CEPR Discussion Papers

From Centre for Economic Policy Research
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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, Jt Hamrick, Tyler Moore and Tali Oberman

12060: Ethical standards and cultural assimilation in financial services

Alan Morrison and John Thanassoulis

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

Cuñat, Vicente, Giné, Mireia and Maria Guadalupe

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

Dautović, Ernest, Harald Hau and Yi Huang

12056: Belief Dispersion in the Stock Market

Adem Atmaz and Suleyman Basak

12055: Turbulence, Firm Decentralization and Growth in Bad Times

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

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

Hans Fricke, Michael Lechner 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

Michael Clemens and Jennifer Hunt

12049: Selling with Evidence

Frederic Koessler and Vasiliki Skreta

12048: Selling Through Referrals

Daniele Condorelli, Andrea Galeotti and Vasiliki Skreta

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

Gideon Bornstein, Per Krusell and Sergio Rebelo

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

Natalia Fabra and Juan-Pablo Montero

12045: Imperfect Financial Markets and Investment Inefficiencies

Elias Albagli, Christian Hellwig and Aleh Tsyvinski

12044: Sales and Markup Dispersion: Theory and Empirics

Monika Mrazova and J. Peter Neary

12043: Safe Assets

Robert Barro, Fernández-Villaverde, Jesús, 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

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

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

Francesco Franzoni and Mariassunta Giannetti

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

Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza

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

Javier Cravino and Andrei Levchenko

12034: Intertemporal Price Discrimination with Two Products

Jean Rochet and John Thanassoulis

12033: Corporate Leverage and Employees’ Rights in Bankruptcy

Andrew Ellul and Marco Pagano

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

Khulan Altangerel and Jan C. van Ours

12031: Evaluation of the Reggio Approach to Early Education

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

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

Thomas Le Barbanchon, Roland Rathelot 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

Filip Rozsypal and Kathrin Schlafmann

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

Leonardo Gambacorta and Andrés Murcia

12026: Globalization and Executive Compensation

Wolfgang Keller and William Olney

12025: Asymmetric Consumption Effects of Transitory Income Shocks

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

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, Giovanni Immordino and Salvatore Piccolo

12022: How Important are Spillovers from Major Emerging Markets?

Raju Huidrom, Ayhan Kose 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

Marek Jarociński and Bartosz Maćkowiak

12019: Global earnings inequality, 1970-2015

Olle Hammar and Waldenström, Daniel

12018: Job-related Mobility and Plant Performance in Sweden

Rikard Eriksson and Rodríguez-Pose, Andrés

12017: Is Europe an Optimal Political Area?

Alberto Alesina, Guido Tabellini and Francesco Trebbi

12016: The effects of Fiscal Consolidations: Theory and Evidence

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

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, Orli Oren-Kolbinger and Sarit Weisburd

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

Michael Binder, Philipp Lieberknecht, Jorge Quintana and Volker Wieland

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

Maria Basurto Preciado, Pascaline Dupas and Jonathan Robinson

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

Jose-Luis Peydro, Andrea Polo and Enrico Sette

12010: Are Mutual Fund Managers Paid For Investment Skill?

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

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

Vittoria Cerasi, Sebastian M. Deininger, Leonardo Gambacorta 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

Paola Bongini, Annalisa Ferrando, Emanuele Rossi 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

Gilles Durufle, Thomas Hellmann and Karen Wilson

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

Brunella Bruno, Alexandra D'Onofrio and Immacolata Marino

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

Brunella Bruno, Alexandra D'Onofrio and Immacolata Marino

12001: Who gets the urban surplus?

Paul Collier and Anthony Venables

12000: On the Joint Evolution of Culture and Institutions

Alberto Bisin and Thierry Verdier

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

Jane Humphries and Jacob Weisdorf

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

Zina Lekniute, Roel Beetsma and Eduard Ponds

11997: Dissecting US recoveries

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

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

Fabian Slonimczyk, Marco Francesconi and Anna Yurko

11995: What Drives Differences in Management?

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

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

Luc Christiaensen, Joachim De Weerdt and Ravi Kanbur

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

Elisabeth Kempf, Alberto Manconi and Massimo Massa

11992: Corporate Bond Guarantees and The Value of Financial Flexibility

Michela Altieri, Alberto Manconi and Massimo Massa

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

Mancy Luo, Alberto Manconi and Massimo Massa

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

Si Cheng, Massimo Massa and Hong Zhang

11989: The New Keynesian Cross

Florin Bilbiie

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

Si Cheng, Massimo Massa 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

Gur Aminadav, Massimo Massa, 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

Arielle Bernhardt, Erica Field, Rohini Pande and Natalia Rigol

11980: Wedges: Distribution, Distortions, and Market Integration

Giuseppe Bertola

11979: Turbulence, Firm Decentralization and Growth in Bad Times

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

11978: Population Aging, Social Security and Fiscal Limits

Burkhard Heer, Vito Polito and Michael R. Wickens

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?

Bjorn Eckbo, Tanakorn Makaew and Karin Thorburn

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

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

11970: The Quanto Theory of Exchange Rates

Lukas Kremens and Ian Martin

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

Jean-Pierre Danthine

11968: Individuals and Organizations as Sources of State Effectiveness

Michael Best, Jonas Hjort and David Szakonyi

11967: Functional Upgrading in China’s Export Processing Sector

Ari Van Assche and Johannes Van Biesebroeck

11966: A Central Bank Theory of Price Level Determination

Pierpaolo Benigno

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

Fernanda Brollo, Katja Kaufmann and Eliana La Ferrara

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

Fernanda Brollo, Katja Kaufmann and Eliana La Ferrara