CESifo Working Paper Series

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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

1509: Decentralization and Electoral Accountability: Incentives, Separation, and Voter Welfare

Jean Hindriks and Ben Lockwood

1508: Promotion of Trade and Investments between China and India: The Case of Southwest China and East and Northeast India

Prabir De and Biswanath Bhattacharyay

1507: Optimal Pest Control in Agriculture

Thomas Christiaans, Thomas Eichner and Rüdiger Pethig

1506: Group Taxation, Asymmetric Taxation and Cross-Border Investment Incentives in Austria

Rainer Niemann and Corinna Treisch

1505: Necessary and Sufficient Restrictions for Existence of a Unique Fourth Moment of a Univariate GARCH(p,q) Process

Peter Zadrozny

1504: Efficient Competitive Equilibria with Adverse Selection

Alberto Bisin and Piero Gottardi

1503: Why Parallel Trade may Raise Producers Profits

Horst Raff and Nicolas Schmitt

1502: Costly Revenue-Raising and the Case for Favoring Import-Competing Industries

Xenia Matschke

1501: Actuarial Neutrality across Generations Applied to Public Pensions under Population Ageing: Effects on Government Finances and National Saving

Heikki Oksanen

1500: Sabotaging Potential Rivals

J. Atsu Amegashie and Marco Runkel

1499: A Fiscal Rule that has Teeth: A Suggestion for a ‘Fiscal Sustainability Council’ underpinned by the Financial Markets

Petr Hedbavny, Ondrej Schneider and Jan Zapal

1498: BRICSAM and the Non-WTO

Agata Antkiewicz and John Whalley

1497: Migration, Tied Foreign Aid and the Welfare State

Panos Hatzipanayotou and Michael Michael

1496: S-Based Taxation under Default Risk

Paolo Panteghini

1495: (Why) Do we need Corporate Taxation?

Alfons J. Weichenrieder and Alfons Weichenrieder

1494: Sustaining Social Security

Martin Gonzalez-Eiras and Dirk Niepelt

1493: Direct to Consumer Advertising in Pharmaceutical Markets

Kurt Brekke and Michael Kuhn

1492: Culture and Institutions: Economic Development in the Regions of Europe

Guido Tabellini

1491: Interregional Redistribution and Budget Institutions under Asymmetric Information

Bernd Huber and Marco Runkel

1490: Student Flows and Migration: An Empirical Analysis

Axel Dreher and Panu Poutvaara

1489: Does Germany Collect Revenue from Taxing Capital Income?

Johannes Becker and Clemens Fuest

1488: Bid Rigging – An Analysis of Corruption in Auctions

Yvan Lengwiler and Elmar Wolfstetter

1487: Virtual Capacity and Competition

Christian Schultz

1486: Fiscal Policy in New EU Member States – Go East, Prudent Man!

Ondrej Schneider and Jan Zapal

1485: Uncertainty, Wage Setting and Decision Making in a Monetary Union

Carsten Hefeker

1484: A Simple Model of Brain Circulation

Nicolas Schmitt and Antoine Soubeyran

1483: On the Long-Run Evolution of Technological Knowledge

Hendrik Hakenes and Andreas Irmen

1482: Tradable Emission Permits in a Federal System

Harrie A. A Verbon and Cees Withagen

1481: Trade and Development in a Labor Surplus Economy

Edward Barbier and Michael Rauscher

1480: Pitfalls in the Use of Ad valorem Equivalent Representations of the Trade Impacts of Domestic Policies

John Whalley

1479: Globalization, Cross-Border Pollution and Welfare

Panos Hatzipanayotou, Sajal Lahiri and Michael Michael

1478: Effects of Corporate Tax Reforms on SMEs’ Investment Decisions under the Particular Consideration of Inflation

Chang Woon Nam, Doina Radulescu and Doina Maria Radulescu

1477: What if the UK had Joined the Euro in 1999? An Empirical Evaluation Using a Global VAR

Mohammad Pesaran, L. Vanessa Smith and Ron P. Smith

1476: The Start-Up and Growth Stages in Enterprise Formation: The “New View” of Dividend Taxation Reconsidered

Vesa Kanniainen, Seppo Kari and Jouko Ylä-Liedenpohja

1475: Trade and the Distribution of Human Capital

Spiros Bougheas and Raymond Riezman

1474: Electricity Transmission Pricing and Performance-Based Regulation

Ingo Vogelsang

1473: Silent Interests and All-Pay Auctions

Kai Konrad

1472: Contract Adjustment under Uncertainty

Helge Holden, Lars Holden and Steinar Holden

1471: A Trade Model with an Optimal Exchange Rate Motivated by Current Discussion of a Chinese Renminbi Float

