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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.

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Recent Papers

Title Authors CWPE Number Year
Cost Pass-through in the British Wholesale Electricity Market: Implications of Brexit and the ETS reformGuo, B., Castagneto Gissey, G.CWPE1997 [2019]
Exchange Rate Risk and Business CyclesLloyd, S. P. and Marin, E. A. CWPE1996 [2019]
Cooperation and Creed: An Experimental Study of Religious Affiliation in Strategic and Societal InteractionsKirk, H.CWPE1995 [2019]
Instrumental-Variable Estimation of Gravity EquationsJochmans, K., Verardi, V.CWPE1994 [2019]
Testing Correlation in Error-Component ModelsJochmans, K.CWPE1993 [2019]

Full List of Current Papers

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Title Authors CWPE Number Year
Cost Pass-through in the British Wholesale Electricity Market: Implications of Brexit and the ETS reformGuo, B., Castagneto Gissey, G.CWPE1997 [2019]
Exchange Rate Risk and Business CyclesLloyd, S. P. and Marin, E. A. CWPE1996 [2019]
Cooperation and Creed: An Experimental Study of Religious Affiliation in Strategic and Societal InteractionsKirk, H.CWPE1995 [2019]
Instrumental-Variable Estimation of Gravity EquationsJochmans, K., Verardi, V.CWPE1994 [2019]
Testing Correlation in Error-Component ModelsJochmans, K.CWPE1993 [2019]
The Growth Effects of El Niño and La Niña: Local Weather Conditions MatterCouharde, C., Damette, O., Generoso, R., Mohaddes, K.CWPE1992 [2019]
The Chilean economy since the return to democracy in 1990. On how to get an emerging economy growing, and then sink slowly into the quicksand of a “middle-income trap”Palma, José Gabriel.CWPE1991 [2019]
What Predicts Government Trustworthiness in Cross-border HK-Guangdong Nuclear Safety Emergency Governance?Han, Y., Lam, J., Guo, P., Gou, Z.CWPE1989 [2019]
Carbon cost pass-through in industrial sectorsNeuhoff, K., Ritz, R.CWPE1988 [2019]
Exploring public support for climate action and renewables in resource-rich economies: The case of ScotlandOstfeld, R., Reiner, D.CWPE1987 [2019]
Applying Bayesian Model Averaging to Characterise Urban Residential Stock Turnover DynamicsZhou, W., O’Neill, E., Moncaster, A., Reiner, D., Guthrie, P.CWPE1986 [2019]
China -- Broiler Products: Can the sum of the parts be less than the whole?Alcover, M. and Crowley, M. A. CWPE1985 [2019]
Mergers, Mavericks, and Tacit CollusionDarai, D., Roux, C., Schneider, F.CWPE1984 [2019]
Measuring inefficiency in international electricity tradingMontoya, L., Guo, B., Newbery, D. M., Dodds, P., Lipman, G., Castagneto Gissey, G.CWPE1983 [2019]
Checking Cheap TalkBall, I. and Gao, X.CWPE1982 [2019]
Semiparametric Single-index Predictive RegressionZhou, W., Gao, J., Harris, D. and Kew, H.CWPE1981 [2019]
Emerging Markets and the Conditional CAPMAhmed, M. F. and Satchell, S.CWPE1980 [2019]
The Three Meaningful Votes: Voting on Brexit in the British House of CommonsAidt, T., Grey, F., Savu, A.CWPE1979 [2019]
Foreign Direct Investment as a Determinant of Cross-Country Stock Market ComovementAnagnostopoulos, A., Atesagaoglu, O., Faraglia, E., Giannitsarou, C.CWPE1978 [2019]
The Rise of the “No Party” in EnglandAidt, T., Rauh, C.CWPE1977 [2019]
Seasonal Flexibility in the European Natural Gas MarketRiepin, I., Müsgens, F.CWPE1976 [2019]
Assessing Market Power in the Italian Electricity Market: A synthetic supply approachRossetto, F., Grossi, L., Pollitt, M.CWPE1975 [2019]
Does competition increase pass-through?Ritz, R.CWPE1974 [2019]
Competition in Markets for Ancillary Services? The implications of rising distributed generationPollitt, M., Anaya, K.CWPE1973 [2019]
Lessons from Australia’s National Electricity Market 1998-2018: the strengths and weaknesses of the reform experienceSimshauser, P.CWPE1972 [2019]
Modeling directional (circular) time seriesHarvey, A., Hurn, S., Thiele, S.CWPE1971 [2019]
Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange MarketCorsetti, G., Lafarguette, R. and Mehl, A.CWPE1970 [2019]
