CEPR Discussion Papers

From Centre for Economic Policy Research
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12363: The two faces of interbank correlation

Klaus Schaeck, Consuelo Silva Buston and Wolf Wagner

12362: Asset Price Bubbles and Systemic Risk

Markus Brunnermeier, Simon Rother and Isabel Schnabel

12361: Busy Directors: Strategic Interaction and Monitoring Synergies

Alexander Ljungqvist and Konrad Raff

12360: Costly Interpretation of Asset Prices

Jordi Mondria, Xavier Vives and Liyan Yang

12359: Contingent Convertibles: Can the Market handle them?

Gera Kiewiet, Iman Lelyveld and Sweder van Wijnbergen

12358: THE ORIGINS OF THE ITALIAN REGIONAL DIVIDE: EVIDENCE FROM REAL WAGES, 1861-1913

Giovanni Federico, Alessandro Nuvolari and Michelangelo Vasta

12357: Modeling Fluctuations in the Global Demand for Commodities

Lutz Kilian and Xiaoqing Zhou

12356: Long-run Money Demand in Switzerland

Stefan Gerlach

12355: Profit Sharing and Incentives

Emre Ozdenoren and Oleg Rubanov

12354: Willpower and Compromise Effect

Yusufcan Masatlioglu, Daisuke Nakajima and Emre Ozdenoren

12353: Transparency is overrated: communicating in a coordination game with private information

Antonio Cabrales, Michalis Drouvelis, Zeynep Gurguc and Indrajit Ray

12352: Geographical Advantage: Home Market Effect in a Multi-Region World

Kiminori Matsuyama

12351: Tall Buildings and Land Values: Height and Construction Cost Elasticities in Chicago, 1870 – 2010

Gabriel Ahlfeldt and Daniel McMillen

12350: Can financial incentives reduce the baby gap? Evidence from a reform in maternity leave benefits

Anna Raute

12349: The Sovereign Money Initiative in Switzerland: An Economic Assessment

Philippe Bacchetta

12348: The Third Place Game

Aner Sela

12347: Does population diversity matter for economic development in the very long-term? Historic migration, diversity and county wealth in the US

Rodríguez-Pose, Andrés and Viola Von Berlepsch

12346: Happiness Convergence in Transition Countries

Sergei Guriev and Nikita Melnikov

12345: The Externalities of Corruption: Evidence from Entrepreneurial Activity in China

Mariassunta Giannetti, Guanmin Liao, Jiaxing You and Xiaoyun Yu

12344: Risk as Impediment to Privatization? The Role of Collective Fields in Extended Agricultural Households

Matthieu Delpierre, Catherine Guirkinger and Jean-Philippe Platteau

12343: Worker Churn in the Cross Section and Over Time: New Evidence from Germany

Ruediger Bachmann, Christian Bayer, Christian Merkl, Stefan Seth, Stüber, Heiko and Felix Wellschmied

12342: The Productivity Slowdown and the Declining Labor Share: A Neoclassical Exploration

Gene Grossman, Elhanan Helpman, Thomas Sampson and Ezra Oberfield

12341: Artificial Pitches and Unfair Home Advantage in Professional Football

Jan C. van Ours

12340: The real effects of relationship lending

Ryan Banerjee, Leonardo Gambacorta and Enrico Sette

12339: Uncertainty Through the Lenses of A Mixed-Frequency Bayesian Panel Markov Switching Model

Roberto Casarin, Claudia Foroni, Massimiliano Marcellino and Francesco Ravazzolo

12338: Lift and Shift: The Effect of Fundraising Interventions in Charity Space and Time

Kimberley Scharf, Sarah Smith and Mark Wilhelm

12337: International liquidity

Philipp Hartmann

12336: Structural Reforms and Monetary Policies in a Behavioural Macroeconomic Model

Paul De Grauwe and Yuemei Ji

12335: Tax shocks with high and low uncertainty

Fabio Bertolotti and Massimiliano Marcellino

12334: Market Reforms at the Zero Lower Bound

Matteo Cacciatore, Romain Duval, Giuseppe Fiori and Fabio Ghironi

12333: A Large-Scale Field Experiment to Evaluate the Effectiveness of Paid Search Advertising

Lorenzo Coviello, Uri Gneezy and Lorenz Goette

12332: Youth Enfranchisement, Political Responsiveness, and Education Expenditure: Evidence from the U.S

