Results

CEP discussion paper

Globalization, trade imbalances and labor market adjustment

We study the role of global trade imbalances in shaping the adjustment dynamics in response to trade shocks. We build and estimate a general equilibrium, multi-country, multi-sector model of trade with two key ingredient...Read more...

CEP discussion paper

Pandemics, global supply chains and local labor demand: evidence from 100 million posted jobs in China

This paper studies how the COVID-19 pandemic has affected labor demand, using over 100 million posted jobs on one of the largest online platforms in China. Our data reveal that the number of newly posted jobs within the ...Read more...

CVER Research Paper

Closing the Gap Between Vocational and General Education? Evidence from University Technical Colleges in England

Some countries, notably those which have long had a weak history of vocational education like the UK and the US, have recently seen a rapid expansion of hybrid schools which provide both general and vocational education....Read more...

CEP occasional paper

Regional differences in UK transport BCRs: an empirical assessment

The UK government uses a Value for Money (VfM) framework to help allocate infrastructure expenditure. At the core of this framework is a benefit to cost ratio (BCR) that is calculated using a set of established monetised...Read more...

CEP discussion paper

Growing like China: firm performance and global production line position

Global value chains have fundamentally transformed international trade and development in recent decades. We use matched firm-level customs and manufacturing survey data, together with Input-Output tables for China, to e...Read more...

CEP discussion paper

Better together? Heterogeneous effects of tracking on student achievement

I study the effects of early between-school ability tracking on student achievement, exploiting institutional differences between German federal states. In all states, about 40% of students transition to separate academi...Read more...

Journal article

European Journal of Finance:

Is firm-level clean or dirty innovation valued more?

We examine how Tobin's Q is linked to 'clean' and 'dirty' innovation and innovation efficiency at the firm level. Clean innovation relates to patented technologies in areas such as renewable energy generation and electri...Read more...

CVER Research Paper

Where versus What: College Value-Added and Returns to Field of Study in Further Education

Enrolling in vocational education and training programs constitutes a natural response to the current dynamics of the labour market, which is being reshaped by routinisation, automation, and outsourcing. We estimate the ...Read more...

CEP discussion paper

Managing global production: theory and evidence from just-in-time supply chains

Global value chains are highly fragmented across countries and dominated by a few large multinational firms. But the challenges of an increasingly difficult international business environment are raising the question of ...Read more...

Journal article

Journal of Urban Economics:

The economic effects of density: A synthesis

This paper synthesises the state of knowledge on the economic effects of density. We consider 347 estimates of density elasticities of a broad range of outcomes ranging from wages, innovation, rents, various amenities, t...Read more...

CEP discussion paper

International buyers' sourcing and suppliers' markups in Bangladeshi garments

Large international buyers play a key role in global value chains. We exploit detailed transaction-level data on the usage of material inputs to study how Bangladeshi garment suppliers' markups vary across international ...Read more...

Journal article

Review of Economics and Statistics:

Tall buildings and land values: Height and construction cost elasticities in Chicago, 1870-2010

Despite unprecedented vertical growth in large cities, the economics of skyscrapers remain understudied. We combine data on tall buildings with a panel of land prices covering 140 years to analyze the determinants of urb...Read more...

CEP discussion paper

Misallocation in the market for inputs: enforcement and the organization of production

The strength of contract enforcement determines how firms source inputs and organize production. Using microdata on Indian manufacturing plants, we show that production and sourcing decisions appear systematically distor...Read more...

Journal article

Social Science and Medicine:

Life satisfaction, QALYs, and the monetary value of health

The monetary value of a quality-adjusted life-year (QALY) is frequently used to assess the benefits of health interventions and inform funding decisions. However, there is little consensus on methods for the estimation o...Read more...

CEP discussion paper

Internalizing global value chains: a firm-level analysis

In recent decades, advances in information and communication technology and falling trade barriers have led firms to retain within their boundaries and in their domestic economies only a subset of their production stages...Read more...

CEP discussion paper

The hospital as a multi-product firm: the effect of hospital competition on value-added indicators of clinical quality

There is increasing international interest in using Patient Reported Outcome Measures (PROMs) to assess health care provider performance. PROMs are a fundamental advance on existing indicators of health care quality in t...Read more...

CEP discussion paper

International expansion and riskiness of banks

We exploit an original dataset on European G-SIBs to assess how banks’ internationalization affects risk in the banking sector. We find a robust negative correlation between foreign expansion and banking risk as captured...Read more...

CEP discussion paper

Global banking: risk taking and competition

Direct involvement of global banks in local retail activities can reduce risk-taking by promoting local competition. We develop this argument through a model in which multinational banks operate simultaneously in differe...Read more...

