CEPR Discussion Papers

From Centre for Economic Policy Research
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11936: Tax progressivity and top incomes: Evidence from tax reforms

Daniel Waldenström and Enrico Rubolino

11935: Trends and gradients in top tax elasticities: Cross-country evidence, 1900-2014

Daniel Waldenström and Enrico Rubolino

11934: Bank Capital Redux: Solvency, Liquidity, and Crisis

Alan Taylor, Oscar Jorda, Richter, Björn and Moritz Schularick

11933: Blockholder Voting

Heski Bar-Isaac and Joel Shapiro

11932: Bid-to-cover and yield changes around public debt auctions in the euro area

Roel Beetsma, Massimo Giuliodori, Jesper Hanson and Frank de Jong

11931: Samaritan Bundles: Inefficient Clustering in NGO Projects

Thierry Verdier, Gani Aldashev and Marco Marini

11930: Inequality Indices as Tests of Fairness

Ravi Kanbur and Andy Snell

11929: Risk Aversion as a Perceptual Bias

Michael Woodford, Ziang Li and Mel Win Khaw

11928: Exchange Rate Policies at the Zero Lower Bound

Fabrizio Perri, Manuel Amador, Luigi Bocola and Javier Bianchi

11927: Instability, imprecision and inconsistent use of equilibrium real interest rate estimates

Volker Wieland and Robert Beyer

11926: Diasporas and Conflict

Thierry Verdier, Fabio Mariani and Marion Mercier

11925: Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics

Stephen Cecchetti, Michael Feroli, Peter Hooper, Anil Kashyap and Kermit Schoenholtz

11924: Is Distance Dead? Face-to-Face Communication and Productivity in Teams

Jordi Blanes i Vidal, Tom Kirchmaier and Diego Battiston

11923: How Effective Are Active Labor Market Policies in Developing Countries? A Critical Review of Recent Evidence

David McKenzie

11922: Product versus Process: Innovation Strategies of Multi-Product Firms

Lisandra Flach and Michael Irlacher

11921: Returns to on-the-job search and the dispersion of wages

Coen Teulings and Axel Gottfries

11920: Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?

Thomas Gehrig

11919: Mapping the interconnectedness between EU banks and shadow banking entities

Richard Portes, ,, Marco D'Errico, Neill Killeen, Vera Luz, Tuomas Peltonen and Teresa Urbano

11918: Monetary policy's rising FX impact in the era of ultra-low rates

Andreas Schrimpf, Jonathan Kearns and Massimo Ferrari Minesso

11917: Geographical Origins and Economic Consequences of Language Structures

Oded Galor and Assaf Sarid

11916: Inequality, redistribution and cultural integration in the Welfare State

Thierry Verdier and Alberto Bisin

11915: A theory of regional conflict complexes

Thierry Verdier and Arthur Silve

11914: Myopia and Discounting

Xavier Gabaix and David Laibson

11913: Does ethnic segregation matter for spatial inequality? A cross-country analysis

Rodríguez-Pose, Andrés and Roberto Ezcurra

11912: Local Food Prices and International Price Transmission

Joseph Francois, Martina Brockmeier, Eddy Bekkers and Fan Yang

11911: Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel

Robert Kollmann

11910: The Top-Ten Way to Integrate High Schools

Andrew Newman, Thomas Gall and Fernanda Estevan

11909: Online Exploration, Content Choice & Echo Chambers: An Experiment

Neil Gandal and Sagit Bar-Gill

11908: Pass-Through as a Test for Market Power: An Application to Solar Subsidies

Arthur van Benthem and Jacquelyn Pless

11907: Financial Cycles with Heterogeneous Intermediaries

Helene Rey and ,

11906: International Inflation Spillovers Through Input Linkages

Raphael Auer, Andrei Levchenko and Sauré, Philip

11905: The globalisation of inflation: the growing importance of global value chains

Raphael Auer, Claudio Borio and Andrew Filardo

11904: Prizes versus Contracts as Incentives for Innovation

Elisabetta Iossa, Yeon-Koo Che and Patrick Rey

11903: Global Skill-Based Immigration Policies and Israel's Brain Drain

Assaf Razin

11902: The Making of Hawks and Doves: Inflation Experiences on the FOMC

Stefan Nagel, Ulrike M. Malmendier and Zhen Yan

11901: Credit Misallocation During the European Financial Crisis

Fabiano Schivardi, Guido Tabellini and Enrico Sette

11900: Understanding the Determinants of Financial Outcomes and Choices: The Role of Noncognitive Abilities

