IDEAS home Printed from https://ideas.repec.org/p/cpr/ceprdp/15907.html

Are Political and Charitable Giving Substitutes? Evidence from the United States

Author

Listed:
  • Petrova, Maria
  • Yildirim, Pinar
  • Simonov, Andrei
  • Perez-Truglia, Ricardo

Abstract

We provide evidence that individuals substitute between political contributions and charitable contributions, using micro data from the American Red Cross and Federal Election Commission. First, in a lab experiment, we show that information on the importance of charitable giving increases donations to charities and reduces donations to politics, while information on the importance of political campaigns has the opposite effect. We also show that similar results hold in observational data. We find that foreign natural disasters, which are positive shocks to charitable giving, crowd out political giving. We also find that political advertisement campaigns, which are positive shocks to political giving, crowd out charitable giving. Our evidence suggests that some individuals give to political and charitable causes to satisfy similar needs.

Suggested Citation

  • Petrova, Maria & Yildirim, Pinar & Simonov, Andrei & Perez-Truglia, Ricardo, 2021. "Are Political and Charitable Giving Substitutes? Evidence from the United States," CEPR Discussion Papers 15907, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:15907
    as

    Download full text from publisher

    File URL: https://cepr.org/publications/DP15907
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1063-1093, Nov.-Dec..
    2. Marianne Bertrand & Matilde Bombardini & Raymond Fisman & Francesco Trebbi, 2020. "Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence," American Economic Review, American Economic Association, vol. 110(7), pages 2065-2102, July.
    3. Hungerman, Daniel & Rinz, Kevin & Weninger, Tim & Yoon, Chungeun, 2018. "Political campaigns and church contributions," Journal of Economic Behavior & Organization, Elsevier, vol. 155(C), pages 403-426.
    4. Niebler, Sarah & Urban, Carly, 2017. "Does negative advertising affect giving behavior? Evidence from campaign contributions," Journal of Public Economics, Elsevier, vol. 146(C), pages 15-26.
    5. Stefano DellaVigna & John A. List & Ulrike Malmendier, 2012. "Testing for Altruism and Social Pressure in Charitable Giving," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(1), pages 1-56.
    6. David Card & Stefano DellaVigna & Patricia Funk & Nagore Iriberri, 2020. "Are Referees and Editors in Economics Gender Neutral?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 269-327.
    7. Maria Petrova & Ananya Sen & Pinar Yildirim, 2021. "Social Media and Political Contributions: The Impact of New Technology on Political Competition," Management Science, INFORMS, vol. 67(5), pages 2997-3021, May.
    8. Dean Karlan & Melanie Morten & Jonathan Zinman, 2012. "A Personal Touch: Text Messaging for Loan Repayment," NBER Working Papers 17952, National Bureau of Economic Research, Inc.
    9. Harbaugh, William T., 1998. "What do donations buy?: A model of philanthropy based on prestige and warm glow," Journal of Public Economics, Elsevier, vol. 67(2), pages 269-284, February.
    10. Jesse M. Shapiro, 2013. "Fungibility and Consumer Choice: Evidence from Commodity Price Shocks," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 128(4), pages 1449-1498.
    11. Craig E. Landry & Andreas Lange & John A. List & Michael K. Price & Nicholas G. Rupp, 2006. "Toward an Understanding of the Economics of Charity: Evidence from a Field Experiment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(2), pages 747-782.
    12. James Andreoni & Justin M. Rao & Hannah Trachtman, 2017. "Avoiding the Ask: A Field Experiment on Altruism, Empathy, and Charitable Giving," Journal of Political Economy, University of Chicago Press, vol. 125(3), pages 625-653.
    13. Jörg L Spenkuch & David Toniatti, 2018. "Political Advertising and Election Results," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(4), pages 1981-2036.
    14. Julia Cagé & Malka Guillot, 2021. "Is Charitable Giving Political? Evidence from Wealth and Income Tax Returns," Working Papers hal-03877993, HAL.
    15. Stephen Ansolabehere & John M. de Figueiredo & James M. Snyder Jr, 2003. "Why is There so Little Money in U.S. Politics?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 105-130, Winter.
