Discussion Papers

Jean-Michel Benkert, Ludmila Matyskova, Egor Starkov

Never-ending Search for Innovation

P-hacking and Significance Stars

The Welfare Costs of Inflation Reconsidered

Jean-Michel Benkert, Shuo Liu, Nick Netzer

Time is Knowledge: What Response Times Reveal

A Theory of Recommendations

The effect of higher out-of-pocket payments on drug prices and demand

Truth by Consensus: A Theoretical and Empirical Investigation

Quantifying Trade from Renaissance Merchant Letters

The Slanted-L Phillips Curve

Estimating the Welfare Costs of Very High Inflations and Hyperinflations

World GDP, Anthropogenic Emissions, and Global Temperatures, Sea Level, and Ice Cover

Interest Rate Smoothing in the Face of Energy Shocks

Pricing Liquidity Support: A PLB for Switzerland

The International Supply of Reserve Currency

Is the Impact of Opening the Borders Heterogeneous?

Optimal Epidemic Control

Participatory Teaching Improves Learning Outcomes: Evidence from a Field Experiment in Tanzania

Startup Acquisitions: Acquihires and Talent Hoarding

Forecasting Global Temperatures by Exploiting Cointegration with Radiative Forcing

On the Relationship between Adaptation and Mitigation

Luca Benati, Thomas A. Lubik

Impulse Response Analysis at the Zero Lower Bound

The Monetary Dynamics of Hyperinflation Reconsidered

Fragility of Secured Credit Chains

Gibson’s Paradox and the Natural Rate of Interest

Costanza Naguib, Patrick Gagliardini

A Semi-nonparametric Copula Model for Earnings Mobility

Life-Cycle Inequality: the Black and White Differential

Optimal monetary and transfer policy in a liquidity trap

Eine effektive und effiziente (Schweizer) Klimapolitik:
Warum wir sie unbedingt und schnell brauchen und die Angst vor den damit verbundenen Veränderungen unbegründet ist

The Economics of Advice

Sovereign Bond Prices, Haircuts and Maturity

Money and Banking with Reserves and CBDC

Monetary Policy in a World of Cryptocurrencies

A New Approach to Estimating the Natural Rate of Interest

Consumption Insurance among Blacks and Whites

Financial Turmoil and Earnings Mobility

DP 2206

Giacomo De Giorgi, Costanza Naguib

Life after Default: Credit Hardship and its Effects

DP 2205

Philipp Brunner, Igor Letina, Armin Schmutzler

Research Joint Ventures: The Role of Financial Constraints

Selecting the Best when Selection is Hard

DP 2203

Jean-Michel Benkert

Bilateral Trade with Loss-Averse Agents

Exploring the Trade-Off Between Leaning Against Credit and Stabilizing Real Activity

Martín Gonzales-Eiras, Dirk Niepelt

The Political Economy of Early COVID-19 Interventions in US States

A Semi-nonparametric Copula Model for Earnings Mobility

Life-Cycle Inequality: the Black and White Differential

Inadequate Teacher Content Knowledge and What to Do About It: Evidence from
El Salvador

The Welfare Costs of Inflation

The Joint Dynamics of Money and Credit Multipliers Since the Gold Standard Era

Attention Please! Health Plan Choice and (In-)Attention 

Long-Run Evidence on the Quantity Theory of Money

A New Approach to Estimating the Natural Rate of Interest

Searching for Hysteresis

All-Pay Auctions with Reserve Price and Bid Cap

Imperfect Competition with Costly Disposal

Cartel Stability in Times of Low Interest Rates

Giacomo De Giorgi, Luca Gambetti, Costanza Naguib

Life-Cycle inequality: blacks and whites differentials in life expectancy, savings, income, and consumption

Mapping an Information Design Game into an All-Pay Auction

Raphael Auer, Cyril Monnet, Hyun Song Shin

Distributed Ledgers and the Governance of Money

Money Velocity and the Natural Rate of Interest

Luca Benati, Robert E. Lucas Jr., Juan Pablo Nicolini, Warren Weber

International Evidence on Long-Run Money Demand

Leaning Against House Prices: A Structural VAR Investigation

Optimally Controlling an Epidemic

Dirk Niepelt

Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics

 Juan Beccuti, Marc Möller

Fighting for Lemons: The Encouragement Effect in Dynamic Contests with Private Information

Blaise Melly, Rafael Lalive

Estimation, Inference and Interpretation in the Regression Discountinutiy Design

Should Banks Create Money?