Kim Peijnenburg and Gianpaolo Parise

11899: Migrants and the Making of America: The Short and Long Run Effects of Immigration during the Age of Mass Migration

Sandra Sequeira, Nathan Nunn and Nancy Qian

11898: Whistle-Blower Protection: Theory and Experimental Evidence

Andreas Roider, Gerd Muehlheusser and Lydia Mechtenberg

11897: The Peace Dividend of Distance: Violence as Interaction Across Space

Dominic Rohner, Hannes Mueller and Schönholzer, David

11896: Picking Funds with Confidence

Allan Timmermann, Asger Lunde, Niels Groenborg and Russell Wermers

11895: Transparency, Investor Information Acquisition, and Money Market Fund Risk Rebalancing during the 2011-12 Eurozone Crisis

Allan Timmermann, Lawrence Schmidt, , and Russell Wermers

11894: Comparing Apples to Apples: Estimating Consistent Partial Effects of Preferential Economic Integration Agreements

Peter Egger and ,

11893: The effects of tax on bank liability structure

Leonardo Gambacorta, Suresh Sundaresan, Giacomo Ricotti and Zhenyu Wang

11892: The Great Chinese Inequality Turnaround

Ravi Kanbur, Yue Wang and Xiaobo Zhang

11891: Structural breaks in panel data: Large number of panels and short length time series

Jan Hanousek, Jaromir Antoch, Marie Huskova, Lajos Horvath and Shixuan Wang

11890: Trade Policy and Redistribution when Preferences are Non-Homothetic

Andrei Levchenko and Quy-Toan Do

11888: The Fall of Capital Punishment and the Rise of Prisons: How Punishment Severity Affects Jury Verdicts

Randi Hjalmarsson and Anna Bindler

11887: Endogenous Asymmetric Shocks in the Eurozone. The Role of Animal Spirits

Paul De Grauwe and Yuemei Ji

11886: Weakness in Investment Growth: Causes, Implications and Policy Responses

Ayhan Kose, Franziska Ohnsorge, Ye, Lei (Sandy) and Ergys Islamaj

11885: Exchange rate implications of Border Tax Adjustment Neutrality

Willem Buiter

11884: The determinants of coagglomeration: Evidence from functional employment patterns

Kristian Behrens and Rachel Guillain

11883: Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms

Fougère, Denis, Rémy Lecat and Simon Ray

11882: Israel Globalized: High Tech, Productivity and FDI

Assaf Razin

11881: The Economist as Plumber

Esther Duflo

11880: Political Specialization

Kevin Sheedy and Bernardo Guimaraes

11879: ECONOMICS AND POLITICS OF INTERNATIONAL INVESTMENT AGREEMENTS

Henrik Horn and Tangerås, Thomas

11878: When Work Disappears: Manufacturing Decline and the Falling Marriage-Market Value of Men

David Dorn, David Autor and Gordon Hanson

11877: Israel’s Immigration Story: Globalization lessons

Assaf Razin

11876: How the Tight Oil Boom Has Changed Oil and Gasoline Markets

Lutz Kilian

11875: Media Capture through Favor Exchange

Adam Szeidl and Ferenc Szucs

11874: Vertical Integration and Relational Contracts: Evidence from the Costa Rica Coffee Chain

Rocco Macchiavello and Josepa Miquel-Florensa

11873: The Macrogenoeconomics of Comparative Development

Oded Galor and Quamrul Ashraf

11872: Follow the money: Does the financial sector intermediate natural resource windfalls?

Thorsten Beck and Steven Poelhekke

11871: Populism: Demand and Supply

Luigi Guiso, Helios Herrera, Massimo Morelli and Tommaso Sonno

11870: Creditor Control Rights and Board Independence

Daniel Ferreira, Miguel Ferreira and Beatriz Mariano

11869: Adverse Selection and Assortative Matching in Labor Markets

Daniel Ferreira and Radoslawa Nikolowa

11868: Is the Discretionary Income Effect of Oil Price Shocks a Hoax?