    16. Alpizar, Francisco & Carlsson, Fredrik & Johansson-Stenman, Olof, 2008. "Anonymity, reciprocity, and conformity: Evidence from voluntary contributions to a national park in Costa Rica," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1047-1060, June.
    17. Yörük Bariş K., 2015. "Do Charitable Subsidies Crowd Out Political Giving? The Missing Link between Charitable and Political Contributions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 15(1), pages 407-435, January.
    18. John A. List & David Lucking-Reiley, 2002. "The Effects of Seed Money and Refunds on Charitable Giving: Experimental Evidence from a University Capital Campaign," Journal of Political Economy, University of Chicago Press, vol. 110(1), pages 215-233, February.
    19. Laurent Bouton & Micael Castanheira & Allan Drazen, 2024. "A Theory of Small Campaign Contributions," The Economic Journal, Royal Economic Society, vol. 134(662), pages 2351-2390.
    20. Sarah Moshary & Bradley T. Shapiro & Jihong Song, 2021. "How and When to Use the Political Cycle to Identify Advertising Effects," Marketing Science, INFORMS, vol. 40(2), pages 283-304, March.
    21. Emilio Depetris-Chauvin & Ruben Durante & Filipe Campante, 2020. "Building Nations through Shared Experiences: Evidence from African Football," American Economic Review, American Economic Association, vol. 110(5), pages 1572-1602, May.
    22. Thomas Eisensee & David Strömberg, 2007. "News Droughts, News Floods, and U. S. Disaster Relief," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(2), pages 693-728.
    23. Jen Shang & Rachel Croson, 2006. "The Impact of Social Comparisons on Nonprofit Fund Raising," Research in Experimental Economics, in: Experiments Investigating Fundraising and Charitable Contributors, pages 143-156, Emerald Group Publishing Limited.
    24. Yapo Genevier N’guessan & Allen Featherstone & Oluwarotimi Odeh & Sreedhar Upendram, 2017. "Choice of the empirical definition of zero in the translog multiproduct cost functional form," Applied Economics Letters, Taylor & Francis Journals, vol. 24(15), pages 1112-1120, September.
    25. Atif Mian & Amir Sufi & Francesco Trebbi, 2010. "The Political Economy of the US Mortgage Default Crisis," American Economic Review, American Economic Association, vol. 100(5), pages 1967-1998, December.
    26. Daniel Hungerman & Mark Ottoni-Wilhelm, 2016. "What is the Price Elasticity of Charitable Giving? Toward a Reconciliation of Disparate Estimates," Artefactual Field Experiments 00557, The Field Experiments Website.
    27. Gerber, Alan S. & Gimpel, James G. & Green, Donald P. & Shaw, Daron R., 2011. "How Large and Long-lasting Are the Persuasive Effects of Televised Campaign Ads? Results from a Randomized Field Experiment," American Political Science Review, Cambridge University Press, vol. 105(1), pages 135-150, February.
    28. Marc F. Bellemare & Casey J. Wichman, 2020. "Elasticities and the Inverse Hyperbolic Sine Transformation," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 82(1), pages 50-61, February.
    29. Montano-Campos, Felipe & Perez-Truglia, Ricardo, 2019. "Giving to charity to signal smarts: evidence from a lab experiment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 78(C), pages 193-199.
    30. Eric Avis & Claudio Ferraz & Frederico Finan & Carlos Varjão, "undated". "Money and Politics: The Effects of Campaign Spending Limits on Political Competition and Incumbency Advantage," Textos para discussão 656, Department of Economics PUC-Rio (Brazil).
    31. Nicolas Bottan & Ricardo Perez-Truglia, 2025. "Betting on the House: Subjective Expectations and Market Choices," American Economic Journal: Applied Economics, American Economic Association, vol. 17(1), pages 459-500, January.
    32. Carly Urban & Sarah Niebler, 2014. "Dollars on the Sidewalk: Should U.S. Presidential Candidates Advertise in Uncontested States?," American Journal of Political Science, John Wiley & Sons, vol. 58(2), pages 322-336, April.
    33. Andreoni, James, 1989. "Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1447-1458, December.
    34. James Andreoni, 1995. "Warm-Glow versus Cold-Prickle: The Effects of Positive and Negative Framing on Cooperation in Experiments," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(1), pages 1-21.