Entrepreneur-Investor Information Design

Liquidity, the Mundell-Tobin Effect, and the Friedman Rule

In the Eye of the Storm: Firms and Capital Destruction in India

Optimal Contest Design: Tuning the Heat

Electricity Use as a Real Time Indicator of the Economic Burden of the COVID-19-Related Lockdown: Evidence from Switzerland

Tractable Epidemiological Modelsfor Economic Analysis

Martin Gonzalez-Eiras, Dirk Niepelt

On the Optimal “Lockdown” During an Epidemic

On the Optimality of Price-posting in Rental Markets

Konstantin Büchel, Martina Jakob, Christoph Kühnhanss, Daniel Steffen, Aymo Brunetti

The Relative Effectiveness of Teachers and Learning Software: Evidence from a Field Experiment in El Salvador

Aymo Brunetti, Konstantin Büchel, Martina Jakob, Ben Jann, Christoph Kühnhanss, Daniel Steffen

Teacher Content Knowledge in Developing Countries: Evidence from a Math Assessment in El Salvador

Monetary Policy Implementation and Pass-Through

Killer Acquisitions and Beyond: Policy Effects on Innovation Strategies

Rebating Antitrust Fines to Encourage Private Damages Actions

Rising Concentration and Wage Inequality

The Welfare Costs of Inflation 

In the Eye of the Storm: Firms and Capital Destruction in India

Estimating the Gains from Trade in Frictional Local Labor Markets

Screening by Mode of Trade

Who Cares When You Close Down? The Effects of Primary Care Practice Closures on Patients

Nana Adrian

Price Discrimination and Salience-Driven Consumer Preferences

Nana Adrian, Ann-Kathrin Crede, Jonas Gehrlein

Market Interaction and the Focus on Consequences in Moral Decision Making

Nana Adrian, Marc Möller

Partnerships with Asymmetric Information: The Benefit of Sharing Equally amongst Unequals

Markus K. Brunnermeier, Dirk Niepelt

On the Equivalence of Private and Public Money

DP 1902

Chao Gu, Cyril Monnet, Ed Nosal, Randall Wright

On the Instability of Banking and other Financial Intermediation

Shocking Interest Rate Floors

Cagan’s Paradox Revisited

Shall We Twist?

The Long-Run Demand for M2 Reconsidered

Confidence and the Financial Accelerator

Optimal Fiscal Policy and Private Sector Borrowing Constraints

The Effect of a Financial Block on the Identification of Confidence Shocks in a Structural VAR Model

Yannic Stucki, Jacqueline Thomet

The effects of firing costs on employment and hours per employee

Jacqueline Thomet, Philipp Wegmüller

Technology shocks and hours worked: a cross-country analysis

Yannic Stucki, Jacqueline Thomet

A neoclassical perspective on Switzerland’s 1990s stagnation

Strategic Deviations in Optimal Monetary Policy

The Effectiveness of Leniency Programs when Firms choose the Degree of Collusion

The Risk-Taking Channel of Liquidity Regulations and Monetary Policy

Optimal Exclusion

Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence

DP 1812

Francesca Carapella, Cyril Monnet

Dealers' Insurance, Market Structure, And Liquidity

Money and Credit: A Long-Term View

DP 1810

Guido Baldi, André Bodmer

Intangible Capital Formation, International Equity Investments, and Output Synchronization

DP 1809

Learning from failure in healthcare: Dynamic panel evidence of a physician shock effect

DP 1808

Does personalized information improve health plan choices when individuals are distracted?

DP 1807

Luca Benati, Joshua Chan, Eric Eisenstat, Gary Koop

Identifying Noise Shocks

DP 1806

Luca Benati, Lucas Kyriacou

Does Sentiment Matter?