Graziella Bertocchi, Arcangelo Dimico, Francesco Lancia and Alessia Russo

12331: The Impact of Trade on Inequality in Developing Countries

Nina Pavcnik

12330: The returns to entrepreneurship: Evidence from matched person-firm data

Mirjam Praag and Arvid Raknerud

12329: Badge of Honor or Scarlet Letter? Unpacking Investors’ Judgment of Entrepreneurs’ Past Failure

Diego Zunino, Mirjam Praag and Gary Dushnitsky

12328: Optimal Income Taxation with Unemployment and Wage Responses: A Sufficient Statistics Approach

Kavan Kucko, Kory Kroft, Etienne Lehmann and Johannes Schmieder

12327: Doomed to Disappear? The Surprising Return of Cash Across Time and Across Countries

Clemens Jobst and Helmut Stix

12326: Word of Mouth Communication and Search

Arthur Campbell, Christian Leister and Yves Zenou

12325: Rising inequality and trends in leisure

Timo Boppart and L. Rachel Ngai

12324: Big or small cities? On city size and economic growth

Susanne Frick and Rodríguez-Pose, Andrés

12323: Is Pollution Value-Maximizing? The DuPont Case

Roy Shapira and Luigi Zingales

12322: Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System

Gur Huberman, Jacob Leshno and Ciamac Moallemi

12321: A Matter of Trust? The Bond Market Benefits of Corporate Social Capital during the Financial Crisis

Hami Amiraslani, Karl Lins, Henri Servaes and Ane Tamayo

12320: Subjective Well-being and Partnership Dynamics; Are Same-sex Relationships Different?

Shuai Chen and Jan C. van Ours

12319: Planning Ahead for Better Neighborhoods: Long Run Evidence from Tanzania

Guy Michaels, Dzhamilya Nigmatulina, Ferdinand Rauch, Tanner Regan, Neeraj Baruah and Amanda Dahlstrand

12318: Changes in CEO Stock Option Grants: A Look at the Numbers

Vasiliki Athanasakou, Daniel Ferreira and Lisa Goh

12317: The Inner Workings of the Board: Evidence from Emerging Markets

Ralph De Haas, Daniel Ferreira and Tom Kirchmaier

12316: Wage posting, nominal rigidity, and cyclical inefficiencies

Axel Gottfries and Coen Teulings

12315: Directed Search: A Guided Tour

Randall Wright, Philipp Kircher, Benoit Julien and Veronica Guerrieri

12314: The Accident Externality from Trucking

Lucija Muehlenbachs, Stefan Staubli and Ziyan Chu

12313: What Drives Pension Reform Measures in the OECD? Evidence based on a New Comprehensive Dataset and Theory

Roel Beetsma, Ron van Maurik and Ward Romp

12312: Are They All Like Bill, Mark, and Steve? The Education Premium for Entrepreneurs

Claudio Michelacci and Fabiano Schivardi

12311: The local economic impacts of regeneration projects: Evidence from UK’s Single Regeneration Budget

Stephen Gibbons, Henry Overman and Matti Sarvimäki

12310: Fiscal Consolidations in a Low Inflation Environment:Pay cuts versus Lost Jobs

Guilherme Bandeira, Evi Pappa, Rana Sajedi and Eugenia Vella

12309: A Walk on the Wild Side: `Predatory' Journals and Information Asymmetries in Scientific Evaluations

Manuel Bagues, Mauro Sylos Labini and Natalia Zinovyeva

12308: Connections and Applicants' Self-Selection: Evidence from a Natural Randomized Experiment

Manuel Bagues, Mauro Sylos Labini and Natalia Zinovyeva

12307: Strategic Default in the International Coffee Market

Arthur Blouin and Rocco Macchiavello

12306: German Robots – The Impact of Industrial Robots on Workers

Wolfgang Dauth, Sebastian Findeisen, Südekum, Jens and Nicole Woessner

12305: The Long-Term Consequences of Short-Term Incentives

Alex Edmans, Vivian Fang and Allen Huang

12304: Managing the UK National Debt 1694-2017

Martin Ellison and Andrew Scott

12303: Global Value Chains, Trade Shocks And Jobs: An Application to Brexit

Hylke Vandenbussche, William Connell Garcia and Wouter Simons

12302: Playing Favorites: How Firms Prevent the Revelation of Bad News

Lauren Cohen, Dong Lou and Christopher Malloy

12301: Brexit: The Economics of International Disintegration

Thomas Sampson

12300: Measuring Aggregate Economic Activity

Georg Duernecker, Berthold Herrendorf and Akos Valentinyi

12299: Macro Needs Micro

Fabio Ghironi

12298: Keynesian Economics without the Phillips Curve

Roger Farmer and Giovanni Nicolo

12297: Attention Manipulation and Information Overload

Petra Persson

12296: The Effect of Superstar Firms on College Major Choice

Darwin Choi, Dong Lou and Abhiroop Mukherjee

12295: Offsetting Disagreement and Security Prices

Byoung-Hyoun Hwang, Dong Lou and Chengxi Yin

12294: Are Ideas Getting Harder to Find?

