CEPR Discussion Papers

From Centre for Economic Policy Research
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12137: The Exchange Rate as an Instrument of Monetary Policy

Ilian Mihov, Jonas Heipertz and Ana Maria Santacreu

12136: Land Trade and Development: A Market Design Approach

Gharad Bryan, Tom Wilkening, Jonathan de Quidt and Nitin Yadav

12135: The Causal Impact of Social Connections on Firms’ Outcomes

Francis Kramarz, Marcus Eliason, Lena Hensvik and Oskar Skans

12134: Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects

Rancière, Romain, Jonas Heipertz, Amine Ouazad and Natacha Valla

12133: Revenue- versus spending-based fiscal consolidation announcements: follow-up, multipliers and confidence

Roel Beetsma, Oana Furtuna, Massimo Giuliodori and Haroon Mumtaz

12132: Secular Satiation

Gilles Saint-Paul

12131: Institutions and Political Party Systems: The Euro Case

Fernández-Villaverde, Jesús and Tano Santos

12130: A Generalized Approach to Indeterminacy in Linear Rational Expectations Models

Francesco Bianchi and Giovanni Nicolo

12129: Application Bundling in System Markets

Alexandre de Cornière, and Greg Taylor

12128: Spillovers, Persistence and Learning: Institutions and the Dynamics of Cooperation

Roberto Galbiati and Nicolas Jacquemet

12127: The shifting drivers of global liquidity

Leonardo Gambacorta, Linda Goldberg, Stefan Avdjiev and Stefano Schiaffi

12126: Training and Effort Dynamics in Apprenticeship

Luis Rayo and Drew Fudenberg

12125: Hunting Unicorns? Experimental Evidence on Predatory Pricing Policies

Armin Schmutzler, Aaron Edlin, Catherine Roux and Christian Thoeni

12124: Productivity and trade spillovers: Horizontal crowding-out versus vertical synergies in Europe as a response to the Foreign Dir

Jan Hanousek, Pavla Vozarova and Evžen Kočenda

12123: When Inequality Matters for Macro and Macro Matters for Inequality

Benjamin Moll, Christian Wolf, SeHyoun Ahn, Greg Kaplan and Thomas Winberry

12122: Populism and Central Bank Independence

Charles Goodhart and Rosa Lastra

12121: Stocks for the Long Run: New Monthly Indices of British Equities, 1869-1929

Richard Grossman

12120: The Difficult School-to-Work Transition of High School Dropouts: Evidence from a field experiment

Pierre Cahuc, Carcillo, Stéphane and Andreea Minea

12119: Populism and the Economics of Globalization

Dani Rodrik

12118: Boom, Slump, Sudden stops, Recovery, and Policy Options. Portugal and the Euro

Olivier Blanchard and Pedro Portugal

12117: Board Quotas and Director-Firm Matching

Daniel Ferreira, Edith Ginglinger, Marie-Aude Laguna and Yasmine Skalli

12116: Sources of Liquidity and Liquidity Shortages

Wolf Wagner and Charles Kahn

12115: The Cost of Steering in Financial Markets: Evidence from the Mortgage Market

Andrea Pozzi, Paolo Emilio Mistrulli, Luigi Guiso, Anton Tsoy and Leonardo Gambacorta

12114: In Search of a Spatial Equilibrium in the Developing World

Douglas Gollin, David Lagakos and Martina Kirchberger

12113: Strategic Entry and Potential Competition: Evidence from Compressed Gas Fuel Retail

Andrea Pozzi, Giulia Pavan and Gabriele Rovigatti

12112: Job Mobility and Creative Destruction: Flexicurity in the Land of Schumpeter

Zweimüller, Josef, Andreas Kettemann and Francis Kramarz

12111: Excess saving and low interest rates: Theory and empirical evidence

Peter Bofinger and Mathias Ries

12110: Convergence in National Alcohol Consumption Patterns: New Global Indicators

Kym Anderson and Alexander Holmes

12109: UK and global wine markets by 2025, and implications of Brexit

Kym Anderson and Glyn Wittwer

12108: The International Dimensions of Macroprudential Policies

Leonardo Gambacorta, Agénor, Pierre-Richard, Enisse Kharroubi, Giovanni Lombardo and Luiz Awazu Pereira da Silva

12107: Eradicating Women-Hurting Customs: What Role for Social Engineering?

Emmanuelle Auriol, Jean-Philippe Platteau and Giula Camilotti

12106: How Restricted is the Job Mobility of Skilled Temporary Work Visa Holders?

