CESifo Working Paper Series

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2655: Flexicurity in Belgium. A Proposal Based on Economic Principles

Bart Cockx and Bruno Van der Linden

2654: A Cross-Country Empirical Analysis of International Reserves

Yin-Wong Cheung and Hiro Ito

2653: Migration-Regime Liberalization and Social Security: Political-Economy Effect

Assaf Razin and Edith Sand

2652: Dividend Taxation, Share Repurchases and the Equity Trap

Tobias Lindhe and Jan Södersten

2651: Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework

Augusto de la Torre, Maria Martinez Peria and Sergio Schmukler

2650: The Political Economy of Sin Taxes

Markus Haavio and Kaisa Kotakorpi

2649: A Static Model for Voting on Social Security

Henning Bohn

2648: Multi-Factor Gegenbauer Processes and European Inflation Rates

Guglielmo Maria Caporale and Luis Gil-Alana

2647: Playing with the Good Guys - A Public Good Game with Endogenous Group Formation

Kjell Arne Brekke, Karen Evelyn Hauge, Jo Lind and Karine Nyborg

2646: What Explains Fertility? Evidence from Italian Pension Reforms

Francesco Billari and Vincenzo Galasso

2645: Implicit vs. Explicit Incentives: Theory and a Case Study

Dominique Demougin, Oliver Fabel and Christian Thomann

2644: Hourly Wage Rate and Taxable Labor Income Responsiveness to Changes in Marginal Tax Rates

Sören Blomquist and Håkan Selin

2643: Expected Net Present Value, Expected Net Future Value, and the Ramsey Rule

Christian Gollier

2642: Infrastructure Investment in Network Industries: The Role of Incentive Regulation and Regulatory Independence

Balázs Égert

2641: An Empirical Analysis of the Dynamics of the Welfare State: the Case of Benefit Morale

Martin Halla, Mario Lackner and Friedrich Schneider

2640: Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany

Harald Hau and Marcel Thum

2639: Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness

Holger Zemanek, Ansgar Belke and Gunther Schnabl

2638: Regulatory Risk under Optimal Incentive Regulation

Roland Strausz

2637: How "Chicagoan" are Gary Becker's Economic Models of Marriage?

Shoshana Grossbard

2636: Taxes and Pensions

Peter Diamond

2635: Hospital Competition and Quality with Regulated Prices

Kurt Brekke, Luigi Siciliani and Odd Rune Straume

2634: Is Traditional Teaching really all that Bad? A Within-Student Between-Subject Approach

Guido Schwerdt and Amelie Wuppermann

2633: Income Mobility of Owners of Small Businesses when Boundaries between Occupations are Vague

Thor Thoresen

2632: Multi-Market Collusion with Demand Linkages and Antitrust Enforcement

Jay Choi and Heiko Gerlach

2631: Optimal Education Policies and Comparative Advantage

Spiros Bougheas, Richard Kneller and Raymond Riezman

2630: Environmental Policy Design and the Fragmentation of International Markets for Innovation

Nick Johnstone and Ivan Haščič

2629: The Rise in Female Employment and the Role of Tax Incentives - An Empirical Analysis of the Swedish Individual Tax Reform of 1971

Håkan Selin

2628: Revenue Forecasting Practices: Differences across Countries and Consequences for Forecasting Performance

Thiess Büttner and Björn Kauder

2627: Endogenous Systemic Liquidity Risk

Jin Cao and Gerhard Illing

2626: Technology Shocks and Aggregate Fluctuations in an Estimated Hybrid RBC Model

Jim Malley and Ulrich Woitek

2625: Borders and Distance in Knowledge Spillovers: Dying over Time or Dying with Age? - Evidence from Patent Citations

Yao Li

2624: The Taxation of Passive Foreign Investment - Lessons from German Experience

Martin Ruf, Alfons J. Weichenrieder and Alfons Weichenrieder

2623: Asymmetric Information Renders Minimum Wages Less Harmful

Ronnie Schöb and Marcel Thum

2622: Assets Returns Volatility and Investment Horizon: The French Case

Frédérique Bec and Christian Gollier

2621: The Empirics of China's Outward Direct Investment

Yin-Wong Cheung and Xingwang Qian

2620: Are Risk Aversion and Impatience Related to Cognitive Ability?

