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Faculty of Economics

The Cambridge Working Papers in Economics (CWPE) from the Faculty of Economics is a series of papers presenting early stage research findings in Economics. The Faculty is committed to providing a platform that shares world leading, dynamic research examining the global challenges of today. Running for more than 20 years , the series has shared early research findings from eminent Economists such as President of the Royal Economic Society, Sir Partha Dasgupta, and Nobel Laureates such as Amartya Sen.

Please note that the Working Papers should not be quoted without the expressed permission of the author.

If you would like to submit your paper, please see the guidance in the ‘How to Submit’ tab.

Recent Papers


Title Authors CWPE Number Year
Great Expectations: Social Distancing in Anticipation of Pharmaceutical InnovationsMakris, M. and Toxvaerd, F.CWPE2097 [2020]
Bottom-up Markup FluctuationsBurstein, A., Carvalho, V. M. and Grassi, B.CWPE2096 [2020]
Workers, Capitalists, and the Government: Fiscal Policy and Income (Re)DistributionCantore, C. and Freund, L. B.CWPE2095 [2020]
Finance as Perpetual Orgy How the ‘new alchemists’ twisted Kindleberger’s cycle of “manias, panics and crashes” into “manias, panics and renewed manias”Palma, J. G.CWPE2094 [2020]
Modelling Demand for ESGAhmed, M. F., Gao, Y. and Satchell, S.CWPE2093 [2020]