    35. Crumpler, Heidi & Grossman, Philip J., 2008. "An experimental test of warm glow giving," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1011-1021, June.
    36. Chaudhuri, Saraswata & Zivot, Eric, 2011. "A new method of projection-based inference in GMM with weakly identified nuisance parameters," Journal of Econometrics, Elsevier, vol. 164(2), pages 239-251, October.
    37. Alexander L. Brown & Jonathan Meer & J. Forrest Williams, 2019. "Why Do People Volunteer? An Experimental Analysis of Preferences for Time Donations," Management Science, INFORMS, vol. 65(4), pages 1455-1468, April.
    38. Meer, Jonathan, 2017. "Does fundraising create new giving?," Journal of Public Economics, Elsevier, vol. 145(C), pages 82-93.
    39. Diamond, Peter, 2006. "Optimal tax treatment of private contributions for public goods with and without warm glow preferences," Journal of Public Economics, Elsevier, vol. 90(4-5), pages 897-919, May.
    40. L N Van Wassenhove, 2006. "Humanitarian aid logistics: supply chain management in high gear," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 57(5), pages 475-489, May.
    41. Reinstein, David, 2007. "Substitution Between (and Motivations for) Charitable Contributions: An Experimental Study," Economics Discussion Papers 2935, University of Essex, Department of Economics.
    42. Card, David & Krueger, Alan B, 1994. "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania," American Economic Review, American Economic Association, vol. 84(4), pages 772-793, September.
    43. Brett R. Gordon & Wesley R. Hartmann, 2013. "Advertising Effects in Presidential Elections," Marketing Science, INFORMS, vol. 32(1), pages 19-35, June.
    44. Isaiah Andrews & James H. Stock & Liyang Sun, 2019. "Weak Instruments in Instrumental Variables Regression: Theory and Practice," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 727-753, August.
    45. Bradley T. Shapiro, 2018. "Positive Spillovers and Free Riding in Advertising of Prescription Pharmaceuticals: The Case of Antidepressants," Journal of Political Economy, University of Chicago Press, vol. 126(1), pages 381-437.
    46. Snyder, James M, Jr, 1990. "Campaign Contributions as Investments: The U.S. House of Representatives, 1980-1986," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1195-1227, December.
    47. Small, Deborah A. & Loewenstein, George & Slovic, Paul, 2007. "Sympathy and callousness: The impact of deliberative thought on donations to identifiable and statistical victims," Organizational Behavior and Human Decision Processes, Elsevier, vol. 102(2), pages 143-153, March.
    48. Eric Avis & Claudio Ferraz & Frederico Finan & Carlos Varjão, 2022. "Money and Politics: The Effects of Campaign Spending Limits on Political Entry and Competition," American Economic Journal: Applied Economics, American Economic Association, vol. 14(4), pages 167-199, October.
    49. Stefano Dellavigna & John A. List & Ulrike Malmendier & Gautam Rao, 2017. "Voting to Tell Others," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(1), pages 143-181.
    50. Yanwen Wang & Michael Lewis & David A. Schweidel, 2018. "A Border Strategy Analysis of Ad Source and Message Tone in Senatorial Campaigns," Marketing Science, INFORMS, vol. 37(3), pages 333-355, May.
    51. Ximena Cadena & Antoinette Schoar, 2011. "Remembering to Pay? Reminders vs. Financial Incentives for Loan Payments," NBER Working Papers 17020, National Bureau of Economic Research, Inc.
    52. Armin Falk, 2007. "Gift Exchange in the Field," Econometrica, Econometric Society, vol. 75(5), pages 1501-1511, September.
    53. Jenni, Karen E & Loewenstein, George, 1997. "Explaining the "Identifiable Victim Effect."," Journal of Risk and Uncertainty, Springer, vol. 14(3), pages 235-257, May-June.
    54. Gerber, Alan S. & Huber, Gregory A. & Doherty, David & Dowling, Conor M., 2016. "Why People Vote: Estimating the Social Returns to Voting," British Journal of Political Science, Cambridge University Press, vol. 46(2), pages 241-264, April.
    55. Mark Ottoni-Wilhelm & Lise Vesterlund & Huan Xie, 2017. "Why Do People Give? Testing Pure and Impure Altruism," American Economic Review, American Economic Association, vol. 107(11), pages 3617-3633, November.
