CESifo Working Paper Series

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1609: The Generalized Stackelberg Equilibrium of the All-Pay Auction with Complete Information

Kai Konrad and Wolfgang Leininger

1608: Labour Market Institutions and the Personal Distribution of Income in the OECD

Daniele Checchi and Cecilia Garcia-Penalosa

1607: Worker Absenteeism in Search Equilibrium

Per Engström and Bertil Holmlund

1606: Is Monetary Policy in the Eurozone less Effective than in the US?

Paul De Grauwe, Cláudia Costa Storti and Cláudia Costa Storti

1605: Policy-induced Internal Migration: An Empirical Investigation of the Canadian Case

Kathleen Day and Stanley Winer

1604: How Important is Discount Rate Heterogeneity for Wealth Inequality?

Lutz Hendricks

1603: Product Market Competition, Profit Sharing and Equilibrium Unemployment

Erkki Koskela and Rune Stenbacka

1602: Cross-Border Mergers and Acquisitions: On Revealed Comparative Advantage and Merger Waves

Steven Brakman, Harry Garretsen, Charles van Marrewijk and Charles van Marrewijk

1601: Fiscal Federalism and Economic Growth

Jan Brueckner

1600: The Different Extent of Privatisation Proceeds in EU Countries: A Preliminary Explanation Using a Public Choice Approach

Ansgar Belke, Frank Baumgärtner, Friedrich Schneider and Ralph Setzer

1599: Survey Expectations

Mohammad Pesaran and Martin Weale

1598: Gender and Ethnicity – Married Immigrants in Britain

Christian Dustmann and Francesca Fabbri

1597: Transparency of Monetary Policy: Theory and Practice

Petra Geraats

1596: Survivor Benefits and the Gender Tax Gap in Public Pension Schemes: Observations from Germany

Martin Werding

1595: International Fragmentation: Boon or Bane for Domestic Employment?

Hartmut Egger and Udo Kreickemeier

1594: Sustainable Social Spending

Assar Lindbeck

1593: Electoral Uncertainty, Fiscal Policy and Macroeconomic Fluctuations

Jim Malley, Apostolis Philippopoulos and Ulrich Woitek

1592: Optimal Tax Policy when Firms are Internationally Mobile

Johannes Becker and Clemens Fuest

1591: Advertising, Competition and Entry in Media Industries

Claude Crampes, Carole Haritchabalet and Bruno Jullien

1590: Diversification and Ownership Concentration

Bruno Maria Parigi and Loriana Pelizzon

1589: Bank Control and the Number of Bank Relations of Japanese Firms

Kazuo Ogawa, Elmer Sterken and Ichiro Tokutsu

1588: Transfers, Non-Traded Goods, and Unemployment: An Analysis of the Keynes – Ohlin Debate

Steven Brakman, Charles van Marrewijk and Charles van Marrewijk

1587: What Determines Differences in Foreign Bank Efficiency? Australian Evidence

Jan-Egbert Sturm and Barry Williams

1586: Centralized vs. De-centralized Multinationals and Taxes

Søren Nielsen, Pascalis Raimondos and Guttorm Schjelderup

1585: On the Incentives to Experiment in Federations

Christos Kotsogiannis and Robert Schwager

1584: Introducing Time-to-Educate in a Job Search Model

Sascha Becker and Sascha O. Becker

1583: Minorities and Storable Votes

Alessandra Casella, Thomas Palfrey and Raymond Riezman

1582: State Visits and International Trade

Volker Nitsch

1581: Young Liberals and Old Conservatives - Inequality, Mobility and Redistribution

Astri Muren and Sten Nyberg

1580: Contracting Out Temporary Help Services in Germany

Elke Jahn and Wolfgang Ochel

1579: Gentrification and Neighborhood Housing Cycles: Will America's Future Downtowns be Rich?

Jan Brueckner and Stuart Rosenthal

1578: The Market for Protection and the Origin of the State

Kai Konrad and Stergios Skaperdas

1577: Social Security and Longevity

Torben Andersen

1576: Generalized Stochastic Gradient Learning

George Evans, Seppo Honkapohja and Noah Williams

1575: How Fiscal Decentralization Flattens Progressive Taxes

Roland Hodler and Kurt Schmidheiny

1574: Social Health Insurance - the Major Driver of Unsustainable Fiscal Policy?