Hui Huang, Yi Wang, Yiming Wang, John Whalley and Shunming Zhang

1470: The Poverty of Growth with Interdependent Utility Functions

John Komlos and Peter Salamon

1469: The Influence of Student Achievement on Teacher Turnover

Torberg Falch and Marte Rønning

1468: Knight Fever – Towards an Economics of Awards

Bruno Frey

1467: Fairness and the Optimal Allocation of Ownership Rights

Ernst Fehr, Susanne Kremhelmer and Klaus Schmidt

1466: Pawns and Queens Revisited: Public Provision of Private Goods when Individuals make Mistakes

Jukka Pirttilä and Sanna Tenhunen

1465: Heterogeneity within Communities: A Stochastic Model with Tenure Choice

Francois Ortalo-Magne and Sven Rady

1464: Optimal Rent Extraction in Pre-Industrial England and France – Default Risk and Monitoring Costs

Mikael Priks

1463: Trade Liberalization in a Joint Spatial Inter-Temporal Trade Model

Hui Huang, John Whalley and Shunming Zhang

1462: Putting Risk in its Proper Place

Louis Eeckhoudt and Harris Schlesinger

1461: Merger without Cost Advantages

Steffen Huck, Kai Konrad and Wieland Müller

1460: Do Benefit Hikes Damage Job Finding? Evidence from Swedish Unemployment Insurance Reforms

Helge Bennmarker, Kenneth Carling and Bertil Holmlund

1459: The Effects of Disclosure Regulation of an Innovative Firm

Jos Jansen

1458: Why Forcing People to Save for Retirement may Backfire

Monika Bütler, Olivia Huguenin and Federica Teppa

1457: Inequality and Relative Reliance on Tariffs: Theory and Evidence

Margarita Katsimi and Thomas Moutos

1456: Cross-Country Relative Price Volatility: Effects of Market Structure

Yin-Wong Cheung and Eiji Fujii

1455: Skilled Emigration, Business Networks and Foreign Direct Investment

Maurice Kugler and Hillel Rapoport

1454: To Draft or not to Draft? Efficiency, Generational Incidence, and Political Economy of Military Conscription

Panu Poutvaara and Andreas Wagener

1453: Regional Grants as Pork Barrel Politics

Kevin Milligan and Michael Smart

1452: Capital Quality Improvement and the Sources of Growth in the Euro Area

Plutarchos Sakellaris and Focco W. Vijselaar

1451: Systemic Crises and Growth

Romain Ranciere, Aaron Tornell and Frank Westermann

1450: Metrics Capturing the Degree to which Individual Economies are Globalized

Raymond Riezman, John Whalley and Shunming Zhang

1449: The Transition Economies: A NATREX Evaluation of Research

Jerome Stein

1448: Bargaining Power and Equilibrium Consumption

Hans Gersbach and Hans Haller

1447: Is there a Role for an Active Fiscal Stabilization Policy?

Torben Andersen

1446: The Sustainability of Fiscal Policy in the United States

Henning Bohn

1445: Rationality, Irrationality and Economic Cognition

John Whalley

1444: The Pygmalion Effect: An Agency Model with Reference Dependent Preferences

Kohei Daido and Hideshi Itoh

1443: Consumption, Wealth and Business Cycles in Germany

Britta Hamburg, Mathias Hoffmann and Joachim Keller

1442: Charging NO x Emitters for Health Damages: An Exploratory Analysis

Denise L. Mauzerall, Babar Sultan, Namsoug Kim and David Bradford

1441: Globalization and Values

John Whalley

1440: A Case for Taxing Education

Tomer Blumkin and Efraim Sadka

1439: Industry Concentration and Strategic Trade Policy in Successive Oligopoly

Gjermund Nese and Odd Rune Straume

1438: Testing Slope Homogeneity in Large Panels

Mohammad Pesaran and Takashi Yamagata

1437: Intra-Generational Externalities and Inter-Generational Transfers

Martin Kolmar and Volker Meier

1436: Rational Information Choice in Financial Market Equilibrium

Marc-Andreas Muendler

1435: Zooming Out: The Trade Effect of the Euro in Historical Perspective

Helge Berger and Volker Nitsch

1434: An Interview with Thomas J. Sargent

George Evans and Seppo Honkapohja

1433: Should Green Governments Give Priority to Environmental Policies over Growth-Enhancing Policies?

George Economides and Apostolis Philippopoulos