno Biais, Florian Heider and Marie Hoerova

13191: Life below zero: Bank lending under negative policy rates

Florian Heider, Farzad Saidi and Glenn Schepens

13190: In-House and Arm's Length: Productivity Heterogeneity and Variation in Organizational Form

Stephen Lin, Catherine Thomas and Arturs Kalnins

13189: Media Freedom in the Shadow of a Coup

Ralph Boleslavsky, Mehdi Shadmehr and Konstantin Sonin

13188: Single mothers and their children: Evaluating a work-encouraging welfare reform

Løken, Katrine, Kjell Lommerud and Katrine H. Reiso

13187: The permanent-transitory confusion: Implications for tests of market efficiency and for expected inflation during turbulent and tranquil times

Alex Cukierman, Thomas Lustenberger and Allan Meltzer

13186: Forex intervention and reserve management in Switzerland and Israel since the financial crisis: Comparison and policy lessons

Alex Cukierman

13185: Inheritance Taxation and Wealth Effects on the Labor Supply of Heirs

Fabian Kindermann, Lukas Mayr and Dominik Sachs

13184: Inequality in Life Expectancies across Europe

Radim Bohacek, Jesus Bueren, Laura Crespo, Pedro Mira and Josep Pijoan-Mas

13183: Long-term Changes in Married Couples' Labor Supply and Taxes: Evidence from the US and Europe Since the 1980s

Alexander Bick, Brüggemann, Bettina, Fuchs-Schündeln, Nicola and Hannah Paule-Paludkiewicz

13182: An Intermediation-Based Model of Exchange Rates

Semyon Malamud and Andreas Schrimpf

13181: About the Origin of Cities

André de Palma, Yorgos Y. Papageorgiou, Jacques Thisse and Philip Ushchev

13180: Capital Flows in an Aging World

Zsofia Barany, Nicolas Coeurdacier and Guibaud, Stéphane

13179: Wage Floor Rigidity in Industry-Level Agreements: Evidence from France

Fougère, Denis, Erwan Gautier and Sébastien Roux

13178: Child Care and Human Development: Insights from Jewish History in Central and Eastern Europe, 1500–1930

Maristella Botticini, Zvi Eckstein and Anat Vaturi

13177: Economic Transition and the Rise of Alternative Institutions: Political Connections in Putin's Russia

Natalia Lamberova and Konstantin Sonin

13176: Notes on the Yield Curve

Ian Martin and Stephen Ross

13175: Investing for Long-Term Value Creation

Dirk Schoenmaker and Willem Schramade

13174: Diverging Trends in National and Local Concentration

Esteban Rossi-Hansberg, Pierre Daniel Sarte and Nicholas Trachter

13173: Verifying High Quality: Entry for Sale

Norbäck, Pehr-Johan, Lars Persson and Roger Svensson

13172: The I.O. of ethics and cheating when consumers do not have rational expectations

John Thanassoulis

13171: Modeling of Economic and Financial Conditions for Nowcasting and Forecasting Recessions: A Unified Approach

Çakmaklı, Cem, Hamza Demircan and Sumru Altug

13170: The Making of the Modern Metropolis: Evidence from London

Stephan Heblich, Stephen Redding and Daniel Sturm

13169: Restricting Trade and Reducing Variety: Evidence from Ethiopia

Pramila Krishnan and Peng Zhang

13168: The Price of Capital, Factor Substitutability, and Corporate Profits

Philipp Hergovich and Monika Merz

13167: Taxation and Innovation in the 20th Century

Ufuk Akcigit, John Grigsby, Tom Nicholas and Stefanie Stantcheva

13166: Teacher Effectiveness and Classroom Composition

Esteban Aucejo, Patrick Coate, Jane Fruehwirth, Sean Kelly and Zachary Mozenter

13165: Experimental Evidence of Exposure to a Conditional Cash Transfer During Early Teenage Years: Young Women’s Fertility and Labor Market Outcomes

Tania Barham, Karen Macours and John Maluccio

13164: Altruism and Risk Sharing in Networks

Renaud Bourlès, Bramoullé, Yann and Eduardo Perez