CEPR Discussion Papers

From Centre for Economic Policy Research
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12263: Innovation Adoption and Liquidity Constraints in the Presence of Grassroots Extension Agents: Evidence from the Peruvian Highlands

Isabelle Bonjean, Jean-Philippe Platteau and Vincenzo Verardi

12262: Tractable Likelihood-Based Estimation of Non-Linear DSGE Models

Robert Kollmann

12261: Measuring Productivity and Absorptive Capacity Evolution in OECD Economies

Markus Eberhardt, Gerdie Everaert and Stef De Visscher

12260: Whistleblower Rewards, False Reports, and Corporate Fraud

Paolo Buccirossi, Giovanni Immordino and Giancarlo Spagnolo

12259: The Ostrich in Us: Selective Attention to Financial Accounts, Income, Spending, and Liquidity

Arna Olafsson and Michaela Pagel

12258: Incomplete Contracts, Shared Ownership, and Investment Incentives

Patrick Schmitz

12257: A Long-Run Perspective on the Spatial Concentration of Manufacturing Industries in the United States

Nicholas Crafts and Alexander Klein

12256: Economic Predictions with Big Data: The Illusion Of Sparsity

Domenico Giannone, Michele Lenza and Giorgio Primiceri

12255: Citizenship, Migration and Opportunity

Ravi Kanbur

12254: Stress induces contextual blindness in lotteries and coordination games

Isabelle Brocas, Juan D. Carrillo and Ryan Kendall

12253: The Determinants of Strategic Thinking in Preschool Children

Isabelle Brocas and Juan D. Carrillo

12252: Sovereign Bond Prices, Haircuts and Maturity

Tamon Asonuma, Dirk Niepelt and Romain Ranciere

12251: Labor Clauses in Trade Agreements: worker protection or protectionism?

Celine Carrere, Marcelo Olarreaga and Damian Raess

12250: Aid for Trade and International Transactions in Goods and Services

Bernard Hoekman and Anirudh Shingal

12249: Leaning Against the Wind: The Role of Different Assumptions About the Costs

Lars Svensson

12248: Market Liquidity after the Financial Crisis

Tobias Adrian, Michael Fleming, Or Shachar and Erik Vogt

12247: Liquidity Policies and Systemic Risk

Tobias Adrian and Nina Boyarchenko

12246: Dealer Balance Sheets and Bond Liquidity Provision

Tobias Adrian, Nina Boyarchenko and Or Shachar

12245: Intraday Market Making with Overnight Inventory Costs

Tobias Adrian, Agostino Capponi, Erik Vogt and Hongzhong Zhang

12244: Return on trust is lower for immigrants

Elena Cettolin and Sigrid Suetens

12243: The Cyclicality of International Public Sector Borrowing in Developing Countries: Does the Lender Matter?

Arturo Galindo and Ugo Panizza

12242: Cognitive Bias in Insurance: Evidence from India

Jean-Philippe Platteau and Darwin Ugarte Ontiveros

12241: Are Mutual Fund Managers Paid For Investment Skill?

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

12240: Dynamic Mechanism Design: An Introduction

Dirk Bergemann and Välimäki, Juuso

12239: Leverage and Deepening Business Cycle Skewness

Henrik Jensen, Ivan Petrella, Søren Hove Ravn and Emiliano Santoro

12238: Should Robots Be Taxed?

Guerreiro, João, Sergio Rebelo and Pedro Teles

12237: Firm Size and the Intensive Margin of Import Demand

Joaquin Blaum, Claire Lelarge and Michael Peters

12236: Measuring the Spillovers of Venture Capital

Monika Schnitzer and Martin Watzinger

12235: P2P Lending: Information Externalities, Social Networks and Loans Substitution

Ester Faia and Monica Paiella

12234: Optimal Management of Transfers: an Odd Paradox

François Bourguignon and Jean-Philippe Platteau

12233: Building Nations Through Shared Experiences: Evidence from African Football

Emilio Depetris-Chauvin, Ruben Durante and Filipe Campante

12232: Moral Hazard: Experimental Evidence from Tenancy Contracts

Konrad Burchardi, Selim Gulesci, Benedetta Lerva and Munshi Sulaiman

12231: The Puzzle, the Power, and the Dark Side: Forward Guidance Redux

Florin Bilbiie

12230: Credit Growth and the Financial Crisis: A New Narrative

Stefania Albanesi, Giacomo De Giorgi and Jaromir Nosal

12229: Choice of Majors: Are Women Really Different from Men?