    56. Nicolas L. Bottan & Ricardo Perez-Truglia, 2022. "Choosing Your Pond: Location Choices and Relative Income," The Review of Economics and Statistics, MIT Press, vol. 104(5), pages 1010-1027, December.
    57. Liyang Sun, 2018. "Implementing valid two-step identification-robust confidence sets for linear instrumental-variables models," Stata Journal, StataCorp LLC, vol. 18(4), pages 803-825, December.
    58. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
    59. Amihai Glazer & Kai A. Konrad, 2008. "A Signaling Explanation for Charity," Springer Books, in: Roger D. Congleton & Kai A. Konrad & Arye L. Hillman (ed.), 40 Years of Research on Rent Seeking 2, pages 713-722, Springer.
    60. Wendy Liu & Jennifer Aaker, 2008. "The Happiness of Giving: The Time-Ask Effect," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 35(3), pages 543-557, May.
    61. McKenzie, David, 2012. "Beyond baseline and follow-up: The case for more T in experiments," Journal of Development Economics, Elsevier, vol. 99(2), pages 210-221.
    62. repec:oup:restud:v:84:y::i:1:p:143-181. is not listed on IDEAS
    63. Adam Bonica, 2014. "Mapping the Ideological Marketplace," American Journal of Political Science, John Wiley & Sons, vol. 58(2), pages 367-386, April.
    64. Gene M. Grossman & Elhanan Helpman, 1996. "Electoral Competition and Special Interest Politics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 63(2), pages 265-286.
    65. repec:feb:framed:0087 is not listed on IDEAS
    66. Sarah Moshary, 2020. "Price discrimination in political advertising: Evidence from the 2012 presidential election," RAND Journal of Economics, RAND Corporation, vol. 51(3), pages 615-649, September.
    67. Liu, Wendy & Aaker, Jennifer L., 2008. "The Happiness of Giving: The Time-Ask Effect," Research Papers 1998, Stanford University, Graduate School of Business.
    68. Laura K. Gee & Jonathan Meer, 2019. "The Altruism Budget: Measuring and Encouraging Charitable Giving," NBER Working Papers 25938, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sørensen, Rune J., 2024. "Are politicians more generous? Evidence from charitable giving," Journal of Economic Behavior & Organization, Elsevier, vol. 227(C).
    2. Waldfogel, Sarah, 2025. "Recovering voice through out-of-district donations," Journal of Public Economics, Elsevier, vol. 248(C).
    3. Adena, Maja & Hager, Anselm, 2025. "Does Online Fundraising Increase Charitable Giving? A Nationwide Field Experiment on Facebook," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 71(4), pages 3216-3231.
    4. Tatyana Deryugina & Benjamin M. Marx, 2021. "Is the Supply of Charitable Donations Fixed? Evidence from Deadly Tornadoes," American Economic Review: Insights, American Economic Association, vol. 3(3), pages 383-398, September.
    5. Asatryan, Zareh & Joulfaian, David, 2022. "Taxes and Business Philanthropy in Armenia," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 914-930.
    6. Griffith, Alan & Noonen, Thomas, 2021. "Does Public Campaign Funding Crowd Out Private Donation Activity? Evidence from Seattle's Democracy Voucher Program," SocArXiv 9wtzs, Center for Open Science.
    7. Julia Cagé & Malka Guillot, 2021. "Is Charitable Giving Political? Evidence from Wealth and Income Tax Returns," Working Papers hal-03877993, HAL.
    8. Cools, Angela, 2025. "Faith and philanthropy: Megachurch scandals and charitable giving," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
    9. Maja Adena & Anselm Hager, 2025. "Does Online Fundraising Increase Charitable Giving? A Nationwide Field Experiment on Facebook," Management Science, INFORMS, vol. 71(4), pages 3216-3231, April.
    10. LaLumia, Sara, 2025. "The 2017 SALT cap reduced charitable contributions: Evidence from form 990 data," Journal of Public Economics, Elsevier, vol. 251(C).
    11. Karol, Stephanie, 2025. "Taking from charity? Political contributions and the market for charitable funds," Journal of Economic Behavior & Organization, Elsevier, vol. 230(C).
    12. Cagé, Julia & Guillot, Malka, 2026. "Do the rich substitute political giving for charitable giving?," Journal of Public Economics, Elsevier, vol. 256(C).
    13. Griffith, Alan & Noonen, Thomas, 2022. "The effects of public campaign funding: Evidence from Seattle’s Democracy Voucher program," Journal of Public Economics, Elsevier, vol. 211(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. John A. List & James J. Murphy & Michael K. Price & Alexander G. James, 2019. "Do Appeals to Donor Benefits Raise More Money than Appeals to Recipient Benefits? Evidence from a Natural Field Experiment with Pick.Click.Give," NBER Working Papers 26559, National Bureau of Economic Research, Inc.