Full List of Current Papers

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Title Authors CWPE Number Year
Great Expectations: Social Distancing in Anticipation of Pharmaceutical InnovationsMakris, M. and Toxvaerd, F.CWPE2097 [2020]
Bottom-up Markup FluctuationsBurstein, A., Carvalho, V. M. and Grassi, B.CWPE2096 [2020]
Workers, Capitalists, and the Government: Fiscal Policy and Income (Re)DistributionCantore, C. and Freund, L. B.CWPE2095 [2020]
Finance as Perpetual Orgy How the ‘new alchemists’ twisted Kindleberger’s cycle of “manias, panics and crashes” into “manias, panics and renewed manias”Palma, J. G.CWPE2094 [2020]
Modelling Demand for ESGAhmed, M. F., Gao, Y. and Satchell, S.CWPE2093 [2020]
Regional Heterogeneity and U.S. Presidential ElectionsAhmed, R. and Pesaran, M. H.CWPE2092 [2020]
China’s Energy Law Draft and the Reform of its Electricity Supply SectorXu, J., Pollitt, M., Xie, B-C., Yang, C-H.CWPE2091 [2020]
An Overall Customer Satisfaction score for GB energy suppliersLittlechild, S.CWPE2090 [2020]
A Simulation Study of How Religious Fundamentalism Takes RootFriedman, D., Fan, J., Gair, J., Iyer, S., Redlicki, B. and Velu, C.CWPE2089 [2020]
A Counterfactual Economic Analysis of Covid-19 Using a Threshold Augmented Multi-Country ModelChudik, A., Mohaddes, K., Pesaran, M. H., Raissi, M. and Rebucci, A.CWPE2088 [2020]
Going beyond default intensities in an EU carbon border adjustment mechanismMehling, M., and Ritz, R.CWPE2087 [2020]
Online reviews and customer satisfaction: The use of Trustpilot by UK retail energy suppliers and three other sectorsLittlechild, S.CWPE2086 [2020]
Learning in a Small/Big WorldLeung, B. T. K.CWPE2085 [2020]
Religion and Discrimination: A Review Essay of Persecution and Toleration: The Long Road to Religious FreedomIyer, S.CWPE2084 [2020]
A Markov-Chain Measure of Systemic Banking Crisis FrequencyTambakis, D.CWPE2083 [2020]
Passing on the Baton: Positive Spillovers from the Olympics to Female Representation in US PoliticsLee, S-M.CWPE2082 [2020]
Transport policy for a post-Covid UKNewbery, D.CWPE2081 [2020]
On the Management of Population ImmunityToxvaerd, F. and Rowthorn, R.CWPE2080 [2020]
FurloughingAdams-Prassl, A., Boneva, T., Golin, M. and Rauh, C.CWPE2079 [2020]
Generalized linear competition: From pass-through to policyGenakos, C., Grey, F., and Ritz, R.CWPE2078 [2020]
A Portfolio approach to wind and solar deployment in AustraliaChyong, C K., Li, C., Reiner, D., and Roques, F.CWPE2077 [2020]
Slums and PandemicsBrotherhood, L., Cavalcanti, T., Da Mata, D. and Santos, C.CWPE2076 [2020]
Spatial and Spatio-temporal Engle-Granger representations, Networks and Common Correlated EffectsBhattacharjee, A., Ditzen, J. and Holly, S.CWPE2075 [2020]
Obstacles on the Road to School: The Impacts of Mobility Restrictions on Educational PerformanceMiaari, S. and Lee, ICWPE2074 [2020]
The Productivity Puzzle in Network Industries: Evidence from the Energy SectorAjayi, V., Dolphin, G., Anaya, K. and Pollitt, M.CWPE2073 [2020]
Implications of the National Energy and Climate Plans for the Single Electricity Market of the island of IrelandNewbery, D.CWPE2072 [2020]
Investments in Social Ties, Risk Sharing and InequalityAmbrus, A. and Elliott, M.CWPE2071 [2020]
No Holdup in Dynamic MarketsElliott, M. and Talamàs, E.CWPE2070 [2020]
Capability Accumulation and Conglomeratization in the Information AgeChen, J., Elliott, M. and Koh, A.CWPE2069 [2020]
Systemic Risk-Shifting in Financial NetworksElliott, M., Georg, C-P. and Hazell, J.CWPE2068 [2020]
Localised employment spilloversLaws, A.CWPE2067 [2020]
Common Short Selling and Excess ComovementGeraci, M. V., Gnabo, J-Y. and Veredas, D.CWPE2066 [2020]
On Time Trend of COVID-19: A Panel Data StudyDong, C., Gao, J., Linton, O., Peng, B.CWPE2065 [2020]
Nonparametric Euler Equation Identification and EstimationEscanciano, J C., Hoderlein, S., Lewbel, A., Linton, O., Srisuma, S.CWPE2064 [2020]
Large Scale Experiments on Networks: A New Platform with ApplicationsChoi, S., Goyal, G. and Moisan, F.CWPE2063 [2020]
Grounded reality meets machine learning: A deep-narrative analysis framework for energy policy researchDebnath, R., Darby, S., Bardhan, R., Mohaddes, K., Sunikka-Blank, M.CWPE2062 [2020]
The Aggregate Consequences of Default Risk: Evidence from Firm-level DataBesley, T., Roland, I. and Van Reenen, J.CWPE2061 [2020]
A Dynamic Network of Arbitrage CharacteristicsLi, S. and Linton, O.CWPE2060 [2020]
Gravity in International Finance: Evidence From Fees on Equity TransactionsMilsom, L., Pazitka, V., Roland, I. and Wójcik, D.CWPE2059 [2020]
Bank Default Risk Propagation along Supply Chains: Evidence from the U.K.Spatareanu, M., Manole, V., Kabiri, A. and Roland, I.CWPE2058 [2020]
Developing a generic System Dynamics model for building stock transformation towards energy efficiency and low-carbon developmentZhou, W., Moncaster, A., Reiner, D. and Guthrie, P.CWPE2057 [2020]
Do Elite Universities Practise Meritocratic Admissions? Evidence from CambridgeBhattacharya, D. and Rabovic, R.CWPE2056 [2020]
Socially inclusive renewable energy transition in sub-Saharan Africa: A social shaping of technology analysis of appliance uptake in RwandaMuza, O. and Debnath, R.CWPE2055 [2020]
Forecasting Urban Residential Stock Turnover Dynamics using System Dynamics and Bayesian Model AveragingZhou, W., O’Neill, E., Moncaster, A., Reiner D., Guthrie, P.CWPE2054 [2020]
Personality Traits, Job Search and the Gender Wage GapFlinn, C. J., Todd, P. E. and Zhang, W.CWPE2053 [2020]
Herding in Quality Assessment: An Application to Organ TransplantationDe Mel, S., Munshi, K., Reiche, S. and Sabourian, H.CWPE2052 [2020]
The CMA’s assessment of customer detriment in the UK retail energy marketLittlechild, S.CWPE2051 [2020]
Estimation of the Kronecker Covariance Model by Quadratic FormLinton, O. and Tang, H.CWPE2050 [2020]