Jennifer Hunt

12105: Measuring Rents from Public Employment: Regression discontinuity evidence from Kenya

Tessa Bold, Nicholas Barton and Justin Sandefur

12104: Equity versus Bail-in Debt in Banking: An Agency Perspective

Javier Suarez, Caterina Mendicino and Kalin Nikolov

12103: Houses across time and across place

David Miles and James Sefton

12102: The Diffusion of New Institutions: Evidence from Renaissance Venice's Patent System

Alberto Galasso, Stefano Comino and Clara Graziano

12101: Why Are Single-Sex Schools Successful?

Christian Dustmann, Hyejin Ku and Do Won Kwak

12100: Financial Literacy Externalities

Michael Haliassos, Thomas Jansson and Yigitcan Karabulut

12099: Asymmetries in the Firm’s Use of Debt to Changing Market Values

Jan Hanousek, Anastasiya Shamshur, Jiri Tresl and Stephen Ferris

12098: Import Competition and Household Debt

Julien Sauvagnat, Barrot, Jean-Noël, Erik Loualiche and Matthew Plosser

12097: The Political Cost of Being Soft on Crime: Evidence from a Natural Experiment

Francesco Drago, Roberto Galbiati and Francesco Sobbrio

12096: Social Security Contributions and the Business Cycle

Michael Burda, Anna Almosova and Simon Voigts

12095: Equilibrium Search and the Impact of Equal Opportunities for Women

Marco Francesconi and Melvyn Coles

12094: To bribe or not to bribe? Corruption uncertainty and corporate practices

Jan Hanousek, Anastasiya Shamshur and Jiri Tresl

12093: A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies

Maurice Obstfeld, Jonathan Ostry and Mahvash Qureshi

12092: Online Exports and the Wage Gap

Marcelo Olarreaga, Marcio Cruz and Emmanuel Milet

12091: Supply- and Demand-side Factors in Global Banking

Mary Amiti, Patrick McGuire and David Weinstein

12090: What is the World Bank Good For? Global Public Goods and Global Institutions

Ravi Kanbur

12089: The Digital Revolution and Targeting Public Expenditure for Poverty Reduction

Ravi Kanbur

12088: Polls, the Press, and Political Participation: The Effects of Anticipated Election Closeness on Voter Turnout

Davide Cantoni, Leonardo Bursztyn, Noam Yuchtman and Patricia Funk

12087: Non-Work at Work, Unemployment and Labor Productivity

Michael Burda, Daniel Hamermesh and Katie R. Genadek

12086: The Private Production of Safe Assets

Guillaume Vuillemey, Marcin Kacperczyk and Christophe Perignon

12085: Empirical Evaluation of Overspecified Asset Pricing Models

Enrique Sentana, Elena Manresa and Francisco Penaranda

12084: Public Opinion on Immigration in Europe: Preference versus Salience

Timothy Hatton

12083: Uncertainty and the Great Recession

Benjamin Born, Sebastian Breuer and Steffen Elstner

12082: Total Factor Productivity Convergence in German States since Reunification: Evidence and Explanations

Michael Burda and Battista Severgnini

12081: From Weber to Kafka: Political Instability and the Rise of an Inefficient Bureaucracy

Luigi Guiso, Claudio Michelacci, Gabriele Gratton and Massimo Morelli

12080: Detection and Impact of Industrial Subsidies: The Case of Chinese Shipbuilding

Myrto Kalouptsidi

12079: International Monetary Relations: Taking Finance Seriously

Alan Taylor and Maurice Obstfeld

12078: Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region

Christian Wolff, Manapol Ekkayokkaya and Pimnipa Foojinphan

12077: Per-Capita Income and the Demand for Skills

James Markusen, Justin Caron and Thibault Fally

12076: How Did China's WTO Entry Benefit U.S. Consumers?

