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Macroprudential policies and Brexit: A welfare analysis (2024)
Journal Article
Rubio, M. (in press). Macroprudential policies and Brexit: A welfare analysis. Economic Inquiry, https://doi.org/10.1111/ecin.13214

Brexit will have implications on financial stability and the implementation of macroprudential policies. The United Kingdom (UK) will no longer be subject to the jurisdiction of the European Systemic Risk Board. This paper studies the welfare implica... Read More about Macroprudential policies and Brexit: A welfare analysis.

Sixty Years of the Voting Rights Act: Progress and Pitfalls (2024)
Journal Article
Bernini, A., Facchini, G., Tabellini, M., & Testa, C. (in press). Sixty Years of the Voting Rights Act: Progress and Pitfalls. Oxford Review of Economic Policy,

We review the literature on the effects of the 1965 Voting Rights Act (VRA), which removed formal restrictions to Black political participation. After a brief description of racial discrimination suffered by Black Americans since Reconstruction, we i... Read More about Sixty Years of the Voting Rights Act: Progress and Pitfalls.

The plague, the skill-premium, and the road to modern economic growth (2024)
Journal Article
Jensen, M. K., & Luo, R. (2024). The plague, the skill-premium, and the road to modern economic growth. Macroeconomic Dynamics, https://doi.org/10.1017/S1365100523000573

When bubonic plague arrived in Britain in the mid-14th century, it caused dramatic economic and structural change. Within 50 years, the skill-premium was reduced by half, and another 50 years on, agriculture's share of the labor force had declined by... Read More about The plague, the skill-premium, and the road to modern economic growth.

The role of public external knowledge for firm innovativeness (2024)
Journal Article
García-Vega, M., & Vicente-Chirivella, Ó. (2024). The role of public external knowledge for firm innovativeness. International Journal of Industrial Organization, 93, Article 103056. https://doi.org/10.1016/j.ijindorg.2024.103056

Public research organizations (PROs) and universities receive large amounts of public funding for the generation and transmission of knowledge, and companies contract external knowledge from both. An important question for the management of a firm's... Read More about The role of public external knowledge for firm innovativeness.

Dishonesty and public employment (2023)
Journal Article
Cruces, G., Rossi, M., & Schargrodsky, E. (2023). Dishonesty and public employment. American Economic Review: Insights, 5(4), 511-526. https://doi.org/10.1257/aeri.20220550

We exploit a natural experiment to study the causal link between dishonest behavior and public employment. When military conscription was mandatory in Argentina, eligibility was determined by both a lottery and a medical examination. To avoid conscri... Read More about Dishonesty and public employment.

The Macroprudential Toolkit: Effectiveness and Interactions (2023)
Journal Article
Millard, S., Rubio, M., & Varadi, A. (in press). The Macroprudential Toolkit: Effectiveness and Interactions. Oxford Bulletin of Economics and Statistics, https://doi.org/10.1111/obes.12582

We use a DSGE model with financial frictions and with macroprudential limits on both banks and mortgage borrowers, in the form of capital requirements and maximum debt‐service ratios. We then examine: (i) the impact of different combinations of macro... Read More about The Macroprudential Toolkit: Effectiveness and Interactions.

Corporate acquisitions and firm-level uncertainty: Domestic versus cross-border deals (2023)
Journal Article
Bai, Y., Girma, S., & Riaño, A. (2024). Corporate acquisitions and firm-level uncertainty: Domestic versus cross-border deals. Journal of International Money and Finance, 140, Article 102988. https://doi.org/10.1016/j.jimonfin.2023.102988

This paper investigates how the announcement of acquisitions affect the uncertainty that financial markets perceive about acquiring firms. We use data for publicly-listed firms in the UK between 2004 and 2017 and employ a matching estimator combined... Read More about Corporate acquisitions and firm-level uncertainty: Domestic versus cross-border deals.

Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents (2023)
Journal Article
Bougheas, S., Commendatore, P., Gardini, L., & Kubin, I. (2023). Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents. Computational Economics, https://doi.org/10.1007/s10614-023-10492-2

We introduce agents'heterogeneity into a model of endogenous business cycles, in which agents can invest either in 'good'projects that contribute to future capital formation, or in 'bad' projects without that property. The resulting map involves thre... Read More about Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents.

The economic origins of government (2023)
Journal Article
Allen, R. C., Bertazzini, M. C., & Heldring, L. (2023). The economic origins of government. American Economic Review, 113(10), 2507-2545

We test between cooperative and extractive theories of the origins of government. We use river shifts in southern Iraq as a natural experiment, in a new archeological panel dataset. A shift away creates a local demand for a government to coordinate b... Read More about The economic origins of government.

Digital Training Program for Line Managers (Managing Minds at Work): Protocol for A Feasibility Pilot Cluster Randomised Controlled Trial (2023)
Journal Article
Thomson, L., Hassard, J., Frost, A., Bartle, C., Yarker, J., Munir, F., …Blake, H. (2023). Digital Training Program for Line Managers (Managing Minds at Work): Protocol for A Feasibility Pilot Cluster Randomised Controlled Trial. JMIR Research Protocols, 12, Article e48758. https://doi.org/10.2196/48758

Background: Mental health problems affect 1 in 6 workers annually and are one of the leading causes of sickness absence, with stress, anxiety, and depression being responsible for half of all working days lost in the United Kingdom. Primary intervent... Read More about Digital Training Program for Line Managers (Managing Minds at Work): Protocol for A Feasibility Pilot Cluster Randomised Controlled Trial.

(In)efficiency in private value bargaining with naive players: Theory and experiment (2023)
Journal Article
Possajennikov, A., & Saran, R. (2023). (In)efficiency in private value bargaining with naive players: Theory and experiment. Journal of Economic Behavior and Organization, 216, 42-61. https://doi.org/10.1016/j.jebo.2023.10.003

The paper investigates two-player double-auction bargaining with private values in a setting with discrete two-point overlapping distributions of traders' valuations. We characterize parameter settings in which there exists a fully efficient equilibr... Read More about (In)efficiency in private value bargaining with naive players: Theory and experiment.

Does it Really Matter How Different We Are? Ancestry Distances and Income in the United States (2023)
Book Chapter
Rueda, V. (2023). Does it Really Matter How Different We Are? Ancestry Distances and Income in the United States. In R. Sauer (Ed.), World Scientific Handbook of Global Migration : Volume 3: Types of Migrants and Economies: A Global Perspective. World Scientific

Do ancestry differences at the local level have persistent effects on economic success inside the United States? Using data from the American Community Survey, and genetic and cultural measures of ancestry distance from the recent literature, this ar... Read More about Does it Really Matter How Different We Are? Ancestry Distances and Income in the United States.

The behavioral mechanisms of voluntary cooperation across culturally diverse societies: Evidence from the US, the UK, Morocco, and Turkey (2023)
Journal Article
Weber, T. O., Schulz, J. F., Beranek, B., Lambarraa-Lehnhardt, F., & Gächter, S. (2023). The behavioral mechanisms of voluntary cooperation across culturally diverse societies: Evidence from the US, the UK, Morocco, and Turkey. Journal of Economic Behavior and Organization, 215, 134-152. https://doi.org/10.1016/j.jebo.2023.09.006

We examine the role of cooperative preferences, beliefs, and punishments to uncover potential cross-societal differences in voluntary cooperation. Using one-shot public goods experiments in four comparable subject pools from the US and the UK (two si... Read More about The behavioral mechanisms of voluntary cooperation across culturally diverse societies: Evidence from the US, the UK, Morocco, and Turkey.

