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Author: Silvana Tenreyro

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CEP discussion paper
The rise of agribusiness and the distributional consequences of policies on intermediated trade

Policies to encourage agribusinesses-led development of crop markets are high on the agenda of many policy-makers. Since the 1980s, several countries have moved to a model in which agribusinesses provide market access to...Read more...

Swati Dhingra and Silvana Tenreyro

6 February 2020

CEP discussion paper
History dependence in the housing market

Using data on the universe of housing transactions in England and Wales over a twenty-year period, we document a robust pattern of history dependence in housing markets. Sale prices and selling propensities are affected ...Read more...

Philippe Bracke and Silvana Tenreyro

29 August 2018

CEP discussion paper
Diversification through trade

A widely held view is that openness to international trade leads to higher GDP volatility, as trade increases specialization and hence exposure to sector-specific shocks. We revisit the common wisdom and argue that when ...Read more...

Francesco Caselli, Miklos Koren, Milan Lisicky and Silvana Tenreyro

19 November 2015

CEP discussion paper
The transmission of monetary policy operations through redistributions and durable purchases

A large literature has documented statistically significant effects of monetary policy on economic activity. The central explanation for how monetary policy transmits to the real economy relies critically on nominal rigi...Read more...

Vincent Sterk and Silvana Tenreyro

11 December 2013

CEP discussion paper
Pushing on a string: US monetary policy is less powerful in recessions

We estimate the impulse response of key US macro series to the monetary policy shocks identified by Romer and Romer (2004), allowing the response to depend flexibly on the state of the business cycle. We find strong evid...Read more...

Silvana Tenreyro and Gregory Thwaites

14 May 2013

CentrePiece article
Has the euro increased trade?

Joao Santos Silva and Silvana Tenreyro investigate whether the new currency has delivered the promised growth in trade between member countries...Read more...

João Santos Silva and Silvana Tenreyro

November 2010

CEP discussion paper
Currency Unions in Prospect and Retrospect

We critically review the recent literature on currency unions, and discuss the methodological challenges posed by the empirical assessment of their costs and benefits. In the process, we provide evidence on the economic ...Read more...

João Santos Silva and Silvana Tenreyro

June 2010

CEP discussion paper
Trading Partners and Trading Volumes: Implementing the Helpman-Melitz-Rubinstein Model Empirically

Helpman, Melitz, and Rubinstein (2008)–HMR–present a rich theoretical model to study the determinants of bilateral trade flows across countries. The model is then empirically implemented through a two-stage estimation pr...Read more...

João Santos Silva and Silvana Tenreyro

June 2009

CEP discussion paper
Further Simulation Evidence on the Performance of the Poisson Pseudo-Maximum Likelihood Estimator

We extend the simulation results given in Santos-Silva and Tenreyro (2006, ‘The Log of Gravity’, The Review of Economics and Statistics, 88, pp.641-658) by considering data generated as a finite mixture of gamma variates...Read more...

João Santos Silva and Silvana Tenreyro

May 2009

CEP discussion paper
On the Existence of the Maximum Likelihood Estimates for Poisson Regression

We note that the existence of the maximum likelihood estimates for Poisson regression depends on the data configuration. Because standard software does not check for this problem, the practitioner may be surprised to fin...Read more...

João Santos Silva and Silvana Tenreyro

May 2009

CEP discussion paper
Hot and Cold Seasons in the Housing Market

Every year during the second and thirdquarters (the “hot season”) housing markets in the UK and the US experience systematic above-trend increases in both prices and transactions. During the fourth and first quarters (th...Read more...

L. Rachel Ngai and Silvana Tenreyro

April 2009

CentrePiece article
In brief... Hot and cold seasons in the housing market

The difference in the price you pay for the same house in the summer and in the winter is huge, according to Rachel Ngai and Silvana Tenreyro....Read more...

L. Rachel Ngai and Silvana Tenreyro

March 2009

CEP discussion paper
Wage Setting Patterns and Monetary Policy: International Evidence

Systematic differences in the timing of wage setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunt...Read more...

Giovanni Olivei and Silvana Tenreyro

June 2008

CEP discussion paper
Technological Diversification

Economies at early stages of development are often shaken by abrupt changes in growth rates, whereas in advanced economies growth rates tend to be relatively stable. To explain this pattern, we propose a theory of techno...Read more...

Miklos Koren and Silvana Tenreyro

October 2007

CEP discussion paper
The Timing of Monetary Policy Shocks

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depend...Read more...

Giovanni Olivei and Silvana Tenreyro

May 2006

CEP discussion paper
Volatility and Development

Why is GDP growth so much more volatile in poor countries than in rich ones? We identify four possible reasons: (i) poor countries specialize in more volatile sectors; (ii) poor countries specialize in fewer sectors; (ii...Read more...

Miklos Koren and Silvana Tenreyro

November 2005

CEP discussion paper
The Log of Gravity

Although economists have long been aware of Jensen's inequality, many econometric applications have neglected an important implication of it: the standard practice of interpreting the parameters of log-linearized models ...Read more...

João Santos Silva and Silvana Tenreyro

July 2005

CEP discussion paper
Is Poland the Next Spain?

We revisit Western Europe’s record with labor-productivity convergence, and tentatively extrapolate its implications for the future path of Eastern Europe. The poorer Western European countries caught up with the richer ...Read more...

Francesco Caselli and Silvana Tenreyro

January 2005