CEP discussion paper

Models of affective decision-making: how do feelings predict choice?

Intuitively, how we feel about potential outcomes will determine our decisions. Indeed, one of the most influential theories in psychology, Prospect Theory, implicitly assumes that feelings govern choice. Surprisingly, h...Read more...

CEP discussion paper

Minimum wages and firm value

How does the value of a firm change in response to a minimum wage hike? The evidence we have to date is not well-suited to answer this question, principally because events that have been studied are not completely unknow...Read more...

CEP discussion paper

How firms export: processing vs. ordinary trade with financial frictions

The fragmentation of production across borders allows firms to make and export final goods, or to perform only intermediate stages of production by processing imported inputs for re-exporting. We examine how financial fr...Read more...

CEP discussion paper

Intrafirm trade and vertical fragmentation in U.S. multinational corporations

Using firm-level data, we document two new facts regarding intrafirm trade and the activities of the foreign affiliates of U.S. multinational corporations. First, intrafirm trade is concentrated among a small number of l...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Vertical City: The Price of Land and the Height of Buildings in Chicago 1870-2010

We analyze the determinants of building heights in Chicago by combining a micro-geographic data set on tall buildings with a unique panel of land prices covering 140 years. Consistent with the predictions of classic urba...Read more...

Journal article

American Economic Review:

Industry compensation under relocation risk: a firm-level analysis of the EU emissions trading scheme

When regulated firms are offered compensation to prevent them from relocating, efficiency requires that payments be distributed across firms so as to equalize marginal relocation probabilities, weighted by the damage cau...Read more...

SERC/Urban and Spatial Programme Discussion Paper

No Escape? The Co-ordination Problem in Heritage Preservation

Conservation areas (CAs) are among the most restrictive English planning policies. Designation implies a significant limitation of owners’ control over the shape and appearance of their properties. The policy, however, c...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Game of Zones: The Economics of Conservation Areas

Provided there are positive external benefits attached to the historic character of buildings, owners of properties in designated conservation areas benefit from a reduction in uncertainty regarding the future of their a...Read more...

CEP discussion paper

Global Value Chains During the Great Trade Collapse: A Bullwhip Effect?

This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French firms containing information on cross-border monthly transactions m...Read more...

CentrePiece article

Policy uncertainty: a new indicator

The damaging impact of economic uncertainty on growth has been reasonably well studied - but what happens when there is uncertainty about economic policy-making? Nicholas Bloom and colleagues have developed a measure of ...Read more...

CentrePiece article

Unequal Britain: How Real Are Regional Disparities?

Average earnings vary widely across the regions of Britain, a fact that has prompted many decades of policies aimed at reducing regional disparities. But as Henry Overman and Steve Gibbons demonstrate, such variation rev...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Amenity Value of English Nature: A Hedonic Price Approach

Using a hedonic property value price approach, we estimate the amenity value associated with proximity to habitats, designated areas, domestic gardens and other natural amenities in England. There is a long tradition of ...Read more...

CEP discussion paper

The Interrelationship between HR, Strategy and Profitability in Service SMEs: Empirical Evidence from the UK Tourism Hospitality and Leisure Sector

We investigate the strategies, HR attributes and their synergies that are associated with superior performance in service SMEs using data from the UK Tourism Hospitality and Leisure (THL) sector. A major advantage of our...Read more...

CEP discussion paper

Chain Indices of the Cost of Living and the Path-Dependence Problem: An Empirical Solution

This paper proposes an empirically feasible method for correcting the path-dependence bias of chain indices of the cost of living. Chain indices are discrete approximations to Divisia indices and it is well known that th...Read more...

CEP discussion paper

Strategic Patenting and Software Innovation

Strategic patenting is widely believed to raise the costs of innovating, especially in industries characterised by cumulative innovation. This paper studies the effects of strategic patenting on R&D, patenting and market...Read more...

CEP discussion paper

Knowledge Flow and Sequential Innovation: Implications for Technology Diffusion, R&D and Market Value

It is shown that spillovers can enhance private returns to innovation if they feed back into the dynamic research of the original inventor (Internalized spillovers), but will always reduce private returns, if the origina...Read more...

CEP discussion paper

Identifying Technology Spillovers and Product Market Rivalry

The impact of R&D on growth through spillovers has been a major topic of economic research over the last thirty years. A central problem in the literature is that firm performance is affected by two countervailing “spill...Read more...

CEP discussion paper

Collateral Value and Forbearance Lending

We investigate the foreclosure policy of collateral-based loans in which the endogenous collateral value plays a crucial role. If creditors are able to commit, then the equilibrium arrangement is more likely to feature f...Read more...