The Bond Lending Channel of Monetary PolicyDarmouni, O., Giesecke, O. and Rodnyansky, R.CWPE2049 [2020]
Is the NEM broken? Policy discontinuity and the 2017-2020 investment megacycleSimshauser, P. and Gilmore, J.CWPE2048 [2020]
The cost of CO2 abatement from Britain’s only PWR: Sizewell BNewbery, D.CWPE2047 [2020]
The Adaptive Investment Effect: Evidence from Chinese ProvincesMohaddes, K., and Williams, R.CWPE2046 [2020]
Electrification and Socio-Economic Empowerment of Women in IndiaSedai, A K., Nepal, R., Jamasb, T.CWPE2045 [2020]
On Green Growth with Sustainable CapitalBasu, P., Jamasb, T.CWPE2044 [2020]
What effect has the 2015 power market reform had on power prices in China? Evidence from Guangdong and ZhejiangXie, B-C., Xu, J.,Pollitt, M.CWPE2043 [2020]
Willingness to Pay for Better Air Quality: The case of ChinaLiu, L-Q., Yin, Z-L., Xie, B-C., Zhou, W.CWPE2042 [2020]
When is the Fiscal Multiplier High? A Comparison of Four Business Cycle PhasesBerge, T., De Ridder, M. and Pfajfar, D.CWPE2041 [2020]
Work Tasks That Can Be Done From Home: Evidence on the Variation Within and Across Occupations and IndustriesAdams-Prassl, A., Boneva, T., Golin, M. and Rauh, C.CWPE2040 [2020]
Merchant utilities and boundaries of the firm: vertical integration in energy-only marketsSimshauser, P.CWPE2039 [2020]
The Unequal Effects of Covid-19 on Economists' Research ProductivityAmano-Patiño, N., Faraglia, E., Giannitsarou, C. and Hasna, Z.CWPE2038 [2020]
The Impact of the Coronavirus Lockdown on Mental Health: Evidence from the USAdams-Prassl, A., Boneva, T., Golin, M. and Rauh, C.CWPE2037 [2020]
Border Carbon Adjustments and Industrial Competitiveness in a European Green DealEvans, S., Mehling, M., Ritz, R., Sammon, P.CWPE2036 [2020]
Unexpected Effects: Uncertainty, Unemployment, and InflationFreund, L. B. and Rendahl, P.CWPE2035 [2020]
More than Words: Leaders' Speech and Risky Behavior During a PandemicAjzenman, N., Cavalcanti, T. and Da Mata, D.CWPE2034 [2020]
Heteroskedasticity-Robust Inference in Linear Regression Models with Many CovariatesJochmans, K.CWPE2033 [2020]
Inequality in the Impact of the Coronavirus Shock: Evidence from Real Time SurveysAdams-Prassl, A., Boneva, T., Golin, M. and Rauh, C.CWPE2032 [2020]
Social Distancing and Supply Disruptions in a PandemicBodenstein, M., Corsetti, G. and Guerrieri, L.CWPE2031 [2020]
Tracking the COVID-19 Crisis with High-Resolution Transaction DataCarvalho, V. M., Garcia, J. R., Hansen, S., Ortiz, Á., Rodrigo, T., Rodríguez Mora, J. V.and Ruiz, J.CWPE2030 [2020]
On the Influence of Top JournalsDuctor, L., Goyal, S., van der Leij, M. and Paez, G. N.CWPE2029 [2020]
Supply Network Formation and FragilityElliott, M., Golub, B. and Leduc, M. V. CWPE2028 [2020]
The Optimal Control of Infectious Diseases via Prevention and TreatmentRowthorn, R. and Toxvaerd, F.M.OCWPE2027 [2020]
The Macroeconomic Stabilization Of Tariff Shocks: What Is The Optimal Monetary Response?Bergin, P. R. and Corsetti, G.CWPE2026 [2020]
When will the Covid-19 pandemic peak?Li, S. and Linton, O.CWPE2025 [2020]
Testing Random Assignment to Peer GroupsJochmans, K.CWPE2024 [2020]
Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the UKAdams-Prassl, A., Boneva, T., Golin, M. and Rauh, C.CWPE2023 [2020]
Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the USAdams-Prassl, A., Boneva, T., Golin, M. and Rauh, C.CWPE2022 [2020]
Equilibrium Social DistancingToxvaerd, F.M.OCWPE2021 [2020]
A Century of Arbitrage and Disaster Risk Pricing in the Foreign Exchange Market Corsetti, G. and Marin, E. A.CWPE2020 [2020]
Information Overload and Confirmation BiasGoette, L., Han, H. J. and Leung, B. T. K.CWPE2019 [2020]
What does the power outage on 9 August 2019 tell us about GB power systemBialek, J.CWPE2018 [2020]
Parental Beliefs about Returns to Child Health InvestmentsBiroli, P., Boneva, T., Raja A., Rauh, C.CWPE2017 [2020]
The Looming Threat of Tariff Hikes: Entry into Exporting Under Trade Agreement RenegotiationCrowley, M. A., Exton, O. and Han, L.CWPE2016 [2020]
The Hard Problem of Prediction for Conflict PreventionMueller, H., Rauh, C.CWPE2015 [2020]
The Cost of Trade Distortion: Britain’s Carbon Price Support and Cross-border Electricity TradeGuo, B., Newbery, D.CWPE2014 [2020]
Identifying Innovative Actors in the Electricicity Supply Industry Using Machine Learning: An Application to UK Patent DataDolphin, G., Pollitt, M.CWPE2013 [2020]
Estimation of Spatial Sample Selection Models: A Partial Maximum Likelihood ApproachRabovic, R., Cizek, P.CWPE2012 [2020]
A Semi-Parametric Bayesian Generalized Least Square EstimatorWu, R. and Weeks, M.CWPE2011 [2020]
Equilibrium Wage-Setting and the Life-Cycle Gender Pay GapAmano-Patiño, N., Baron, T. and Xiao, P.CWPE2010 [2020]
Debt Crises, Fast and SlowCorsetti, G. and Maeng, S. H.CWPE2009 [2020]
Franchise extension and fiscal structure in the United Kingdom 1820-1913: A new test of the Redistribution HypothesisAidt, T., Winer, S., Zhang, P.CWPE2008 [2020]
Electricity Market Integration, Decarbonisation and Security of Supply: Dynamic Volatility Connectedness in the Irish and Great Britain MarketsDo, H., Nepal, R., Jamasb, T.CWPE2007 [2020]
The Elusive Gains from Nationally-Oriented Monetary PolicyBodenstein, M., Corsetti, G. and Guerrieri, L.CWPE2006 [2020]
BrokerageChoi, S., Goyal, S. and Moisan, F.CWPE2005 [2020]
Testing Stochastic Dominance with Many Conditioning VariablesLinton, O., Seo, M., Whang, Y-J.CWPE2004 [2020]
Spurious Factor AnalysisOnatski, A. and Wang, C.CWPE2003 [2020]
Merchant renewables and the valuation of peaking plant in energy-only marketsSimshauser, P.CWPE2002 [2020]
Techno-economic study of output-flexible light water nuclear reactor systems with cryogenic energy storageWilson, A., Nuttall, W., Glowacki, B.CWPE2001 [2020]