Mary Amiti, Mi Dai, Robert Feenstra and John Romalis

12075: How Important is the Global Financial Cycle? Evidence from Capital Flows

Andrew Rose, Eugenio Cerutti and Stijn Claessens

12074: Empirical Models of Firms and Industries

Victor Aguirregabiria and Margaret Slade

12073: Sub-Saharan Africa’s Manufacturing Sector: Building Complexity

Ravi Kanbur, Francois Steenkamp, Chris Rooney and Haroon Bhorat

12072: Secondary Towns and Poverty Reduction: Refocusing the Urbanization Agenda

Ravi Kanbur and Luc Christiaensen

12071: Endogenous Childlessness and Stages of Development

Paula Gobbi, David de la Croix and Thomas Baudin

12070: Can Referral Improve Targeting? Evidence from a Vocational Training Experiment

Marcel Fafchamps, Asad Islam, Debayan Pakrashi and Mohammad Malek

12069: Structural Change and the China Syndrome: Baumol vs Trade Effects

Fabrizio Coricelli and Farshad R Ravasan

12068: Monetary Neutrality with Sticky Prices and Free Entry

Florin Bilbiie

12067: Winner-Take-All Tournaments

Mikhail Drugov and Dmitry Ryvkin

12066: The Production of Information in an Online World: Is Copy Right?

Cagé, Julia, Hervé, Nicolas and Marie-Luce Viaud

12065: Journal Competition and the Quality of Published Research: Simultaneous versus Sequential Screening

Thomas Gehrig and Rune Stenbacka

12064: Parental Leave, (In)formal Childcare and Long-term Child Outcomes

Nicole Schneeweis, Natalia Danzer, Martin Halla and Zweimüller, Martina

12063: On the Geography of Global Value Chains

Pol Antràs and Alonso de Gortari

12062: The Effect of Migration on Terror – Made at Home or Imported from Abroad?

Axel Dreher, Martin Gassebner and Paul Schaudt

12061: Price Manipulation in the Bitcoin Ecosystem

Neil Gandal, Tali Oberman, Tyler Moore and Jt Hamrick

12060: Ethical standards and cultural assimilation in financial services

John Thanassoulis and Alan Morrison

12059: Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

Maria Guadalupe, Cuñat, Vicente and Mireia Gine

12058: Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins

Thorsten Beck, Samuel Da-Rocha-Lopes and André Silva

12057: The Consumption Response to Minimum Wages: Evidence from Chinese Households

Harald Hau, Dautović, Ernest and Yi Huang

12056: Belief Dispersion in the Stock Market

Suleyman Basak and Adem Atmaz

12055: Turbulence, Firm Decentralization and Growth in Bad Times

John van Reenen, Philippe Aghion, Brian Lucking, Nicholas Bloom and Raffaella Sadun

12054: Evaluating Market Consolidation in Mobile Communications

Christos Genakos, Tommaso Valletti and Frank Verboven

12053: China's Lost Generation: Changes in Beliefs and their Intergenerational Transmission

Gérard Roland and David Yang

12052: The Effect of Physical Activity on Student Performance in College: An Experimental Evaluation

Michael Lechner, Hans Fricke and Andreas Steinmayr

12051: Revisiting Speculative Hyperinflations in Monetary Models

Maurice Obstfeld and Kenneth Rogoff

12050: The Labor Market Effects of Refugee Waves: Reconciling Conflicting Results

Jennifer Hunt and Michael Clemens

12049: Selling with Evidence

Vasiliki Skreta and Frederic Koessler

12048: Selling Through Referrals

Vasiliki Skreta, Daniele Condorelli and Andrea Galeotti

12047: Lags, Costs and Shocks: An Equilibrium Model of the Oil Industry

Rebelo, Sérgio, Per Krusell and Gideon Bornstein

12046: Product Lines and Price Discrimination in Markets with Information Frictions

Natalia Fabra and Juan-Pablo Montero

12045: Imperfect Financial Markets and Investment Inefficiencies

Christian Hellwig, Elias Albagli and Aleh Tsyvinski

12044: Sales and Markup Dispersion: Theory and Empirics

J. Peter Neary and Mrázová, Monika

12043: Safe Assets

Fernández-Villaverde, Jesús, Robert Barro, Oren Levintal and Andrew Mollerus

12042: Beresford’s Revenge: British equity holdings in Latin America, 1869-1929

Richard Grossman

12041: The Fall of the Labor Share and the Rise of Superstar Firms

John van Reenen, David Autor, David Dorn, Lawrence Katz and Christina Patterson

12040: Financial Conglomerate Affiliated Hedge Funds: Risk Taking Behavior and Liquidity Provision

Mariassunta Giannetti and Francesco Franzoni

12039: The Fiscal-Monetary Policy Mix in the Euro Area: Challenges at the Zero Lower Bound

Athanasios Orphanides

12038: Lessons Unlearned? Corporate Debt in Emerging Markets

Ugo Panizza, Gonzalo Asis, Laura Alfaro and Anusha Chari