CEPR Discussion Papers

From Centre for Economic Policy Research
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12037: State Capacity and Public Goods: Institutional Change, Human Capital, and Growth in Historic Germany

Jeremiah Dittmar and Ralf R Meisenzahl

12036: Learning with Heterogeneous Misspecified Models: Characterization and Robustness

Aislinn Bohren and Daniel Hauser

12035: The Distributional Consequences of Large Devaluations

Andrei Levchenko and Javier Cravino

12034: Intertemporal Price Discrimination with Two Products

John Thanassoulis and Jean Rochet

12033: Corporate Leverage and Employees’ Rights in Bankruptcy

Andrew Ellul and Marco Pagano

12032: U.S. Immigration Reform and the Dynamics of Mexican Migration

Jan C. van Ours and Khulan Altangerel

12031: Evaluation of the Reggio Approach to Early Education

Daniela Del Boca, Pietro Biroli, James Heckman, Lynne Pettler Heckman, Sylvi Kuperman, Sidharth Moktan, Chiara Pronzato, Yu Kyung Koh and Anna Ziff

12030: Unemployment Insurance and Reservation Wages: Evidence from Administrative Data

Roland Rathelot, Thomas Le Barbanchon and Alexandra Roulet

12029: Trend TFP Growth in the United States: Forecasts versus Outcomes

Nicholas Crafts and Terence Mills

12028: Overpersistence Bias in Individual Income Expectations and its Aggregate Implications

Kathrin Schlafmann and Filip Rozsypal

12027: The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry

Leonardo Gambacorta and Andrés Murcia

12026: Globalization and Executive Compensation

Wolfgang Keller and William Olney

12025: Asymmetric Consumption Effects of Transitory Income Shocks

Tullio Jappelli, Dimitris Christelis, Dimitris Georgarakos, Maarten van Rooij and Luigi Pistaferri

12024: Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios

Ruediger Bachmann and Sebastian Rueth

12023: Marginal Deterrence at Work

Crinò, Rosario, Salvatore Piccolo and Giovanni Immordino

12022: How Important are Spillovers from Major Emerging Markets?

Ayhan Kose, Raju Huidrom and Franziska Ohnsorge

12021: Adapting to Radical Change: The Benefits of Short-Horizon Investors

Mariassunta Giannetti and Xiaoyun Yu

12020: Monetary-Fiscal Interactions and the Euro Area's Malaise

Bartosz Maćkowiak and Marek Jarociński

12019: Global earnings inequality, 1970-2015

Daniel Waldenström and Olle Hammar

12018: Job-related Mobility and Plant Performance in Sweden

Rodríguez-Pose, Andrés and Rikard Eriksson

12017: Is Europe an Optimal Political Area?

Guido Tabellini, Alberto Alesina and Francesco Trebbi

12016: The effects of Fiscal Consolidations: Theory and Evidence

Carlo Favero, Francesco Giavazzi, Alberto Alesina, Matteo Paradisi and Omar Barbiero

12015: Survivor: Three Principles of Economics Lessons as Taught by a Reality Television Show

Dean Karlan

12014: Limited Attention, Salience and Changing Prices: Evidence from a Field Experiment in Online Supermarket Shopping

Kfir Eliaz, Sarit Weisburd and Orli Oren-Kolbinger

12013: Model Uncertainty in Macroeconomics: On the Implications of Financial Frictions

Volker Wieland, Michael Binder, Philipp Lieberknecht and Jorge Quintana

12012: Decentralization and Efficiency of Subsidy Targeting: Evidence from Chiefs in Rural Malawi

Pascaline Dupas, Maria Basurto Preciado and Jonathan Robinson

12011: Monetary Policy at Work: Security and Credit Application Registers Evidence

Andrea Polo, Peydró, José-Luis and Enrico Sette

12010: Are Mutual Fund Managers Paid For Investment Skill?

Stijn Van Nieuwerburgh, Roine Vestman, Ron Kaniel and Markus Ibert

12009: Bank sectoral concentration and (systemic) risk: Evidence from a worldwide sample of banks

Thorsten Beck, Olivier De Jonghe and Klaas Mulier

12008: How post-crisis regulation has affected bank CEO compensation

Leonardo Gambacorta, Vittoria Cerasi, Sebastian M. Deininger and Tommaso Oliviero

12007: Are risk-based capital requirements detrimental to corporate lending? Evidence from Europe

Brunella Bruno, Giacomo Nocera and Andrea Resti

12006: Suitable or non-suitable? An investigation of Eurozone SME access to market-based finance

Emanuele Rossi, Paola Bongini, Annalisa Ferrando and Monica Rossolini

12005: Whatever it takes: The Real Effects of Unconventional Monetary Policy

Viral Acharya, Tim Eisert, Christian Eufinger and Christian Hirsch

12004: From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures

Thomas Hellmann, Gilles Durufle and Karen Wilson

12003: Financial frictions and corporate investment in bad times. Who cut back most?