Christian Hagist, Norbert Klusen, Andreas Plate and Bernd Raffelhüschen

1573: Constant Savings Rates and Quasi-Arithmetic Population Growth under Exhaustible Resource Constraints

Geir Asheim, Wolfgang Buchholz, John Hartwick, Tapan Mitra and Cees Withagen

1572: Risk Management of Pension Systems from the Perspective of Loss Aversion

Johannes Binswanger

1571: Early Retirement and Social Security: A Long Term Perspective

J. Ignacio Conde-Ruiz, Vincenzo Galasso and Paola Profeta

1570: The Warsaw Stock Exchange Index WIG: Modelling and Forecasting

Piotr Wdowiński and Aneta Zglinska-Pietrzak

1569: Pension Design when Fertility Fluctuates: The Role of Capital Mobility and Education Financing

Jovan Zamac

1568: Risk Sharing and Efficiency Implications of Progressive Pension Arrangements

Hans Fehr and Christian Habermann

1567: Assessing the Maintenance of Savings Sufficiency Over the First Decade of Retirement

Robert Haveman, Karen Holden, Barbara Wolfe, Andrei Romanov and Robert H. Haveman

1566: Putting New Economic Geography to the Test: Free-ness of Trade and Agglomeration in the EU Regions

Steven Brakman, Harry Garretsen and Marc Schramm

1565: Unit Roots and Cointegration in Panels

Jörg Breitung and Mohammad Pesaran

1564: Equilibrium and Efficiency in the Tug-of-War

Kai Konrad and Dan Kovenock

1563: Product Market Competition, Investment and Employment-Abundant versus Job-Poor Growth: A Real Options Perspective

Yu-Fu Chen and Michael Funke

1562: Distribution of Natural Resources, Entrepreneurship, and Economic Development: Growth Dynamics with two Elites

Josef Falkinger and Volker Grossmann

1561: Non-Linearities in the Relation between the Exchange Rate and its Fundamentals

Carlo Altavilla and Paul De Grauwe

1560: Subsidizing Enjoyable Education

Robert Dur and Amihai Glazer

1559: Sharing Budgetary Austerity under Free Mobility and Asymmetric Information: An Optimal Regulation Approach to Fiscal Federalism

Marie-Laure Breuillé and Robert Gary-Bobo

1558: Small Sample Properties of Maximum Likelihood Versus Generalized Method of Moments Based Tests for Spatially Autocorrelated Errors

Peter Egger, Mario Larch, Michael Pfaffermayr and Janette Walde

1557: Financial Markets and Economic Growth in Poland: Simulations with an Econometric Model

Piotr Wdowiński

1556: Why is Fiscal Policy often Procyclical?

Alberto Alesina and Guido Tabellini

1555: Demographic Change and Public Education Spending: A Conflict between Young and Old?

Ueli Grob and Stefan Wolter

1554: Structural Separation and Access in Telecommunications Markets

Paul de Bijl

1553: Looking for Multiple Equilibria when Geography Matters: German City Growth and the WWII Shock

Maarten Bosker, Steven Brakman, Harry Garretsen and Marc Schramm

1552: Gatekeeping in Health Care

Kurt Brekke, Robert Nuscheler and Odd Rune Straume

1551: Dual Income Taxation: Why and how?

Peter Birch Sørensen

1550: Turkish Delight for Some, Cold Turkey for Others?: The Effects of the EU-Turkey Customs Union

Antonis Adam and Thomas Moutos

1549: Nonlinear Production, Abatement, Pollution and Materials Balance Reconsidered

Rüdiger Pethig

1548: Global Business Cycles and Credit Risk

Mohammad Pesaran, Til Schuermann and Björn-Jakob Treutler

1547: Endogenous Pensions and Retirement Behavior

Randall Filer and Marjorie Honig

1546: Trade and Business Cycle Synchronization in OECD Countries - a Re-examination

Robert Inklaar, Richard Jong-A-Pin, Jakob de Haan and Jakob de Haan

1545: Can Deunionization Lead to International Outsourcing?