Adriana Kugler, Catherine Tinsley and Olga Ukhaneva

12228: Official Sector Lending Strategies during the Euro Area Crisis

Giancarlo Corsetti, Aitor Erce and Timothy Uy

12227: The Real Effects of Improving Access to Capital Markets Financing: Evidence from European SMEs

Alexander Eisele and Eric Nowak

12226: Leaning Against the Wind: Costs and Benefits, Effects on Debt, Leaning in DSGE Models, and a Framework for Comparison of Results

Lars Svensson

12225: Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families

Alexander Eisele, Tamara Nefedova, Gianpaolo Parise and Kim Peijnenburg

12224: Heterogeneous Employment Effects of Job Search Programmes: A Machine Learning Approach

Michael Knaus, Michael Lechner and Anthony Strittmatter

12223: The Determinants of Foreign Direct Investment in sub-Saharan Africa: What Role for Governance?

Rodríguez-Pose, Andrés and Gilles Cols

12222: Banks Defy Gravity in Tax Havens

Vincent Bouvatier, Gunther Capelle-Blancard and Anne-Laure Delatte

12221: The Rise of Market Power and the Macroeconomic Implications

Jan Eeckhout and Jan De Loecker

12220: Facts, Alternative Facts, and Fact Checking in Times of Post-Truth Politics

Oscar Barrera-Rodriguez, Sergei Guriev, Emeric Henry and Ekaterina Zhuravskaya

12219: Is Industrial Production Still the Dominant Factor for the US Economy?

Elena Andreou, Patrick Gagliardini, Eric Ghysels and Mirco Rubin

12218: Income and Wealth Inequality in America, 1949-2016

Moritz Kuhn, Moritz Schularick and Ulrike Steins

12217: Monetary Policy in the Capitals of Capital

Elena Gerko and Helene Rey

12216: Shopping externalities and retail concentration: Evidence from Dutch shopping streets

Hans Koster, Ilias Pasidis and Jos van Ommeren

12215: The Housing Boom and Bust: Model Meets Evidence

Greg Kaplan, Kurt Mitman and Giovanni L. Violante

12214: Media See-saws: Winners and Losers in Platform Markets

Simon Anderson and Martin Peitz

12213: Goods and Factor Market Integration: A Quantitative Assessment of the EU Enlargement

Lorenzo Caliendo, Luca David Opromolla, Fernando Parro and Alessandro Sforza

12212: Electoral Systems, Taxation and Immigration Policies: Which System Builds a Wall first?

Massimo Morelli and Margherita Negri

12211: Fertile Ground for Conflict

Nicolas Berman, Mathieu Couttenier and Raphael Soubeyran

12210: Beyond CES: Three Alternative Classes of Flexible Homothetic Demand Systems

Kiminori Matsuyama and Philip Ushchev

12209: Firm Heterogeneity in Consumption Baskets: Evidence from Home and Store Scanner Data

Benjamin Faber and Thibault Fally

12208: Self-worth versus net worth: Image motivation and the quantity-quality trade-off

J. Michelle Brock

12207: The Political Economy of Transportation Investment

Edward Glaeser and Giacomo Ponzetto

12206: Fundamental Errors in the Voting Booth

Edward Glaeser and Giacomo Ponzetto

12205: Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects

Christian Fons-Rosen, Sebnem Kalemli-Ozcan, Sørensen, Bent E, Carolina Villegas-Sanchez and Vadym Volosovych

12204: Institutional Design of Voluntary Sustainability Standards Systems: Evidence from a New Database

Matteo Fiorini, Olga Solleder, Bernard Hoekman, Regina Taimasova, Marion Jansen, Joseph Wozniak and Philip Schleifer

12203: Services Trade Policy and Sustainable Development

Matteo Fiorini and Bernard Hoekman

12202: Strategic Sample Selection

Alfredo Di Tillio, Marco Ottaviani and Sørensen, Peter Norman

12201: The Impact of Tobacco Control Policies on Smoking Initiation in Europe

Ali Palali and Jan C. van Ours

12200: Bismarck's Health Insurance and the Mortality Decline

Stefan Bauernschuster, Anastasia Driva and Erik Hornung

12199: Government Financing of R&D: A Mechanism Design Approach

Saul Lach, Zvika Neeman and Mark Schankerman

12198: Media Competition, Information Provision and Political Participation: Evidence from French Local Newspapers and Elections, 1944-2014

