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Working Papers

Cambridge-INET Working Paper Series


What Firms Do: Gender Inequality in Linked Employer-Employee Data, Alessandra Casarico and Salvatore Lattanzio, (wp1915)

A Model of Weighted Network Formation, Leonie Baumann, (wp1914)

Long-Term Macroeconomic Effects of Climate Change: A Cross-Country Analysis, Matthew E. Kahn, Kamiar Mohaddes, Ryan N. C. Ng, M. Hashem Pesaran, Mehdi Raissi and Jui-Chung Yang, (wp1913)

Games on Multi-Layer Networks, Alan M. Walsh, (wp1912)

Trading in Complex Networks, Felipe M. Cardoso,  Carlos Gracia-Lázaro, Frédéric Moisan, Sanjeev Goyal, Angel Sánchez and Yamir Moreno, (wp1911)

Dependent Microstructure Noise and Integrated Volatility: Estimation from High-Frequency Data, Z. Merrick Li, Roger J. A. Laeven and Michel H. Vellekoop, (wp1910)

Network Formation in Large Group, Syngjoo Choi, Sanjeev Goyal and Frédéric Moisan, (wp1909)

Market Power and Innovation in the Intangible Economy, Maarten De Ridder, (wp1908)

The Role of Headhunters in Wage Inequality: It's All about Matching, Alexey Gorn, (wp1907)

Some Dynamic and Steady-State Properties of Threshold Autoregressions with Applications to Stationarity and Local Explosivity, Muhammad Farid Ahmed and Stephen Satchell, (wp1906)

Demand Cycles and Heterogeneous Conformity Preferences, Leonie Baumann, (wp1905)

Market Power and Spatial Competition in Rural India, Shoumitro Chatterjee, (wp1904)

Exchange Rate Shocks and Quality Adjustments, Daniel Goetz and Alexander Rodnyansky, (wp1903)

(Un)Competitive Devaluations and Firm Dynamics, Alexander Rodnyansky, (wp1902)

The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdis, Giancarlo Corsetti, Barry Eichengreen, Galina Hale and Eric Tallman, (wp1901)


Limited Cognitive Ability and Selective Information Processing, Benson Tsz Kin Leung, (wp1819)

Identifying Global and National Output and Fiscal Policy Shocks Using a GVAR, Alexander Chudik, M. Hashem Pesaran and Kamiar Mohaddes, (wp1818)

Debt Sustainability and the Terms of Official Support, Giancarlo Corsetti, Aitor Erce and Timothy Uy (wp18170

Economic Shocks and Temple Desecrations in Medieval India, Rohit Ticku, Anand Shrivastava and Sriya Iyer, (wp1816)

Invoicing and Pricing-to-Market - A Study of Price and Markup Elasticities of UK Exporters, Giancarlo Corsetti, Meredith Crowley and Lu Han, (wp1815) - revised 29 October 2018

Do Minimum Wages Increase Search Effort?, Athene Laws, (wp1814)

Production Networks: A Primer, Vasco M. Carvalho and Alireza Tahbaz-Salehi, (wp1813)

Culture and Colonial Legacy: Evidence from Public Goods Games, Latika Chaudhary, Jared Rubin, Sriya Iyer and Anand Shrivastava, (wp1812)

Community Networks and the Growth of Private Enterprise in China, Ruochen Dai, Dilip Mookherjee, Kaivan Munshi and Xiaobo Zhang, (wp1811)

Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence from the Impact of Brexit on UK Exports, Meredith Crowley, Oliver Exton… and Lu Han, (wp1810) - revised December 2018

Debt Seniority and Sovereign Debt Crise, Anil Ari, Giancarlo Corsetti and Luca Dedola, (wp1809)

Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offs, Giancarlo Corsetti, Luca Dedola and Sylvain Leduc, (wp1808)

Gender & Collaboration, Lorenzo Ductor, Sanjeev Goyal and Anja Prummer, (wp1807) - revised December 2018.