Kjell Lommerud, Frode Meland and Odd Rune Straume

1544: Social Security Incentives, Human Capital Investment and Mobility of Labor

Panu Poutvaara

1543: Ownership Concentration, Monitoring and Optimal Board Structure

Clara Graziano and Annalisa Luporini

1542: Early Retirement: Free Choice or Forced Decision

David Dorn and Alfonso Sousa-Poza

1541: Household Saving Rates and the Design of Social Security Programmes: Evidence from a Country Panel

Richard Disney

1540: The International Spillover Effects of Pension Reform

Yvonne Adema, Lex Meijdam and Harrie A. A Verbon

1539: Public Pensions and Capital Accumulation: The Case of Brazil

Gerhard Glomm, Juergen Jung, Changmin Lee and Chung Tran

1538: Output Effects of Inflation with Fixed Price- and Quantity-Adjustment Costs

Leif Danziger

1537: On-the-Job Search and Sorting

Pieter Gautier, C. N. Teulings and Aico van Vuuren

1536: Justifying the Lindahl Solution as an Outcome of Fair Cooperation

Wolfgang Buchholz and Wolfgang Peters

1535: The Desire for Impact

Robert Dur and Amihai Glazer

1534: Succession Rules and Leadership Rents

Kai Konrad and Stergios Skaperdas

1533: Drifting Together or Falling Apart? The Empirics of Regional Economic Growth in Post-Unification Germany

Roberta Colavecchio, Declan Curran and Michael Funke

1532: Has the Stability and Growth Pact Impeded Political Budget Cycles in the European Union?

Mark Mink, Jakob de Haan and Jakob de Haan

1531: Firm Heterogeneity and Credit Risk Diversification

Samuel Hanson, Mohammad Pesaran and Til Schuermann

1530: A Micro-Level 'Consumer Approach' to Species Population Dynamics

Thomas Christiaans, Thomas Eichner and Rüdiger Pethig

1529: Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

Giorgio Fazio, Ronald MacDonald and Jacques Melitz

1528: Self-Financing Environmental Mechanisms

Joerg Breitscheidel and Hans Gersbach

1527: Multijurisdictional Firms and Governments’ Strategies under Alternative Tax Designs

Marcel Gerard

1526: Estimated U.S. Manufacturing Production Capital and Technology Based on an Estimated Dynamic Economic Model

Baoline Chen and Peter Zadrozny

1525: Can Immigrant Employment Alleviate the Demographic Burden? The Role of Union Centralization

Alexander Kemnitz

1524: The Making of Cultural Policy: A European Perspective

Frederick (Rick) van der Ploeg

1523: Merger Policy to Promote ‘Global Players’? A Simple Model

Andreas Haufler and Søren Nielsen

1522: Optimal Commodity Taxation when Land and Structures must be Taxed at the Same Rate

Saku Aura and Thomas Davidoff

1521: Pension, Fertility, and Education

Volker Meier and Matthias Wrede

1520: The Impact of FX Central Bank Intervention in a Noise Trading Framework

Michel Beine, Paul De Grauwe and Marianna Grimaldi

1519: Curing Sinus Headaches and Tying Law: An Empirical Analysis of Bundling Decongestants and Pain Relievers

David Evans and Michael Salinger

1518: Education Policy and Equality of Opportunity

Gabriela Schütz, Heinrich Ursprung and Ludger Woessmann

1517: Migration and the Welfare State: The Economic Power of the Non-Voter?

Kira Boerner and Silke Uebelmesser

1516: Strategic Tax Competition in Switzerland: Evidence from a Panel of the Swiss Cantons

Lars Feld and Emmanuelle Reulier

1515: Pareto-Improving Bequest Taxation

Volker Grossmann and Panu Poutvaara

1514: Monitoring a Common Agent: Implications for Financial Contracting

Fahad Khalil, David Martimort and Bruno Maria Parigi

1513: A Growth Oriented Dual Income Tax

Martin Dietz and Christian Keuschnigg

1512: Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: Evidence from Dual Exchange Rates in Developing Countries

Yin-Wong Cheung and Kon S. Lai

1511: Non-Linear Exchange Rate Dynamics in Target Zones: A Bumpy Road towards a Honeymoon - Some Evidence from the ERM, ERM2 and Selected New EU Member States

Jesús Crespo-Cuaresma, Balázs Égert and Ronald MacDonald

1510: Globalization and Domestic Conflict

Michelle Garfinkel, Stergios Skaperdas and Constantinos Syropoulos