DP 1805

Luca Benati, Eric Eisenstat, Gary Koop

Can News and Noise Shocks Be Disentangled?

DP 1804

Luca Benati, Robert E. Lucas, Jr.,
Juan-Pablo Nicolini, Warren Weber

Long-Run Money Demand Redux

DP 1803

Martín Gonzalez-Eiras, Dirk Niepelt

Dynamic Tax Externalities and the U.S. Fiscal Transformation in the 1930s

DP 1802

Dirk Niepelt

Financial Policy

DP 1801

Klaus Neusser

The New Keynesian Model with Stochastically Varying Policies

DP 1710

DP 1709

Your Retirement and My Health Behavior: Evidence on Retirement Externalities from a fuzzy regression discontinuity design

DP 1708

Luca Benati, Peter Ireland

Money-Multiplier Shocks

DP 1707

Sophie Altermatt, Luca Benati

What Drives Money Velocity?

DP 1706

Luca Benati

Money Velocity and the Natural Rate of Interest

DP 1705

Luca Benati

Could the Bubble in U.S. House Prices Have Been Detected in Real Time?

DP 1704

Luca Benati

Cointegration Tests and the Classical Dichotomy

DP 1703

Dirk Niepelt

Sovereign Bond Prices, Haircuts and Maturity

On the optimal design of place-based policies: A structural evaluation of EU regional transfers

Klaus Neusser

Time - Varying Rational Expectations Models: Solutions, Stability, Numerical Implementation

DP 1610

Luca Benati

A New Approach to Estimating the Natural Rate of Interest

DP 1609

Luca Benati

Would a ‘Modest Policy Intervention’ Have Prevented the U.S. Housing Bubble?

Konstantin Büchel, Maximilian von Ehrlich

Cities and the Structure of Social Interactions: Evidence from Mobile Phone Data

Generic Inference on Quantile and Quantile Effect Functions for Discrete Outcomes

Benchmarking Heterogeneous Distribution System Operators: Evidence from Norway

Blaise Melly, Kaspar Wüthrich

Local quantile treatment effects

A Topological View on the Identification of Structural Vector Autoregressions

Maximilian von Ehrlich, Tobias Seidel

Financial development and inequality in the global economy

Philipp Wegmueller

International Evidence on Time-Variation in Trend Labor Productivity Growth

Strategic Communication with Reporting Costs

Consumption smoothing at retirement: average and quantile treatment effects in the regression discontinuity design

Financial incentives and physician prescription behavior: Evidence from dispensing regulations

Lumpy investment and variable capacity utilization: firm-level and macroeconomic implications

Semiparametric estimation of quantile treatment effects with endogeneity

Sharing a River with Downstream Externalities

Evaluating pay-as-you-go social security systems

The persistent effects of place-based policy: Evidence from the West-German Zonenrandgebiet

Penalty Structures and Deterrence in a Two-Stage Model: Experimental Evidence

Economic Openness and Fiscal Multipliers

Allocation of Expenditures in Elderly Households and the Cost of Widowhood

The influence of noise on net revenue and values of investment properties: Evidence from Switzerland

Which Factors Drive the Skill-Mix of Migrants in the Long-Run?

A Comparison of two Quantile Models with Endogeneity

Utility functions, fiscal shocks and the open economy - In the search of a positive consumption multiplier

Economic Openness and Fiscal Multipliers

Optimal Leniency Programs when Firms Have Cumulative and Asymmetric Evidence

Floating or fixed exchange rates: The role of government size

Health Care Demand in the Presence of Discrete Price Changes

Optimal Selling Mechanisms under Imperfect Commitment: Extending to the Multi-Period Case

Optimal Selling Mechanisms under Imperfect Commitment

Competitive Market Segmentation

Exclusivity Clauses: Enhancing Competition, Raising Prices

Selection upon Wage Posting

Evaluating pay-as-you-go social security systems

Detailed Decompositions in Generalized Linear Models

Decomposing Differences in Arithmetic Means: A Doubly-Robust Estimation Approach

Sudden stop regimes and output: a Markov switching analysis

Why Plaintiffs' Attorneys Use Contingent and Defense Attorneys Fixed Fee Contracts

Does full insurance increase the demand for health care?