Immacolata Marino, Brunella Bruno and Alexandra D'Onofrio

12002: Determinants of bank lending in Europe and the United States: Evidence from crisis and post-crisis years

Immacolata Marino, Alexandra D'Onofrio and Brunella Bruno

12001: Who gets the urban surplus?

Anthony Venables and Paul Collier

12000: On the Joint Evolution of Culture and Institutions

Thierry Verdier and Alberto Bisin

11999: Unreal Wages? Real Income and Economic Growth in England, 1260-1850

Jacob Weisdorf and Jane Humphries

11998: U.S. municipal yields and unfunded state pension liabilities

Roel Beetsma, Zina Lekniute and Eduard Ponds

11997: Dissecting US recoveries

Pérez-Quirós, Gabriel, María Gadea and Ana Gómez-Loscos

11996: Moving On Up for High School Graduates in Russia: The Consequences of the Uni ed State Exam Reform

Marco Francesconi, Fabian Slonimczyk and Anna Yurko

11995: What Drives Differences in Management?

John van Reenen, Nicholas Bloom, Erik Brynjolfsson, Lucia Foster, Ron Jarmin, Megha Patnaik and Itay Saporta-Eksten

11994: Cities, Towns, and Poverty: Migration Equilibrium and Income Distribution in a Todaro-type Model with Multiple Destinations

Ravi Kanbur, Luc Christiaensen and Joachim De Weerdt

11993: Canary in a Coalmine: Securities Lending Predicting the Performance of Securitized Bonds

Massimo Massa, Alberto Manconi and Elisabeth Kempf

11992: Corporate Bond Guarantees and The Value of Financial Flexibility

Massimo Massa, Alberto Manconi and Michela Altieri

11991: Much Ado About Nothing: Is the Market Affected by Political Bias?

Massimo Massa, Alberto Manconi and Mancy Luo

11990: Inefficient Globalization of Finance: Evidence from Marketing-Oriented Overseas Expansions of Low-Skilled Mutual Fund Families

Massimo Massa, Si Cheng and Hong Zhang

11989: The New Keynesian Cross

Florin Bilbiie

11988: The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs

Massimo Massa, Si Cheng and Hong Zhang

11987: Choices in Equity Finance A Global Perspective

Massimo Massa, Virginie Mataigne, Theo Vermaelen and Moqi Groen-Xu

11986: Mergers and Acquisitions and the Value of Control

Massimo Massa, Gur Aminadav, Hong Zhang and Weikang Zhu

11985: Competition in Agricultural Markets: An Experimental Approach

Lorenzo Casaburi and Tristan Reed

11984: On the Rewards to International Investing: A Safe Haven Currency Perspective

Jean-Pierre Danthine and Samuel Danthine

11983: Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns

Philippe Bacchetta and Eric van Wincoop

11982: Differences in positions along a hierarchy: Counterfactuals based on an assignment model

Laurent Gobillon, Dominique Meurs and Sébastien Roux

11981: Household Matters: Revisiting the Returns to Capital among Female Micro-entrepreneurs

Rohini Pande, Arielle Bernhardt, Erica Field and Natalia Rigol

11980: Wedges: Distribution, Distortions, and Market Integration

Giuseppe Bertola

11979: Turbulence, Firm Decentralization and Growth in Bad Times

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

11978: Population Aging, Social Security and Fiscal Limits

Michael R. Wickens and Burkhard Heer

11977: Early agglomeration or late agglomeration?: Two phases of development with spatial sorting

Rikard Forslid and Toshihiro Okubo

11976: Spatial Competition, Innovation and Institutions: The Industrial Revolution and the Great Divergence

Klaus Desmet, Avner Greif and Stephen Parente

11975: The Good and the Bad Fiscal Theory of the Price Level

Willem Buiter

11974: Are stock- financed takeovers opportunistic?