Christiane Baumeister, Lutz Kilian and Xiaoqing Zhou

11867: Information Design: A Unified Perspective

Dirk Bergemann and Stephen Morris

11866: Capitalism and Socialism: Review of Kornai’s Dynamism, Rivalry, and the Surplus Economy

Cheng-Gang Xu

11865: Technology-Skill Complementarity in Early Phases of Industrialization

Oded Galor and Raphael Franck

11864: Political Cycles and Stock Returns

Pástor, Luboš and Pietro Veronesi

11863: Dynamic Higher Order Expectations

Kristoffer Nimark

11862: Cost and Product Advantages: Evidence from Chinese Manufacturing Firms

Jordi Jaumandreu and Heng Yin

11861: Multi-Product Firms and Product Quality

Kalina Manova and Zhihong Yu

11860: A Theory of Grand Innovation Prizes

Alberto Galasso, Gábor Virág and Matthew Mitchell

11859: Losing Trust in Money Doctors

Martin Weber and Daniel Dorn

11858: Firms' Internal Networks and Local Economic Shocks

Holger Mueller and Xavier Giroud

11857: Contracting out the Last-Mile of Service Delivery: Subsidized Food Distribution in Indonesia

Benjamin Olken, Abhijit Banerjee, Rema Hanna, Jordan Kyle and Sudarno Sumarto

11856: EU Membership or Thatcher’s Structural Reforms: What Drove the Great British Reversal?

Fabrizio Coricelli and Nauro Campos

11855: The International Elasticity Puzzle Is Worse Than You Think

Philippe Martin, Fontagné, Lionel and Gianluca Orefice

11854: China’s Decentralized Privatization and Change of Control Rights

Cheng-Gang Xu, Jie Gan and Yan Guo

11853: Institutions and Managerial Task Allocation: Evidence from Chinese Entrepreneurs

Cheng-Gang Xu, Di Guo and Kun Jiang

11852: The Wounds That Do Not Heal. The Life-time Scar of Youth Unemployment

Gianni De Fraja, Sara Lemos and James Rockey

11851: Following the Code: Spillovers and Knowledge Transfer

Neil Gandal, Uriel Stettner and Peter Naftaliev

11850: Aftershocks of Monetary Unification: Hysteresis with a Financial Twist

Barry Eichengreen and Tamim Bayoumi

11849: The Design of Credit Information Systems

V Bhaskar and Caroline Thomas

11848: Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)

Thomas Piketty, Jonathan Goupille-Lebret and Bertrand Garbinti

11847: Who Receives Medicaid in Old Age? Rules and Reality

Mariacristina De Nardi, Margherita Borella and Eric French

11846: The End of Alchemy: A Review Essay

Roger Farmer

11845: The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem

Emmanuel Farhi and David Baqaee

11844: Monetary Policy and the Predictability of Nominal Exchange Rates

Rebelo, Sérgio, Martin Eichenbaum and Benjamin Johannsen

11843: Activism, Strategic Trading, and Liquidity

Pierre Collin-Dufresne, Kerry E. Back, Vyacheslav Fos, Tao Li and Alexander Ljungqvist

11842: "Low-For-Long†Interest Rates and Banks’ Interest Margins and Profitability: Cross-Country Evidence

Stijn Claessens, Nicholas Coleman and Michael Donnelly

11841: Carbon Dioxide Emissions and Economic Growth: An Assessment based on Production and Consumption Emission Inventories

Joseph Francois, Fernández-Amador, Octavio, Doris Oberdabernig and Patrick Tomberger

11840: Democracy and Credit “Democracy Doesn`t Come Cheap†But At Least Credit to Its Corporations Will Be

Steven Ongena, Manthos Delis and Iftekhar Hasan

11839: International Spillovers and Local Credit Cycles

Kalemli-Özcan, Sebnem, Julian di Giovanni, Mehmet Ulu and Yusuf Baskaya

11838: Risk-sharing benefits and the capital structure of insurance companies

Hans Degryse, Cynthia Van Hulle and Kristien Smedts

11837: Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade

Alexander Wagner, Richard Zeckhauser and Alexandre Ziegler

11836: The Global Role of the U.S. Economy: Linkages, Policies and Spillovers

Ayhan Kose, Franziska Ohnsorge, Csilla Lakatos and Marc Stocker