Instructions for Authors


The Cambridge Working Papers in Economics (CWPE) series is intended for early dissemination of the following kinds of research output:

  • Papers that will be submitted to journals, or as chapters in edited books, for which early dissemination and the resulting comments are advantageous
  • Papers which contain important research findings that may be inappropriate for a journal (e.g. too many tables or graphs) but are destined to become serious sections of occasional papers or monographs or be edited down later to journal length
  • Articles that have been published in another language

Papers submitted for the series should be emailed in pdf format to the Research Administrator (research-admin@econ.cam.ac.uk), who will seek approval for publication.


Papers should be formatted according to the following style guidelines:

(i) General formatting and fonts:

The first page of the text should be numbered 1 (centre bottom) and contain the title, author(s), address/affiliation, date, an abstract of no more than 150 words, JEL classification (please see http://aeaweb.org/journal/elclasjn.html), and keywords. Acknowledgement of any associated grant‐giving body should be made, quoting reference number.

Suggested font definitions: 12 pt Times Roman, 10 pt for footnotes. Fresh paragraphs should be shown by an indent rather than a double line space.

(ii) Bibliography format:

(a) Book: author/editor name(s) with the family name first, (date of publication in brackets), title in italics, series if relevant, name of publisher e.g. Mitton, L., Sutherland, H. and Weeks, M. (eds) (2000) Microsimulation Modelling for Policy

Analysis: Challenges and Innovations, DAE Occasional Paper No. 65, Cambridge University Press

(b) Article: author(s) with family name first, (date of publication in brackets), ‘article title in single quotes’, journal name in italics, volume and page numbers. e.g. Chadha, J. S., and Dimsdale, N. (1999) ‘A long view of interest rates’, Oxford Review of Economic Policy, pp 17‐45

(iii) A pdf file will be required for posting on the Faculty website

(iv) It is up to the author to ensure that no copyright agreements are infringed by publication

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Look at the statistics for Top 25 Working Papers by File Downloads of CWPE papers.