Economic Conditions and Health: Local Effects, National Effect and Local Area Heterogeneity (2023)
Journal Article
Janke, K., Lee, K., Propper, C., Shields, K., & Shields, M. A. (2023). Economic Conditions and Health: Local Effects, National Effect and Local Area Heterogeneity. Journal of Economic Behavior and Organization, 214, 801-828. https://doi.org/10.1016/j.jebo.2023.07.003

We study the relationship between health and changing economic conditions in local areas using a GVAR model that allows for dynamic and interdependent responses to local and national economic conditions. We examine quarterly British data for 2002-201... Read More about Economic Conditions and Health: Local Effects, National Effect and Local Area Heterogeneity.

Internal Borders and Population Geography in the Unification of Italy (2023)
Journal Article
A'Hearn, B., & Rueda, V. (2023). Internal Borders and Population Geography in the Unification of Italy. Journal of Economic History, 83(3), 747-785. https://doi.org/10.1017/S0022050723000256

We offer new evidence on the spatial economic impact of Italian unification. Adopting municipal population as a proxy for local economic activity, we construct a new geocoded dataset spanning the pre- and post-unification periods and discover robust... Read More about Internal Borders and Population Geography in the Unification of Italy.

Comparison‐specific preferences: The attentional dilution effect for delay and risk (2023)
Journal Article
Read, D., McDonald, R., & Cubitt, R. (2023). Comparison‐specific preferences: The attentional dilution effect for delay and risk. Journal of Behavioral Decision Making, 36(5), Article e2348. https://doi.org/10.1002/bdm.2348

In cross‐modal decisions, the options differ on many attributes, and in uni‐modal decisions, they differ on few. We supply new theory and data to understand how discounting for both delay and risk differs between cross‐modal and uni‐modal decisions.... Read More about Comparison‐specific preferences: The attentional dilution effect for delay and risk.

Communication with partially verifiable information: An experiment (2023)
Journal Article
Burdea, V., Montero, M., & Sefton, M. (2023). Communication with partially verifiable information: An experiment. Games and Economic Behavior, 142, 113-149. https://doi.org/10.1016/j.geb.2023.07.011

We use laboratory experiments to study communication games with partially verifiable information. In these games, based on Glazer and Rubinstein (2004, 2006), an informed sender sends a two-dimensional message to a receiver, but only one dimension of... Read More about Communication with partially verifiable information: An experiment.

Tests for Equal Forecast Accuracy Under Heteroskedasticity (2023)
Journal Article
Harvey, D. I., Leybourne, S. J., & Zu, Y. (in press). Tests for Equal Forecast Accuracy Under Heteroskedasticity. Journal of Applied Econometrics,

Heteroskedasticity is a common feature in empirical time series analysis, and in this paper we consider the e¤ects of heteroskedasticity on statistical tests for equal forecast accuracy. In such a context, we propose two new Diebold-Mariano-type test... Read More about Tests for Equal Forecast Accuracy Under Heteroskedasticity.

Improved tests for stock return predictability (2023)
Journal Article
Harvey, D. I., Leybourne, S. J., & Taylor, A. M. R. (2023). Improved tests for stock return predictability. Econometric Reviews, 42(9-10), 834-861. https://doi.org/10.1080/07474938.2023.2222634

Predictive regression methods are widely used to examine the predictability of (excess) stock returns by lagged financial variables characterized by unknown degrees of persistence and endogeneity. We develop a new hybrid test for predictability in th... Read More about Improved tests for stock return predictability.

Cognitive reserve and individual differences in brain tumour patients (2023)
Journal Article
Tomasino, B., De Fraja, G., Guarracino, I., D’Agostini, S., Ius, T., Skrap, M., & Rumiati, R. I. (2023). Cognitive reserve and individual differences in brain tumour patients. Brain Communications, 5(4), Article fcad198. https://doi.org/10.1093/braincomms/fcad198

The aim of the paper is to determine the effects of the cognitive reserve on brain tumour patients' cognitive functions and, specifically, if cognitive reserve helps patients cope with the negative effects of brain tumours on their cognitive function... Read More about Cognitive reserve and individual differences in brain tumour patients.