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CEP Discussion Paper
The Aggregate Consequences of Default Risk: Evidence from Firm-Level Data Timothy Besley, Isabelle Roland and John Van Reenen
January 2020
Paper No' CEPDP1672:
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JEL Classification: D24; E32; L11; O47


Tags: productivity; default risk; credit frictions; misallocation

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CEP Discussion Paper
The Urban Wage Premium in Imperfect Labour Markets Boris Hirsch, Elke J. Jahn, Alan Manning and Michael Oberfichtner
March 2019
Paper No' CEPDP1608:
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JEL Classification: R23; J42; J31


Tags: urban wage premium; imperfect labour markets; monopsony; search frictions

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CEP Discussion Paper
Labor Specialization as a Source of Market Frictions Maria Molina-Domene
October 2018
Paper No' CEPDP1580:
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JEL Classification: J24; J42; J63


Tags: labor specialization; market frictions; division of labor; human capital

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CEP Discussion Paper
Pension Shocks and Wages Pawel Adrjan and Brian Bell
March 2018
Paper No' CEPDP1536:
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JEL Classification: J31; J32; G32


Tags: wages; pensions; frictions

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SERC/Urban and Spatial Programme Discussion Paper
Trade and Frictional Unemployment in the Global Economy Céline Carrère, Anja Grujovic and Frédéric Robert-Nicoud
December 2015
Paper No' SERCDP0189:
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JEL Classification: F15; F16; F17; J64


Tags: labor market frictions; unemployment; trade

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CEP Discussion Paper
Information Frictions and Adverse Selection: Policy Interventions in Health Insurance Markets Benjamin R. Handel, Jonathan T. Kolstad and Johannes Spinnewijn November 2015
Paper No' CEPDP1390:
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JEL Classification: D80; I13


Tags: information frictions; adverse selection; policy interventions

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CEP Discussion Paper
The Persistence of a Banking Crisis Kilian Huber
November 2015
Paper No' CEPDP1389:
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JEL Classification: D22; D53; E24; E44; G01; G21; J01; J23; J30; O16; O40; O47


Tags: banking crisis; financial frictions; lending; gdp; growth; employment

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CEP Discussion Paper
Financial Constraints in Search Equilibrium: Mortensen and Pissarides Meet Holmstrom and Tirole Tito Boeri, Pietro Garibaldi and Espen R. Moen December 2014
Paper No' CEPDP1317:
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JEL Classification: G01; J64


Tags: search frictions; financial frictions; leverage; liquidity; pledgeability

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CEP Discussion Paper
The Objective Benefits of Subjective Well-Being Jan-Emmanuel De Neve, Ed Diener, Louis Tay and Cody Xuereb
August 2013
Paper No' CEPDP1236:
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JEL Classification: E10;E30;E24;E21


Tags: unemployment; aggregate demand; matching frictions

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CEP Discussion Paper
A Model of Aggregate Demand and Unemployment Pascal Michaillat and Emmanuel Saez
August 2013
Paper No' CEPDP1235:
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JEL Classification: E10; E30; E24; E21


Tags: unemployment; aggregate demand; matching frictions

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CEP Discussion Paper
Optimal Policy for Macro-Financial Stability Gianluca Benigno, Huigang Chen, Chris Otrok, Alessandro Rebucci and Eric Young
October 2012
Paper No' CEPDP1172:
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JEL Classification: E52; F37; F41


Tags: bailouts; capital controls; exchange rate policy; financial frictions; financial crises; macro-financial stability; macro-prudential policies

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CEP Discussion Paper
Capital Controls or Exchange Rate Policy? A Pecuniary Externality Perspective Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci and Eric R. Young August 2012
Paper No' CEPDP1160:
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JEL Classification: E52; F37; F41


Tags: capital controls; exchange rate policy; financial frictions; financial crises; financial stability; optimal taxation; prudential policies; planning problem

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CentrePiece Article
Jobs in a recession Pascal Michaillat
May 2012
Paper No' CEPCP365:
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CentrePiece 17 (1) Spring 2012


JEL Classification: E24; E32; J64


Tags: unemployment; matching frictions; job rationing

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CEP Discussion Paper
Preferential Trade Agreements and the Labor Market Emanuel Ornelas
January 2012
Paper No' CEPDP1117:
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JEL Classification: F16; F15; F13


Tags: trade liberalization; unemployment; trade diversion; labor frictions

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CEP Discussion Paper
Fiscal Multipliers over the Business Cycle Pascal Michaillat
January 2012
Paper No' CEPDP1115:
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JEL Classification: E24; E32; E62; J64


Tags: fiscal multiplier; unemployment; business cycle; job rationing; matching frictions

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CEP Discussion Paper
Spatial Frictions Kristian Behrens, Giordano Mion, Yasusada Murata and Jens Südekum
December 2011
Paper No' CEPDP1108:
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JEL Classification: F12; R12


Tags: trade frictions; urban frictions; productivity; city-size distribution; markups

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CEP Discussion Paper
Financial Crises and Macro-Prudential Policies Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci and Eric R. Young December 2010
Paper No' CEPDP1032:
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JEL Classification: E52; F37; F41


Tags: capital controls; crises; financial frictions; macro prudential policies; bailouts; overborrowing

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CEP Discussion Paper
Do Matching Frictions Explain Unemployment? Not in Bad Times Pascal Michaillat
November 2010
Paper No' CEPDP1024:
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JEL Classification: E24; E32; J64


Tags: unemployment; matching frictions; job rationing

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CEP Discussion Paper
Revisiting Overborrowing and Its Policy Implications Gianluca Benigno, Huigang Chen, Chris Otrok, Alessandro Rebucci and Eric Young October 2010
Paper No' CEPDP1020:
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JEL Classification: E52; F37; F41


Tags: bailouts; financial frictions; macro prudential policies; overborrowing

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CEP Discussion Paper
Adjusting to Capital Account Liberalization Kosuke Aoki, Gianluca Benigno and Nobuhiro Kiyotaki
October 2010
Paper No' CEPDP1014:
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JEL Classification: F32


Tags: credit frictions; capital account liberalization

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CEP Discussion Paper
Labor and the Market Value of the Firm Monika Merz and Eran Yashiv
May 2005
Paper No' CEPDP0690:
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JEL Classification: E22; E23; E24;G12


Tags: production-based asset pricing; labor market frictions; gross flows; q-model; gmm


This paper has been published as:
American Economic Review, 2007, Volume 97, Issue 4,1419-1431