• Transaction-tax evasion in the housing market

  Garcia Montalvo, José; Piolatto, Amedeo; Raya, Josep M. (2019-03-01)

  We model the behaviour of a buyer trying to evade the real estate transfer tax. We identify over-appraisal as a key, easily-observable element that is inversely related with tax evasion. We conclude that the tax authority ...
• Media persuasion through slanted language: Evidence from the coverage of immigration

  Djourelova, Milena (2020-05-02)

  Can the language used by mass media to cover policy relevant issues affect readers' policy preferences? I examine this question for the case of immigration, exploiting an abrupt ban on the term "illegal immigrant" in wire ...
• Gender and credit risk: a view from the loan officer's desk

  Garcia Montalvo, José; Reynal-Querol, Marta (2019-03-01)

  In this paper we analyze the effect of loan offcers' gender on the approval of loans and, in particular, on their subsequent performance. Using detailed bank information on a sample of close to half a million loans, we ...
• Dual decision processes: retrieving preferences when some choices are automatic

  Cerigioni, Francesco (2019-10-11)

  Evidence from the cognitive sciences suggests that some choices are conscious and reflect individual volition while others tend to be automatic, being driven by analogies with past experiences. Under these circumstances, ...
• Funding academic research: grant application, partnership, award, and output

  Banal-Estañol, Albert; Macho-Stadler, Inés; Pérez-Castillo, David (2019-05-02)

  Funding agencies tend to allocate (scarce) resources using a bottom-up competitive process. This paper analyzes the determinants and the consequences of the choices made in each of the stages of the funding process. We ...
• Gains from wage flexibility and the zero lower bound

  Billi, Roberto M.; Galí, Jordi (2018-12-01)

  We analyze the welfare impact of greater wage flexibility while taking into account explicitly the existence of the zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally ...
• Hazardous times for monetary policy: what do twenty-three million bank loans say about the effects on credit risk-taking?

  Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; Saurina, Jesús (2013-05-01)

  We identify the effects of monetary policy on credit risk-taking with an exhaustive credit register of loan applications and contracts. We separate the changes in the composition of the supply of credit from the concurrent ...
• Security design in non-exclusive markets with asymmetric information

  Asriyan, Vladimir; Vanasco, Victoria (2019-11-01)

  We revisit the classic problem of a seller (e.g. firm) who is privately informed about her asset and needs to raise funds from uninformed buyers (e.g. investors) by issuing securities backed by her asset cash flows. In our ...
• Underpromise and overdeliver? – Online product reviews and firm pricing

  Martin, Simon; Shelegia, Sandro (2019-10-24)

  This paper presents a quality signaling model with consumer reviews. Reviews refl ect true quality as well as consumers' expectations of quality, improving with the former and worsening with the latter. Expectation-based ...
• Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications

  Jimenez, Gabriel; Ongena, Steven; Peydró, José-Luis; Saurina, Jesús (2010-09-01)

  We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset ...
• Sharing a government

  Ventura, Jaume (2019-07-01)

  This paper develops a simple theoretical framework to study a set of regions, each with its own regional government, who share a union or central government. These governments must decide whether to implement or discard a ...
• On Public Spending and Unions

  Broner, Fernando; Martin, Alberto; Ventura, Jaume (2020-02-01)

  We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an ...
• Mismatch cycles

  Baley, Isaac; Figueiredo, Ana; Ulbricht, Robert (2020-01-31)

  This paper studies the dynamics of skill mismatch over the business cycle. We build a tractable directed search model, in which workers differ in skills along multiple dimensions and sort into jobs with heterogeneous skill ...
• Mothers’ care: reversing early childhood health shocks through parental investments

  Bellés-Obrero, Cristina; Cabrales, Antonio; Jiménez-Martín, Sergi; Vall Castello, Judit (2019-01-02)

  We explore the effects of a child labor regulation that changed the legal working age from 14 to 16 over the health of their offspring. We show that the reform was detrimental for the health of the son s of affected parents ...
• Media attention and strategic timing in politics: Evidence from U.S. presidential executive orders

  Djourelova, Milena; Durante, Ruben (2019-10-01)

  Do politicians tend to adopt unpopular policies when the media and the public are distracted by other events? We examine this question by analyzing the timing of the signing of executive orders (EOs) by U.S. presidents ...
• Optimal policy perturbations

  Barnichon, Régis; Mesters, Geert (2020-04-01)

  Model mis-specification remains a major concern in macroeconomics, and policy makers must often resort to heuristics to decide on policy actions; combining insights from multiple models and relying on judgment calls. ...
• The simple economics of white elephants

  Ganuza, Juan José; Llobet, Gerard (2019-11-29)

  This paper shows that the concession model discourages firms from acquiring information about the future profitability of a project. Uninformed contractors carry out good and bad projects because they are profitable in ...
• Fiscal multipliers and foreign holdings of public debt

  Broner, Fernando; Clancy, Daragh; Martin, Alberto; Erce, Aitor (2017-12-01)

  This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...
• Cost-benefi t analysis in reasoning

  Alaoui, Larbi; Penta, Antonio (2018-10-08)

  When an individual thinks about a problem, his decision to reason further may involve a tradeo between cognitive costs and a notion of value. But it is not obvious that this is always the case, and the value of reasoning ...
• The impact of experience on how we perceive the rule of law

  Arruñada, Benito (2019-11-01)

  Experience is a major source of knowledge. Could institutions be improved by eliciting the additional knowledge held by experienced individuals? I show here that in several areas of the law experienced individuals are more ...

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