Financing low-carbon generation in the UK: The hybrid RAB modelNewbery, D., Pollitt, M., Reiner, D. and Taylor, S.CWPE1969 [2019]
A Unit Commitment and Economic Dispatch Model of the GB Electricity Market – Formulation and Application to Hydro Pumped StorageChyong, C-K., Newbery, D., McCarty, T.CWPE1968 [2019]
Estimating Lifetimes and Stock Turnover Dynamics of Urban Residential Buildings in ChinaZhou, W., Moncaster, A., Reiner, D., Guthrie, P.CWPE1967 [2019]
What Firms Do: Gender Inequality in Linked Employer-Employee DataCasarico, A. and Lattanzio, S.CWPE1966 [2019]
Long-Term Macroeconomic Effects of Climate Change: A Cross-Country AnalysisKahn, M. E., Mohaddes, K., Ng, R. N. C., Pesaran, M. H., Raissi, M. and Yang, J-C.CWPE1965 [2019]
European Gas Markets, Trading Hubs, and Price Formation: A Network PerspectiveWoroniuk, D., Karam, A., Jamasb, T.CWPE1964 [2019]
The Problem of Bigness: From Standard Oil to GoogleLamoreaux, N.CWPE1963 [2019]
Voting Trusts and Antitrust: Rethinking the Role of Shareholder Rights and Private Litigation in Public Regulation, 1880s to 1930sLamoreaux, N., Philips Sawyer, L.CWPE1962 [2019]
A Model of Weighted Network FormationBaumann, L.CWPE1961 [2019]
Capacity mechanisms and the technology mix in competitive electricity marketsHolmberg, P., Ritz, R.CWPE1960 [2019]
Profile-Score Adjustments for Incidental-Parameter ProblemsDhaene, G., Jochmans, K.CWPE1959 [2019]
Modified-Likelihood Estimation of Fixed-Effect Models for Dyadic DataJochmans, K.CWPE1958 [2019]
Heteroskedasticity-Robust Inference in Linear Regression ModelsJochmans, K.CWPE1957 [2019]
Digitalisation and New Business Models in Energy SectorKüfeoğlu, S., Liu, G., Anaya, K., Pollitt, M.CWPE1956 [2019]
Can wholesale electricity prices support “subsidy-free” generation investment in Europe?Chyong, C., Pollitt, M., Cruise, R.CWPE1955 [2019]
Games on Multi-Layer NetworksWalsh, A. M.CWPE1954 [2019]
Trading in Complex NetworksCardoso, F. M., Gracia-Lázaro, C., Moisan, F., Goyal, S., Sánchez, A. and Moreno, Y.CWPE1953 [2019]
Dependent Microstructure Noise and Integrated Volatility: Estimation from High-Frequency DataLi, Z. M., Laeven, R. J. A. and Vellekoop, M. H.CWPE1952 [2019]
The Impact of Unilateral Carbon Taxes on Cross-Border Electricity TradingGuo, B., Newbery, D., Gissey, G.CWPE1951 [2019]
Score-Driven Models for Realized VolatilityHarvey, A. and Palumbo, D.CWPE1950 [2019]
Political Economy of Reform and Regulation in the Electricity Sector of Sub-Saharan AfricaImam, M., Jamasb, T. and Llorca, M.CWPE1949 [2019]
Energy Consumption of Bitcoin MiningKüfeoğlu, S. and Özkuran, M.CWPE1948 [2019]
Elecxit: The Cost of Bilaterally Uncoupling British-EU Electricity TradeGeske, J., Green, R. and Staffell, I.CWPE1947 [2019]
Inference on a distribution from noisy drawsJochmans, K. and Weidner, M.CWPE1946 [2019]
twexp and twgravity: Estimating exponential regression models with two-way fixed effectsJochmans, K. and Verardi, V.CWPE1945 [2019]
xtserialpm: A portmanteau test for serial correlation in a linear panel modelJochmans, K. and Verardi, V.CWPE1944 [2019]
The role of expectations for market design – on structural regulatory uncertainty in electricity marketsAmbrosius, M., Egerer, J., Grimm, V. and van der Weijde, A.CWPE1943 [2019]
Network Utilities Performance and Institutional Quality: Evidence from the Italian Electricity SectorSoroush, G., Cambini, C., Jamasb, T. and Llorca, M.CWPE1942 [2019]
The private and social value of British electrical interconnectorsNewbery, D., Gissey, G., Guo, B. and Dodds, P.CWPE1941 [2019]
The Impact of the 1932 General Tariff: A Difference-in-Difference ApproachLloyd, S. and Solomou, S.CWPE1940 [2019]
Fixed-Effect Regressions on Network DataJochmans, K. and Weidner, M.CWPE1938 [2019]
The Impact of QE on Liquidity: Evidence from the UK Corporate Bond Purchase SchemeBoneva, L., Elliott, D., Kaminska, I., Linton, O., McLaren, N., Morley, B.CWPE1937 [2019]