Nicholas Bloom, Charles Jones, John van Reenen and Michael Webb

12293: Signaling to Experts

Pablo Kurlat and Florian Scheuer

12292: Taxes and Market Hours -- the Role of Gender and Skill

Duval-Hernández, Robert, Lei Fang and L. Rachel Ngai

12291: Engineering Crises: Favoritism and Strategic Fiscal Indiscipline

Gilles Saint-Paul, Davide Ticchi and Andrea Vindigni

12290: The Political Economy of International Finance Corporation Lending

Axel Dreher and Katharina Richert

12289: Corporate Debt Maturity Profiles

Jaewon Choi, Dirk Hackbarth and Josef Zechner

12288: Altruism and strategic giving in children and adolescents

Isabelle Brocas, Juan D. Carrillo and Niree Kodaverdian

12287: A Property Rights Approach to Temporary Work Visas

Alessandra Casella and Adam Cox

12286: Two Great Trade Collapses: The Interwar Period & Great Recession Compared

Kevin O'Rourke

12285: Impact of Managerial Commitment on Risk Taking with Dynamic Fund Flows

Ron Kaniel, Stathis Tompaidis and Ti Zhou

12284: Firm Volatility in Granual Networks

Bernard Herskovic, Bryan Kelly, Hanno Lustig and Stijn Van Nieuwerburgh

12283: Out-of-town Home Buyers and City Welfare

Jack Favilukis and Stijn Van Nieuwerburgh

12282: A Macroeconomic Model with Financially Constrained Producers and Intermediaries

Vadim Elenev, Tim Landvoigt and Stijn Van Nieuwerburgh

12281: Why Are REITS Currently So Expensive?

Stijn Van Nieuwerburgh

12280: Sequential Banking: Direct and Externality Effects on Delinquency

Giacomo De Giorgi, Andres Drenik and Enrique Seira Bejarano

12279: How Efficient is Dynamic Competition? The Case of Price as Investment

David Besanko, Ulrich Doraszelski and Yaroslav Kryukov

12278: Flowers of Evil? Industrialization and Long Run Development

Raphael Franck and Oded Galor

12277: Aid Effectiveness: Revisiting the Trade-off Between Needs and Governance

François Bourguignon and Jean-Philippe Platteau

12276: Optimal income taxation with composition effects

Laurence Jacquet and Etienne Lehmann

12275: Monetary Policy and Asset Valuation

Francesco Bianchi, Martin Lettau and Sydney Ludvigson

12274: Performance-induced CEO turnover

Dirk Jenter and Katharina A. Lewellen

12273: Measuring Productivity Dispersion: Lessons From Counting One-Hundred Million Ballots

Ethan Ilzetzki and Saverio Simonelli

12272: A Central Bank’s Optimal Balance Sheet Size?

Charles Goodhart

12271: Information Design under Falsification

Eduardo Perez and Vasiliki Skreta

12270: Household Debt and Monetary Policy: Revealing the Cash-Flow Channel

Martin Flodén, Kilström, Matilda, Sigurdsson, Jósef and Roine Vestman

12269: Inefficient Short-Time Work

Pierre Cahuc and Sandra Nevoux

12268: Network-Mediated Knowledge Spillovers: A Cross-Country Comparative Analysis of Information Security Innovations

Lee Branstetter, Neil Gandal and Nadav Kunievsky

12267: Relational Contracts, Competition and Innovation: Theory and Evidence from German Car Manufacturers

Giacomo Calzolari, Leonardo Felli, Johannes Koenen, Giancarlo Spagnolo and Konrad Stahl

12266: Police Patrols and Crime

Jordi Blanes i Vidal and Giovanni Mastrobuoni

12265: The Mortgage Rate Conundrum

Alejandro Justiniano, Giorgio Primiceri and Andrea Tambalotti

12264: Buy As You Need: Nutrition and Food Storage Imperfections

Jeremie Gross, Catherine Guirkinger and Jean-Philippe Platteau