One Money, Many Markets - A Factor Model Approach to Monetary Policy in the Euro Area with High-Frequency Identification, Giancarlo Corsetti, Joao B. Duarte and Samuel Mann (wp1806)

Markups and Markets: A New Empirical Framework and Evidence on Exporters from China, Giancarlo Corsetti, Meredity Crowley, Lu Han and Huasheng Song, (wp1805) - revised May 2019

A Network Approach to Public Goods, Matthew Elliott and Benjamin Golub, (wp1804)

Heterogeneity and Networks, Sanjeev Goyal, (wp1803)

Time-Consistently Undominated Policies, Charles Brendon and Martin Ellison, (wp1802)

Implications of High-Frequency Trading for Security Markets, Oliver Linton and Soheil Mahmoodzadeh, (wp1801)


The Behaviour of Betting and Currency Markets on the Night of the EU Referendum, Tom Auld and Oliver Linton, (wp1722)

Targeting Interventions in Networks, Andrea Galeotti, Benjamin Golub and Sanjeev Goyal, (wp1721) - revised March 2019

Commitment and (In)Efficiency: A Bargaining Experiment, Marina Agranov and Matt Elliott, (wp1720)

Decentralized Bargaining in Matching Markets: Efficient Stationary Equilibria and the Core, Matt Elliott and Francesco Nava, (wp1719)

Reorganise, Replace or Expand? The Role of the Supply-Chain in First-Time Exporting, John Spray, (wp1718)

Returns to On-the-Job Search and the Dispersion of Wages, Axel Gottfries and Coen Teulings, (wp1717)

Wage Posting, Nominal Rigidity, and Cyclical Inefficiencie, Axel Gottfries and Coen Teulings, (wp1716)

Unconventional Monetary Policy and the Interest Rate Channel: Signalling and Portfolio Rebalancing, Simon P. Lloyd, (wp1715)

Estimating Nominal Interest Rate Expectations: Overnight Indexed Swaps and the Term Structure, Simon P. Lloyd, (wp1714)

Overnight Indexed Swap Market-Based Measures of Monetary Policy Expectation, Simon P. Lloyd, (wp1713)

Official Sector Lending Strategies During the Euro Area Crisis, Giancarlo Corsetti, Aitor Erce and Timothy Uy, (wp1712) - revised September 2017

Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession, Giancarlo Corsetti, Keith Kuester and Gernot J. Müller, (wp1711)

Socially Embedded Preferences, Environmental Externalities, and Reproductive Rights, Aisha Dasgupta and Partha Dasgupta, (wp1710)

Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysi,  Kamiar Mohaddes, Mehdi Raissi, and Anke Weber, (wp1709)

Integration and Diversity, Sanjeev Goyal, Penélope Hernández, Guillem Martínez-Cánovasz, Frédéric Moisan, Manuel Muñoz-Herrera and Angel Sánchez, (wp1708) - revised December 2018

Reassessing Railroads and Growth: Accounting for Transport Network Endogeneity, Scott N. Swisher IV (wp1707)

Policy Shocks and Wage Rigidities: Empirical Evidence from Regional Effects of National Shocks, Maarten de Ridder and Damjan Pfajfar (wp1706)

Aggregating Elasticities: Intensive and Extensive Margins of Female Labour Supply, Orazio Attanasio, Peter Levell, Hamish Low and Virginia Sanchez-Marcos (wp1705)

Why is Europe Falling Behind? Structural Transformation and Services' Productivity Differences between Europe and the U.S., Cesare Buiatti, Joao B. Duarte and Luis Felipe Sáenz (wp1704)

Holy Wars? Temple desecrations in Medieval India, Sriya Iyer, Anand Shrivastava and Rohit Ticku (wp1703)

The Strategy of Conquest, Marcin Dziubinski, Sanjeev Goyal and David E. N. Minarsch (wp1702) - revised July 2019

A Discrete Choice Model For Large Heterogeneous Panels with Interactive Fixed Effects with an Application to the Determinants of Corporate Bond Issuance, Lena Boneva and Oliver Linton (wp1701)


How Fundamentalism Takes Root: A Simulation Study, Daniel Friedman, Jijian Fan, Jonathan Gair, Sriya Iyer, Bartosz Redlicki, Chander Velu (wp1628)

Macroeconomic Stabilization, Monetary-fiscal Interactions, and Europe’s monetary Union, Giancarlo Corsetti, Luca Dedola, Marek Jarociński, Bartosz Maćkowiak and Sebastian Schmidt, (wp1627)

