CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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12663: Disentangling Occupation- and Sector-specific Technological Change

Zsofia Barany and Christian Siegel

12662: Israel’s Immigration Story: Winners and Losers

Assaf Razin

12661: News Shocks and the Production-Based Term Structure of Equity Returns

Hengjie Ai, Mariano Croce, Anthony Diercks and Kai Li

12660: Ice(berg) transport costs

Maarten Bosker and Eltjo Buringh

12659: The Microfinance Disappointment: An Explanation based on Risk Aversion

Alexey Khazanov, Omer Moav, Zvika Neeman and Hosny Zoabi

12658: Show us your shorts!

Bige Kahraman and Salil Pachare

12657: Paths to Convergence: Stock Price Behavior After Donald Trump's Election

Alexander Wagner, Richard Zeckhauser and Alexandre Ziegler

12656: Time-Consistently Undominated Policies

Charles Brendon and Martin Ellison

12655: What do we know about the effects of austerity?

Alberto Alesina, Carlo Favero and Francesco Giavazzi

12654: Exchange Rate Exposure and Firm Dynamics

Juliana Salomao and Liliana Varela

12653: Unpacking a Multi-Faceted Program to Build Sustainable Income for the Very Poor

Abhijit Banerjee, Dean Karlan, Robert Osei, Hannah Trachtman and Christopher Udry

12652: A Trendy Approach to UK Inflation Dynamics

Kristin Forbes, Lewis Kirkham and Konstantinos Theodoridis

12651: Effects of Copyrights on Science - Evidence from the US Book Republication Program

Barbara Biasi and Petra Moser

12650: Forward Guidance and Heterogeneous Beliefs

Philippe Andrade, Gaetano Gaballo, Eric Mengus and Benoit Mojon

12649: On the Effect of Parallel Trade on Manufacturers' and Retailers' Profits in the Pharmaceutical Sector

Pierre Dubois and Morten Sæthre

12648: Reputations and credit ratings: evidence from commercial mortgage-backed securities

Ramin Baghai and Bo Becker

12647: Policies for decarbonizing a liberalized power sector

David M Newbery

12646: Financial constraints, institutions, and foreign ownership

Ron Alquist, Nicolas Berman, Rahul Mukherjee and Linda Tesar

12645: Managing Relational Contracts

Marta Troya Martinez and Liam Wren-Lewis

12644: Tourism and Economic Development: Evidence from Mexico’s Coastline

Benjamin Faber and Cecile Gaubert

12643: Pricing Assets in a Perpetual Youth Model

Roger Farmer

12642: Pricing Carbon Under Economic and Climactic Risks: Leading-Order Results from Asymptotic Analysis

Ton van den Bremer and Frederick (Rick) van der Ploeg

12641: The Macroeconomics of Rational Bubbles: A User's Guide

Martín, Alberto and Jaume Ventura

12640: Persuasion with Correlation Neglect: Media Power via Correlation of News Content

Gilat Levy, Ines Moreno de Barreda and Ronny Razin

12639: The ladder of internationalization modes: Evidence from European firms

Békés, Gábor and Balazs Murakozy

12638: Temporary Price Changes, Inflation Regimes and the Propagation of Monetary Shocks

Fernando Alvarez and Francesco Lippi

12637: How Large is the Corporate Tax Base Erosion and Profit Shifting? A General Equilibrium Approach

Maria Alvarez-Martinez, Salvador Barrios, Diego d'Andria, Maria Gesualdo, Nicodème, Gaëtan and Jonathan Pycroft

12636: Inequality of opportunity, governance and individual beliefs

J. Michelle Brock

12635: ECB interventions in distressed sovereign debt markets: The case of Greek bonds

Christoph Trebesch and Jeromin Zettelmeyer

12634: Leniency, Asymmetric Punishment and Corruption: Evidence from China

Maria Berlin, Bei Qin and Giancarlo Spagnolo

12633: Adverse Selection and Moral Hazard in the Leasing Market: Are Buybacks the Solution?