Karin Thorburn, Bjorn Eckbo and Tanakorn Makaew

11973: Growing, Shrinking and Long Run Economic Performance: Historical Perspectives on Economic Development

Stephen Broadberry and John Wallis

11972: China, Europe and the great Divergence: A Study in Historical Natonal Accounting, 980-1850

Stephen Broadberry, Hanhui Guan and David Li

11971: Japan and the Great Divergence, 730-1874

Stephen Broadberry, Jean-Pascal Bassino, Bishnupriya Gupta, Masanori Takashima and Kyoji Fukao

11970: The Quanto Theory of Exchange Rates

Ian Martin and Lukas Kremens

11969: Negative interest rates in Switzerland: What have we learned?

Jean-Pierre Danthine

11968: Individuals and Organizations as Sources of State Effectiveness

Michael Best, David Szakonyi and Jonas Hjort

11967: Functional Upgrading in China’s Export Processing Sector

Johannes Van Biesebroeck and Ari Van Assche

11966: A Central Bank Theory of Price Level Determination

Pierpaolo Benigno

11965: Learning about the Enforcement of Conditional Welfare Programs: Evidence from Brazil

Eliana La Ferrara, Katja Kaufmann and Fernanda Brollo

11964: The Political Economy of Program Enforcement: Evidence from Brazil

Eliana La Ferrara, Fernanda Brollo and Katja Kaufmann

11963: Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate

Alan Taylor and Woo Jin Choi

11962: Attrition in Randomized Control Trials: Using tracking information to correct bias

Karen Macours and Teresa Molina Millan

11961: Credit Ratings and Market Information

Joel Shapiro and Alessio Piccolo

11960: CEO Behavior and Firm Performance

Andrea Prat, Stephen Hansen, Raffaella Sadun and Oriana Bandiera

11959: The Benefits from Foreign Direct Investment in a Cross-Country Context: A Meta-Analysis

Saul Estrin, Randolph Bruno and Nauro Campos

11958: Who Lives Where in the City? Amenities, Commuting and Income Sorting

Jacques Thisse, Gaigtné, Carl, Hans Koster and Fabien Moizeau

11957: Changing business models in international bank funding

Leonardo Gambacorta, Adrian Rixtel and Stefano Schiaffi

11956: Pipeline Risk in Leveraged Loan Syndication

Frederic Malherbe, Max Bruche and Ralf R Meisenzahl

11955: A Model of Directed Consumer Search

Moraga-González, José-Luis, Marco Haan and Vaiva Petrikaite

11954: Who Voted for Brexit? A Comprehensive District-Level Analysis

Dennis Novy, Sascha Becker and Thiemo Fetzer

11953: Cross-border Acquisitions and Restructuring: Multinational Enterprises and Private Equity-Firms

Lars Persson

11952: Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account

Kris Mitchener, Marc Weidenmier and Ricardo Fernholz

11951: International Expansion and Riskiness of Banks

Ester Faia, Gianmarco Ottaviano and Irene Sanchez Arjona

11950: Uncertainty shocks, asset supply and pricing over the business cycle

Francesco Bianchi, Cosmin Ilut and Martin Schneider

11949: Humans’ (incorrect) distrust of reflective decisions

Stephen Rassenti, Antonio Espín and Praveen Kujal

11948: Salience in Retailing: Vertical Restraints on Internet Sales

Fabian Herweg and Magdalena Helfrich

11946: Do Childhood Experiences of Parental Separation Lead to Homelessness?

Jan C. van Ours and Julie Moschion

11945: The Limits of Political Compromise: Debt Ceilings and Political Turnover

Emanuel Ornelas and Alexandre Cunha

11944: Collusion and Information Revelation in Auctions

Aniol Llorente-Saguer and Ro'i Zultan

11943: Market Size, Product Differentiation and Bidding for New Varieties

Ian Wooton and Jie Ma

11942: New and Improved: Does FDI Boost Production Complexity in Host Countries?

Beata Javorcik, Alessia Lo Turco and Daniela Maggioni

11941: The Fallacy of the Fiscal Theory of the Price Level - Once More

Willem Buiter

11940: Global Banking: Endogenous Competition and Risk Taking

Ester Faia and Gianmarco Ottaviano

11939: Research and the Approval Process: The Organization of Persuasion

Marco Ottaviani

11938: Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs

Holger Mueller and Constantine Yannelis

11937: Are Conditional Cash Transfers Fulfilling Their Promise? Schooling, Learning, and Earnings After 10 Years

Karen Macours, Tania Barham and John Maluccio