A Coupled Component GARCH Model for Intraday and Overnight Volatility, Oliver Linton and Jianbin Wu, (wp1626)

Supply Chain Disruptions: Evidence from the Great East Japan Earthquake, Vasco M. Carvalho, Makoto Nirei, Yukiko U. Saito and Alireza Tahbaz-Salehi, (wp1625)

Experimentation and Learning-by-Doing, Mikhail Safronov, (wp1624)

Corporate Debt Structure, Precautionary Savings, and Investment Dynamics, Jasmine Xiao, (wp1623)

Sovereign Risk and Bank Risk-Taking, Anil Ari, (wp1622)

Estimation of a Multiplicative Covariance Structure in the Large Dimensional Case, Christian M. Hafner and Oliver Linton, (wp1621)

Falling Real Interest Rates, House Prices, and the Introduction of the Pill,
Jason Lu and Coen Teulings, (wp1620)

Birth and Death, Partha Dasgupta, (wp1619)

Investment in Productivity and the Long-Run Effect of Financial Crises on Output, Maarten de Ridder (wp1618) - revised January 2018

Narrow Identities, Partha Dasgupta and Sanjeev Goyal (wp1617) - revised October 2018

Networks and Markets, Sanjeev Goyal (wp1616)

The Earned Income Tax Credit: Targeting the Poor but Crowding Out Wealth, Maren Froemel and Charles Gottlieb (wp1615)

The Impact of Earthquakes on Economic Activity: Evidence from Italy, Francesco Porcelli and Riccardo Trezzi (wp1614)

Reconstruction multipliers, Riccardo Trezzi and Francesco Porcelli (wp1613)

Consumer Spending and Fiscal Consolidation: Evidence from a Housing Tax Experiment, Paolo Surico and Riccardo Trezzi (wp1612)

Step away from the zero lower bound: Small open economies in a world of secular stagnation, Giancarlo Corsetti, Eleonora Mavroeidi, Gregory Thwaites, and Martin Wolf (wp1611) - revised February 2018

The Case for Flexible Exchange Rates in a Great Recession, Giancarlo Corsetti, Keith Kuester and Gernot J. Müller (wp1610)

Are Bubbles Bad? Is a higher debt target for the Euro-zone desirable?, Coen N. Teulings (wp1609)

Secular Stagnation, Rational Bubbles, and Fiscal Policy, Coen N. Teulings (wp1608)

Alternative Asymptotics for Cointegration Tests in Large VARs, Alexei Onatski and Chen Wang (wp1607)

A Semiparametric Intraday GARCH Model, Peter Malec (wp1606)

Reading Between the Lines: Prediction of Political Violence Using Newspaper Text, Hannes Mueller and Christopher Rauh, (wp1605)

Simple Nonparametric Estimators for the Bid-Ask Spread in the Roll Model, Xiaohong Chen, Oliver Linton and Stefan Schneeberger, (wp1604)

A Coasian Approach to Efficient Mechanism Design, Mikhail Safronov, (wp1603). Revised September 2016

Financial Linkages, Portfolio Choice and Systemic Risk, Andrea Galeotti, Christian Ghiglino, and Sanjeev Goyal (wp1602)

Religion and Depression in Adolescence, Jane Cooley Fruehwirth, Sriya Iyer and Anwen Zhang, (wp1601)


Policy Shocks and Stock Market Returns: Evidence from Chinese Solar Panels, Meredith A. Crowley, Ning Meng and Huasheng Song, (wp1524)

Information Acquisition and Exchange in Social Networks, Sanjeev Goyal, Stephanie Rosenkranz, Utz Weitzel and Vincent Buskens, (wp1523)

Conflict and Networks, Marcin Dziubinski, Sanjeev Goyal and Adrien Vigier, (wp1522)

Quantifying the Productivity Effects of Global Value Chains, Sara Formai and Filippo Vergara Caffarelli, (wp1521)

Attention and Saliency on the Internet: Evidence from an Online Recommendation System, Christian Helmers, Pramila Krishnan and Manasa Patnam, (wp1520)

Networks and Misallocation: Insurance, Migration, and the Rural-Urban Wage Gap, Kaivan Munshi and Mark Rosenzweig, (wp1519)

Religious Riots and Electoral Politics in India, Sriya Iyer and Anand Shrivastava, (wp1518)