Sarit Weisburd, Daniel Bird and Ronny Ben-Porath

12632: The Impact of High School Financial Education on Financial Knowledge and Choices: Evidence from a Randomized Trial in Spain

Olympia Bover, Laura Hospido and Ernesto Villanueva

12631: The Leading Premium

Mariano Croce, Tatyana Marchuk and Christian Schlag

12630: Immigration into Prejudiced Societies: Segregation and Echo Chambers effects

Gilat Levy and Ronny Razin

12629: Exchange Traded Funds 101 For Economists

Martin Lettau and Ananth Madhavan

12628: Capital Share Risk in U.S. Asset Pricing

Martin Lettau, Sydney Ludvigson and Sai Ma

12627: A bottom-up, non-cooperative approach to climate change control: Assessment and comparison of Nationally Determined Contributions (NDCs)

Carlo Carraro

12626: The anatomy of a trade collapse: The UK, 1929-33

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

12625: International Commodity Prices and Civil War Outbreak: New Evidence for Sub-Saharan Africa and Beyond

Antonio Ciccone

12624: Modeling Your Stress Away

Friederike Niepmann and Viktors Stebunovs

12623: Intermediation markups and monetary policy pass-through

Semyon Malamud and Andreas Schrimpf

12622: Religions, Fertility, and Growth in South-East Asia

David de la Croix and Clara Delavallade

12621: Cumulative Effects of Brexit and Other UK and EU27 Bilateral FTAs on the World’s Wine Markets

Kym Anderson and Glyn Wittwer

12620: 21st Century Trade Agreements and the Owl of Minerva

Bernard Hoekman and Douglas Nelson

12619: Skin-in-the-Game in ABS Transactions: A Critical Review of Policy Options

Jan Krahnen and Christian Wilde

12618: The (Self-) Funding of Intangibles

Döttling, Robin, Tomislav Ladika and Enrico Perotti

12617: Government Debt and the Returns to Innovation

Mariano Croce, Thiên Tung Nguyen, Steve Raymond and Lukas Schmid

12616: Activism and Takeovers

Mike Burkart and Samuel Lee

12615: Declining Business Dynamism

Gert Bijnens and Jozef Konings

12614: The Heterogeneous Price of a Vote: Evidence from France, 1993-2014

Yasmine Bekkouche and Julia Cagé

12613: Are CEOs More Likely to Be First-Borns?

Claudia Custodio and Stephan Siegel

12612: Bait and Ditch: Consumer Naiveté and Salesforce Incentives

Fabian Herweg and Antonio Rosato

12611: Lie Symmetries and Essential Restrictions in Economic Optimization

Gadi Perets and Eran Yashiv

12610: Currency Risk Factors in a Recursive Multicountry Economy

Ric Colacito, Mariano Croce, Federico Gavazzoni and Robert Ready

12609: Do Preferences and Biases predict Life Outcomes? Evidence from Education and Labor Market Entry Decisions

Uschi Backes-Gellner, Holger Herz, Michael Kosfeld and Yvonne Oswald

12608: Dinner Table Human Capital and Entrepreneurship

Hans Hvide and Paul Oyer

12607: The Lost Capital Asset Pricing Model

Daniel Andrei, Julien Cujean and Mungo Wilson

12606: Banking Across Borders With Heterogeneous Banks

Friederike Niepmann

12605: Could/Should Jubilee Debt Cancellations be Reintroduced Today?

Michael Hudson and Charles Goodhart

12604: Real Keynesian Models and Sticky Prices

Paul Beaudry and Franck Portier

12603: A Framework for Sustainable Finance

Dirk Schoenmaker

12602: Quality and Gravity in International Trade

Lisandra Flach and Florian Unger

12601: Monetary Policy and Heterogeneity: An Analytical Framework

Florin Bilbiie

12600: A minimal moral hazard central stabilisation capacity for the EMU based on world trade

Roel Beetsma, Simone Cima and Jacopo Cimadomo

12599: The Effect of Investment Constraints on Hedge Fund Investor Returns

Joenväärä, Juha, Robert Kosowski and Pekka Tolonen

12598: Common Ownership Concentration and Corporate Conduct

Martin Schmalz

12597: Revealing Downturns

Martin Schmalz and Sergey Zhuk

12596: Disagreement and Security Design

Juan Ortner and Martin Schmalz

12595: Unionization, Cash, and Leverage

Martin Schmalz

12594: Children and Gender Inequality: Evidence from Denmark

Henrik Kleven, Camille Landais and Jakob Søgaard

12593: Women's Empowerment, the Gender Gap in Desired Fertility, and Fertility Outcomes in Developing Countries