Set Identification of Generalized Linear Predictors in the Presence of Non-Classical Measurement Errors

Does Physician Dispensing Increase Drug Expenditures?

Cooperation preferences and framing effects

Identification of Supplier-induced Demand What kind of consumer information matters?

Institutions and the Sectoral Organization of Production

Global Warming, Technology Transfer and Trade in Carbon Energy: Challenge or Threat?

Exchange rate pass-through to various price indices: empirical estimation using vector error correction models

Fiscal Multipliers in Recessions

Climate (change) and conflict: resolving a puzzle of association and causation

The Effect of Kyoto Emission Targets on Domestic CO2 Emissions: A Synthetic Control Approach

International Trade and the Adaptation to Climate Change and Variability

Driving Forces of the Swiss Output Gap

Political influence on non-cooperative international climate policy

Sustainable Climate Treaties

Measuring Co-Movements of CDS Premia during the Greek Debt Crisis

Identification of Causal Education Effects Using a Discontinuity in School Entry Tests: First Results from a Pilot Study

On the causal effect of schooling on smoking: evidence without exogeneity conditions

The Participation Gap Evidence from Compulsory Voting Laws

Contracts as Rent-Seeking Devices: Evidence from German Soccer

Strategic behavior in IEAs: When and why countries joined the Kyoto Protocol

Growth and Welfare under Endogenous Lifetime

The Effects of Immigration on Wages: An Application of the Structural Skill-Cell Approach

Inequality and Aggregate Savings in the Neoclassical Growth Model

Consumption Paths under Prospect Utility in an Optimal Growth Model

Non-homothetic preferences, parallel imports and the extensive margin of international trade

What Really Matters: Discounting, Technological Change and Sustainable Climate

Trading Off Generations: Infinitely-Lived Agent Versus OLG

Market Imperfections, Wealth Inequality, and the Distribution of Trade Gains

Mass versus Exclusive Goods, and Formal-Sector Employment

External Price Benchmarking vs. Price Negotiation for Pharmaceuticals

Litigation and Settlement under Court Error

Loyalty Rewards and Monopoly Pricing

Incentive Compatible Reimbursement Schemes for Physicians

Adversarial versus Inquisitorial Testimony

The economies of scale of living together and how they are shared - Estimates based on a collective household model

Priorities in the Location of Multiple Public Facilities

Maximal Domains for Strategy-proof or Maskin Monotonic Choice Rules

Non-comparative versus Comparative Advertising as a Quality Signal

Global Climate Change and the Funding of Adaptation

Priors from DSGE Models for Dynamic Factor Analysis

Endogenous Political Economy: On the Inevitability of Inefficiency under the Natural Resource Curse

The Role of Sectoral Shifts in the Great Moderation

On Platforms, Incomplete Contracts, and Open Source Software

When is Seller Price Setting with Linear Fees Optimal for Intermediaries?

A Note on Business Cycle Accounting

Path Interdependence in a Dynamic Two Country Heckscher-Ohlin Model

Finance and Competition

Accuracy versus Falsification Costs: The optimal Amount of Evidence under different Procedures

Applying Markowitz's Critical Line Algorithm

The Allocation of Resources under Uncertainty

Genetic Tests and Intertemporal Screening in Competitive Insurance Markets

Does a Platform Monopolist Want Competition?

Discounting The Global Climate When Technological Change is Endogenous

Applying Markowitz's Critical Line Algorithm

Indirect Construction of Hedonic Price Indexes: Empirical Evidence for Private Properties in Switzerland

Playing It Safe with Low Conditional Fees versus Being Insured by High Contingent Fees

The Carbon Kuznets Curve: A Cloudy Picture Emitted by Bad Econometrics?

On Holders, Blades and Other Tie-In Sales

What's Really the Story with this Balassa-Samuelson Effect in the CEECs?