Nonparametric Euler Equation Identi…cation and Estimation, Juan Carlos Escanciano, Stefan Hoderlein, Arthur Lewbel, Oliver Linton and Sorawoot Srisuma, (wp1517)

Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage, Paul R. Bergin and Giancarlo Corsetti, (wp1516) - revised April 2019

Aggregating Elasticities: Intensive and Extensive Margins of Female Labour Supply, Orazio Attanasio, Peter Levell, Hamish Low and Virginia Sanchez-Marcos, (wp1515)

Contagion Exposure and Protection Technology, Diego Cerdeiro, (wp1514)

Large Firm Dynamics and the Business Cycle, Vasco M. Carvalho and Basile Grassi, (wp1513)

Discrimination, Social Identity, and Coordination: An Experiment, Vessela Daskalova, (wp1512)

The Labor Market Consequences of Electricity Adoption: Concrete Evidence from the Great Depression, Miguel Morin, (wp1511)

The Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakes, Antonio Acconcia, Giancarlo Corsetti and Saverio Simonelli, (wp1510)

An investigation into Multivariate Variance Ratio Statistics and their application to Stock Market Predictability, Seok Young Hong, Oliver Linton, and Hui Jun Zhang, (wp1509)

Networks in the Laboratory, Syngjoo Choi, Edoardo Gallo and Shachar Kariv, (wp1508)

Input Diffusion and the Evolution of Production Network, Vasco M. Carvalho and Nico Voigtländer (wp1507)

Social Structure, Markets and Inequality, Julien Gagnon and Sanjeev Goyal, (wp1506)

Networks in Economics: A Perspective on the Literature, Sanjeev Goyal, (wp1505)

Contagion Risk and Network Design, Diego Cerdeiro, Marcin Dziubinski and Sanjeev Goyal, (wp1504)

Efficiency and Equilibrium in Network Games: An Experiment, Edoardo Gallo and Chang Yan, (wp1503)

Community Networks and the Process of Development, Kaivan Munshi, (wp1502)

The New Economics of Religion, Sriya Iyer, (wp1501)


From Micro to Macro via Production Networks, Vasco M. Carvalho (wp1418)

Discrimination Without Taste - How Discrimination can Spillover and Persist, Rajesh Ramachandran and Christopher Rauh (wp1417)

Institutions and the Preservation of Cultural Traits, Anja Prummer and Jan-Peter Siedlarek (wp1416)

Estimating the Spot Covariation of Asset Prices – Statistical Theory and Empirical Evidence, Markus Bibinger, Nikolaus Hautsch, Peter Malec and Markus Reiss (wp1415)

The "“Mystery of the Printing Press"” Monetary Policy and Self-fulfi…lling Debt Crises, Giancarlo Corsetti and Luca Dedola (wp1414) - revised July 2016

Network Cognition, Roberta Dessi, Edoardo Gallo and Sanjeev Goyal (wp1413)

Gender, Social Networks And Performance, Ilse Lindenlaub and Anja Prummer (wp1412)

Categorization and Coordination, Vessela Daskalova and Nicolaas J. Vriend (wp1411)

Multivariate Variance Ratio Statistics, Seok Young Hong, Oliver Linton, and Hui Jun Zhang (wp1410)

Interaction, Protection and Epidemics, Sanjeev Goyal and Adrien Vigier (wp1409)

Trading in Networks: Theory and Experiments, Syngjoo Choi, Andrea Galeotti and Sanjeev Goyal (wp1408)

Fiscal Policy in an Unemployment Crisis, Pontus Rendahl (wp1407)

Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth, Tiago Cavalcanti, Daniel Da Mata and Frederik Toscani (wp1406)

The Effect of Fragmentation in Trading on Market Quality in the UK Equity
, Lena Körber, Oliver Linton and Michael Vogt (wp1405)

The Cross-Quantilogram: Measuring Quantile Dependence and Testing Directional Predictability between Time Series, Heejoon Han, Oliver Linton, Tatsushi Oka and Yoon-Jae Whang (wp1403)

Attack, Defense and Contagion in Networks, Sanjeev Goyal and Adrien Vigier (wp1402)

How to Defend a Network?, Marcin Dziubinski and Sanjeev Goyal, (wp1401)