    2. Michalis Drouvelis & Benjamin M. Marx, 2021. "Dimensions of donation preferences: the structure of peer and income effects," Experimental Economics, Springer;Economic Science Association, vol. 24(1), pages 274-302, March.
    3. Julia Cagé & Malka Guillot, 2021. "Is Charitable Giving Political? Evidence from Wealth and Income Tax Returns," Working Papers hal-03877993, HAL.
    4. Tatyana Deryugina & Benjamin M. Marx, 2021. "Is the Supply of Charitable Donations Fixed? Evidence from Deadly Tornadoes," American Economic Review: Insights, American Economic Association, vol. 3(3), pages 383-398, September.
    5. Newman, George E. & Jeremy Shen, Y., 2012. "The counterintuitive effects of thank-you gifts on charitable giving," Journal of Economic Psychology, Elsevier, vol. 33(5), pages 973-983.
    6. Chuan, Amanda & Samek, Anya Savikhin, 2014. "“Feel the Warmth” glow: A field experiment on manipulating the act of giving," Journal of Economic Behavior & Organization, Elsevier, vol. 108(C), pages 198-211.
    7. Maja Adena & Anselm Hager, 2025. "Does Online Fundraising Increase Charitable Giving? A Nationwide Field Experiment on Facebook," Management Science, INFORMS, vol. 71(4), pages 3216-3231, April.
    8. Abhishek Bhati & Ruth K. Hansen, 2020. "A literature review of experimental studies in fundraising," Journal of Behavioral Public Administration, Center for Experimental and Behavioral Public Administration, vol. 3(1).
    9. Arbel, Yuval & Bar-El, Ronen & Schwarz, Mordechai E. & Tobol, Yossef, 2019. "To What Do People Contribute? Ongoing Operations vs. Sustainable Supplies," IZA Discussion Papers 12180, IZA Network @ LISER.
    10. Laurent Bouton & Julia Cagé & Edgard Dewitte & Vincent Pons, 2021. "Small Campaign Donors," Working Papers hal-03878175, HAL.
    11. Aronsson, Thomas & Johansson-Stenman, Olof & Wendner, Ronald, 2019. "Charity, Status, and Optimal Taxation: Welfarist and Paternalist Approaches," Umeå Economic Studies 959, Umeå University, Department of Economics.
    12. Judd B. Kessler & Katherine L. Milkman, 2018. "Identity in Charitable Giving," Management Science, INFORMS, vol. 64(2), pages 845-859, February.
    13. Gallier, Carlo & Goeschl, Timo & Kesternich, Martin & Lohse, Johannes & Reif, Christiane & Römer, Daniel, 2023. "Inter-charity competition under spatial differentiation: Sorting, crowding, and spillovers," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 457-468.
    14. Carpenter, Jeffrey, 2021. "The shape of warm glow: Field experimental evidence from a fundraiser," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 555-574.
    15. Alt, Marius & Gallier, Carlo, 2022. "Incentives and intertemporal behavioral spillovers: A two-period experiment on charitable giving," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 959-972.
    16. Feine, Gregor & Groh, Elke D. & von Loessl, Victor & Wetzel, Heike, 2023. "The double dividend of social information in charitable giving: Evidence from a framed field experiment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 103(C).
    17. Alexander L. Brown & Jonathan Meer & J. Forrest Williams, 2019. "Why Do People Volunteer? An Experimental Analysis of Preferences for Time Donations," Management Science, INFORMS, vol. 65(4), pages 1455-1468, April.
    18. Meer, Jonathan, 2017. "Does fundraising create new giving?," Journal of Public Economics, Elsevier, vol. 145(C), pages 82-93.
    19. Andreas Lange & Andrew Stocking, 2009. "Charitable Memberships, Volunteering, and Discounts: Evidence from a Large-Scale Online Field Experiment," NBER Working Papers 14941, National Bureau of Economic Research, Inc.
    20. Fang, Xing, 2022. "Why we hide good deeds? The selfless and anonymous donation behavior in crowdfunding," Technology in Society, Elsevier, vol. 71(C).

    More about this item

    JEL classification:

    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:15907. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CEPR (email available below). General contact details of provider: https://cepr.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.