What Determines the Speed of Adjustment to the Target Capital Structure?

The evolution of income-related health inequalities in Switzerland over time

The evolution of income-related inequalities in health care utilization in Switzerland over time

Product Market Competition, Managerial Inventives, and Firm Valuation

Legal Restrictions on Buyout Fees: Theory and Evidence from German Soccer

Black Sheep and Walls of Silence

Conditional versus Contingent Fees

Equilibrium Mobility

The Economics of US-style Contingent Fees and UK-style Conditional Fees

Redistribution to Rent Seekers, Foreign Aid and Economic Growth

Does it pay to be a good student? Results from the Swiss graduate labour market

The Curse of Natural Resources in Fractionalized Countries

CEEC Growth Projections: Certainly Necessary and Necessarily Uncertain

Wählbare Selbstbehalte in der Krankenversicherung der Schweiz: Nachfragesteuerung oder Selektion?

Prognose uni- und multivariater Zeitreihen

Monopolistic Intermediation in the Gehrig (1993) Search Model Revisited

How often should you open the door? Optimal monitoring to screen heterogeneous agents

Berufliche Weiterbildung in der Schweiz

Firm-sponsored Work-Related Training in Frictional Labour Markets: An empirical analysis for Switzerland

Work-Related Training and Wages: An empirical analysis for male workers in Switzerland

Escalating Penalties for Repeat Offenders

How Feminine is Corporate America?

On Polynomial Cointegration in the State Space Framework

A Canonical Form for Unit Root Processes in the State Space Framework

Income Segregation and Local Progressive Taxation: Empirical Evidence from Switzerland

Wealth inequality and dynamic stability

Product Market Competition and Executive Compensation: An Empirical Investigation

The Performance of Subspace Algorithm Cointegration Analysis: A Simulation Study

The Demand for Tests

Global Climate Change and the Equity-Efficiency Puzzle

Capital Structure Inertia and CEO Compensation

The Impact of In-Work Benefits on Poverty and Household Labour Supply. A simulation study for Switzerland

Does subsidised temporary employment get the unemployed back to work? An econometric analysis of two different schemes

On Cheating and Whistle-Blowing

Does Distribution Matter? When Flexibility, Equity and Efficiency in Greenhouse Gas Abatement

A Large Deviation Approach to the Measurement of Mobility

Wage Rigidity and Monetary Union

Financial development and stock returns: A cross country analysis

Technology Shocks and Employment

Equilibrium and Stratification with Local Income Taxation when Households Differ in both Preferences and Incomes

Income Stratifcation in Multi-Community Models

Signaling with Capital Structure Revisited

The impact of heterogeneity on indeterminacy

Multistep Predictions from Multivariate ARMA-GARCH: Models and their Value for Portfolio Management

Subgame Perfect Punishment for Repeat Offenders

A Comparison of Johansen's, Bierens and the Subspace Algorithm Method for Cointegration Analysis

Capital Structure Dynamics in UK and Continental Europe

On the Dynamics of Physician Density; Theory and Empirical Evidence for Switzerland

Monitoring Eco-Labels: You Can Have Too Much of a Good Thing

Information and Barometric Prices: An Explanation for Price Stickiness

Asymptotic Properties of Pseudo Maximum Likelihood EstimateKopierens for Multiple Frequency I(1) Processes

A Canonical Form for Unit Root Processes in the State Space Framework

Coordination Failure and Financial Contagion

The Market for Used Cars: A New Test of the Lemons Model

Trusting Labels: A Matter of Numbers?

A Note on the Optimal Punishment for Repeat Offenders

Perjury versus Truth-Revelation: Quantity or Quality of Testimony

Does Distribution Matter? When Flexibility and Pareto-Efficiency in Greenhouse Gas Abatement

The Contingent Valuation Method in Health Care: An Economic Evaluation of Alzheimer's Disease

Credit Risk Management - RAROC-lead capital allocation and profit maximization

Where-to-Abate and Where-to-Invest Flexibility: An Integrated Assessment Analysis of Climate Change