Quantilograms under Strong DependenceLee, L., Linton, O., Whang, Y-J.CWPE1936 [2019]
Connectors and InfluencersChoi, S., Goyal, S. and Moisan, F.CWPE1935 [2019]
A Unified Framework for Efficient Estimation of General Treatment ModelsAi, C., Linton, O., Motegi, K., Zhang, Z.CWPE1934 [2019]
Estimation and Inference in Semiparametric Quantile Factor ModelsMa, S., Linton, O., Gao, J.CWPE1933 [2019]
Nonparametric Predictive Regressions for Stock Return PredictionCheng, T., Gao, J., Linton, O.CWPE1932 [2019]
Market Power and Innovation in the Intangible EconomyDe Ridder, M.CWPE1931 [2019]
Growth of international finance and emerging economies: Elements for alternative approachAlves, C., Toporowski, J.CWPE1930 [2019]
How BLUE is the Sky? Estimating the Air Quality Data in Beijing During the Blue Sky Day Period (2008-2012) by the Bayesian LSTM ApproachHan, Y., Li,V.,Lam, J., Pollitt, M.CWPE1929 [2019]
Foreign in influence and domestic policy: A surveyAidt, T. S., Albornoz, F. and Hauk, E.CWPE1928 [2019]
Capacity vs Energy Subsidies for Renewables: Benefits and Costs for the 2030 EU Power MarketÖzdemir, Ö., Hobbs, B., van Hout, M., Koutstaal, P.CWPE1927 [2019]
The Role of Headhunters in Wage Inequality: It's All about MatchingGorn, A.CWPE1926 [2019]
Does Schooling Cause Structural Transformation?Porzio, T., Santangelo, G.CWPE1925 [2019]
Firms and Farms: The Local Effects of Farm Income on Firms’ DemandSantangelo, G.CWPE1924 [2019]
Some Dynamic and Steady-State Properties of Threshold Autoregressions with Applications to Stationarity and Local ExplosivityAhmed, M. F. and Satchell, S.CWPE1923 [2019]
Demand Cycles and Heterogeneous Conformity PreferencesBaumann, L.CWPE1922 [2019]
Market Power and Spatial Competition in Rural IndiaChatterjee, S.CWPE1921 [2019]
Understanding overlapping policies: Internal carbon leakage and the punctured waterbedPerino, G., Ritz, R., Van Benthem, A.CWPE1920 [2019]
Production efficiency of nodal and zonal pricing in imperfectly competitive electricity marketsSarfati, M., Hesamzadeh, M-R., Holmberg, P.CWPE1919 [2019]
Challenges to the Future of European Single Market in Natural GasChyong, C-K.CWPE1918 [2019]
Strengths and Weaknesses of the British Market ModelNewbery, D.CWPE1917 [2019]
Nonparametric Recovery of the Yield Curve Evolution from Cross-Section and Time Series InformationKoo, B., La Vecchia, D., Linton, O.CWPE1916 [2019]
Exchange Rate Shocks and Quality AdjustmentsGoetz, D. and Rodnyansky, A.CWPE1915 [2019]
The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to CharybdisCorsetti, G., Eichengreen, B., Hale, G. and Tallman, E.CWPE1914 [2019]
Dynamic Tobit modelsHarvey, A., Liao, Y.CWPE1913 [2019]
A Dynamic Model of Personality, Schooling, and Occupational ChoiceTodd, P., Zhang, W.CWPE1912 [2019]
Informative Social InteractionsArrondel, L., Calvo-Pardo, H., Giannitsarou, C., Haliassos, M.CWPE1911 [2019]
Testing for Correlation in Error-Component ModelsJochmans, K.CWPE1910 [2019]
Nutritional Inequality: The Role of Prices, Income, and PreferencesAmano-Patiño, N.CWPE1909 [2019]
A ReMeDI for Microstructure NoiseMerrick Li, Z., Linton, OCWPE1908 [2019]
Efficient Estimation of Nonparametric Regression in The Presence of Dynamic HeteroskedasticityLinton, O., Xiao, Z.CWPE1907 [2019]
Semiparametric Nonlinear Panel Data Models with Measurement ErrorLinton, O., Shiu, J-L.CWPE1906 [2019]
Ownership Unbundling of Electricity Distribution NetworksNillesen, P., Pollitt, M.CWPE1905 [2019]
The impact of a Carbon Tax on the CO2 emissions reduction of windChyong, C-K., Guo, B., Newbery, D.CWPE1904 [2019]
Energy Systems Integration: Economics of a New ParadigmJamasb, T., Llorca, M.CWPE1903 [2019]
On the impact of government-initiated CfD’s in Australia’s National Electricity MarketSimshauser, P.CWPE1901 [2019]

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 (, 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, 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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