Julia Cagé

12197: Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession

Giancarlo Corsetti, Keith Kuester and Müller, Gernot

12196: A Cross-Country Database of Fiscal Space

Ayhan Kose, Sergio Kurlat, Franziska Ohnsorge and Naotaka Sugawara

12195: Portfolio Liquidity and Diversification: Theory and Evidence

Pástor, Luboš, Robert Stambaugh and Lucian Taylor

12194: Competition and Networks of Collaboration

Nikita Roketskiy

12193: Why Secondary Towns Can Be Important for Poverty Reduction – A Migrant’s Perspective

Bert Ingelaere, Luc Christiaensen, Joachim De Weerdt and Ravi Kanbur

12192: Sex and the Mission: The Conflicting Effects of Early Christian Investments on the HIV Epidemic in sub-Saharan Africa

Julia Cagé and Valeria Rueda

12191: More Giving or More Givers? The Effects of Tax Incentives on Charitable Donations in the UK

Miguel Almunia, Ben Lockwood and Kimberley Scharf

12190: EQCHANGE: A World Database on Actual and Equilibrium Effective Exchange Rates

Couhade, Cécile, Anne-Laure Delatte, Carl Grekou, Valérie Mignon and Florian Morvillier

12189: Step away from the zero lower bound: small open economies in a world of secular stagnation

Giancarlo Corsetti, Eleonora Mavroeidi, Gregory Thwaites and Martin Wolf

12188: When to Lean Against the Wind

Richter, Björn, Moritz Schularick and Paul Wachtel

12187: Political Distribution Risk and Aggregate Fluctuations

Thorsten Drautzburg, Fernández-Villaverde, Jesús and Pablo Guerron

12186: Companies Should Maximize Shareholder Welfare Not Market Value

Oliver Hart and Luigi Zingales

12185: FINANCIAL REPRESSION IN THE EUROPEAN SOVEREIGN DEBT CRISIS

Bo Becker and Victoria Ivashina

12184: Are clusters resilient? Evidence from Canadian textile industries

Kristian Behrens, Brahim Boualam and Julien Martin

12183: Gender: An Historical Perspective

Paola Giuliano

12182: The Rise of New Corruption: British MPs during the Railway Mania of 1845

Rui Esteves and Gabriel Geisler Mesevage

12181: The political economy of fiscal transparency and independent fiscal councils

Roel Beetsma, Xavier Debrun and Randolph Sloof

12180: Downside Risk in the Chinese Stock Market - Has it Fundamentally Changed?

Eric Ghysels and Hanwei Liu

12179: Automated Earnings Forecasts:- Beat Analysts or Combine and Conquer?

Ryan Ball and Eric Ghysels

12178: Back to the Future: Backtesting Systemic Risk Measures during Historical Bank Runs and the Great Depression

Christian Brownlees, Benjamin Chabot, Eric Ghysels and Christopher Kurz

12177: Exporting and Organizational Change

Lorenzo Caliendo, Ferdinando Monte and Esteban Rossi-Hansberg

12176: The Changing International linkages of Switzerland: An Overview

Cédric Tille

12175: Migration-Induced Redistribution with and without migrant voting

Assaf Razin and Efraim Sadka

12174: Asymmetric Information and the Property Rights Approach to the Theory of the Firm

Patrick Schmitz

12173: Services Input Intensity and US Manufacturing Employment Responses to the China Shock

Omar Bamieh, Matteo Fiorini, Bernard Hoekman and Adam Jakubik

12172: Changes in the Cost of Bank Equity and the Supply of Bank Credit

Claire Celerier, Thomas Kick and Steven Ongena

12171: Financial Development and Monetary Policy: Loan Applications, Rates, and Real Effects

Charles Abuka, Ronnie Alinda, Camelia Minoiu, Jose-Luis Peydro and Andrea Presbitero

12170: Understanding Cultural Persistence and Change

Paola Giuliano and Nathan Nunn

12169: The Interconnections Between Services and Goods Trade at the Firm-Level

Andrea Ariu, Holger Breinlich, Gregory Corcos and Giordano Mion

12168: Asset encumbrance and bank risk: First evidence from public disclosures in Europe

Albert Banal-Estanol, Enrique Benito and Dmitry Khametshin

12167: Employment growth following takeovers

Karen Geurts and Johannes Van Biesebroeck

12166: Conformism, Social Norms and the Dynamics of Assimilation

Gonzalo Olcina, Fabrizio Panebianco and Yves Zenou

12165: Infant Feeding and Cohort Health: Evidence from the London Foundling Hospital

Vellore Arthi and Eric Schneider

12164: The Dire Effects of the Lack of Monetary and Fiscal Coordination

Francesco Bianchi and Leonardo Melosi