Matthias Doepke and Michele Tertilt

12592: A Sufficient Statistics Approach for Aggregating Firm-Level Experiments

David Sraer and David Thesmar

12591: Are Lemons Sold First? Dynamic Signaling in the Mortgage Market

Manuel Adelino, Kristopher S. Gerardi and Barney Hartman-Glaser

12590: Gunnar Myrdal and Asian Drama in Context

Ravi Kanbur

12589: Macroeconomic Nowcasting and Forecasting with Big Data

Brandyn Bok, Daniele Caratelli, Domenico Giannone, Argia Sbordone and Andrea Tambalotti

12588: Optimal Short-Termism

Dirk Hackbarth, Alejandro Rivera and Tak-Yuen Wong

12587: Real-Estate Agent Commission Structure and Sales Performance

Pieter Gautier, Arjen Siegmann and Aico van Vuuren

12586: From Conflict to Compromise: The importance of mediation in Swedish work stoppages 1907-1927

Kerstin Enflo and Tobias Karlsson

12585: Communication Costs and the Internal Organization of Multi-Plant Businesses: Evidence from the Impact of the French High-Speed Rail

Pauline Charnoz, Claire Lelarge and Corentin Trevien

12584: Interlinked Firms and the Consequences of Piecemeal Regulation

Christopher Hansman, Jonas Hjort and Gianmarco León-Ciliotta

12583: Money and Monetary Stability in Europe, 1300-1914

Kıvanç Karaman, Sevket Pamuk and Yıldırım-Karaman, Seçil

12582: Pioneering into the Past: Regional Literacy Developments in Italy Before Italy

Carlo Ciccarelli and Jacob Weisdorf

12581: Falling Behind and Catching up: India’s Transition from a Colonial Economy

Bishnupriya Gupta

12580: Voting and Peer Effects: Experimental Evidence from Mozambique

Marcel Fafchamps, Ana Vaz and Pedro Vicente

12579: Structural Scenario Analysis with SVARs

Antolín-Díaz, Juan, Ivan Petrella and Rubio-Ramírez, Juan Francisco

12578: China's "Great Migration'': The impact of the reduction in trade policy uncertainty

Giovanni Facchini, Maggie Liu, Anna Maria Mayda and Minghai Zhou

12577: Occupational Licensing in the European Union: Coverage and Wage Effects

Maria Koumenta and Mario Pagliero

12576: Speed under Sail during the Early Industrial Revolution

Morgan Kelly and Gráda, Cormac Ó

12575: Value for Money? Community Targeting in Vote-Buying and Politician Accountability

Jessica Leight, Dana Foarta, Rohini Pande and Laura Ralston

12574: Spatial Patterns of Development: A Meso Approach

Stelios Michalopoulos and Elias Papaioannou

12573: Emigration during the French Revolution: Consequences in the Short and Longue Durée

Raphael Franck and Stelios Michalopoulos

12572: Commitment vs. Flexibility with Costly Verification

Marina Halac and Pierre Yared

12571: Fiscal Rules and Discretion under Self-Enforcement

Marina Halac and Pierre Yared

12570: Fiscal Rules and Discretion in a World Economy

Marina Halac and Pierre Yared

12569: Experimenting with Career Concerns

Marina Halac and Ilan Kremer

12568: International Evidence on Firm Level Decisions in Response to the Crisis: Shareholders vs. Other Stakeholders*

Franklin Allen, Elena Carletti and Yaniv Grinstein

12567: Procurement Centralization in the EU: the Case of Italy

Francesco Decarolis

12566: Change in urban concentration and economic growth

Susanne Frick and Rodríguez-Pose, Andrés

12565: The Impact of Public Employment: Evidence from Bonn

Sascha Becker, Stephan Heblich and Daniel Sturm

12564: A Model of the Fed's View on Inflation

Thomas Hasenzagl, Filippo Pellegrino, Lucrezia Reichlin and Giovanni Ricco