Thomas Dohmen, Armin Falk, David Huffman and Uwe Sunde

2619: Asymmetric Information and Overinvestment in Quality

Paul Belleflamme and Martin Peitz

2618: Rating Assignments: Lessons from International Banks

Guglielmo Maria Caporale, Roman Matousek and Chris Stewart

2617: Acting Autonomously or Mimicking the State and Peers? A Panel Tobit Analysis of Financial Dependence and Aid Allocation by Swiss NGOs

Axel Dreher, Peter Nunnenkamp, Hannes Öhler and Johannes Weisser

2616: The Volatility Curse: Revisiting the Paradox of Plenty

Frederick (Rick) van der Ploeg and Steven Poelhekke

2615: Exchange Rate Forecasters' Performance: Evidence of Skill?

Ronald MacDonald, Lukas Menkhoff and Rafael R. Rebitzky

2614: Should we Subsidize Longevity?

Marie-Louise Leroux, Pierre Pestieau and Gregory Ponthiere

2613: Bank of England Interest Rate Announcements and the Foreign Exchange Market

Michael Melvin, Christian Saborowski, Michael Sager and Mark Taylor

2612: The Impact of Monetary and Commodity Fundamentals, Macro News and Central Bank Communication on the Exchange Rate: Evidence from South Africa

Balázs Égert

2611: Economic, Political and Institutional Determinants of Budget Deficits in the European Union

Ali Bayar and Bram Smeets

2610: is Social Security Part of the Social Safety Net?

Jeffrey Brown, Julia Lynn Coronado and Don Fullerton

2609: A Parametric Analysis of Prospect Theory's Functionals for the General Population

Adam S. Booij, Bernard M.S. Van Praag, Gijs Kuilen and Bernard M.S. van Praag

2608: Panel Regression with Random Noise

Gerd Ronning and Hans Schneeweiss

2607: Diasporas

Michel Beine, Frédéric Docquier and Caglar Ozden

2606: Can Profit Sharing Lower Flexible Outsourcing? A Note

Erkki Koskela and Jan König

2605: Fiscal Rules and the Opportunistic Behaviour of the Incumbent Politician: Evidence from Italian Municipalities

David Bartolini and Raffaella Santolini

2604: Dissatisfied with Life, but Having a Good Day: Time-Use and Well-Being of the Unemployed

Andreas Knabe, Steffen Rätzel, Ronnie Schöb and Joachim Weimann

2603: Smoking Today and Stopping Tomorrow: A Limited Foresight Perspective

Philippe Jehiel and Andrew Lilico

2602: Sequential versus Simultaneous Contributions to Public Goods: Experimental Evidence

Simon Gaechter, Daniele Nosenzo, Elke Renner and Martin Sefton

2601: The Open Method of Coordination (OMC) as an Evolutionary Learning Process

Ana Ania and Andreas Wagener

2600: Moderating Political Extremism: Single Round vs Runoff Elections under Plurality Rule

Massimo Bordignon and Guido Tabellini

2599: International Antitrust Enforcement and Multi-Market Contact

Jay Choi and Heiko Gerlach

2598: Global Liquidity, Risk Premiums and Growth Opportunities

Gianni De Nicolò and Iryna Ivaschenko

2597: International Trade and Retailing

Carsten Eckel

2596: Term Structure and Cyclicity of Value-at-Risk: Consequences for the Solvency Capital Requirement

Frédérique Bec and Christian Gollier

2595: International Trade Integration: A Disaggregated Approach

Natalie Chen and Dennis Novy

2594: Economists in the PITS?

Bruno Frey

2593: On the Equivalence between Labor and Consumption Taxation

Paolo Panteghini

2592: Inefficient Lock-in and Subsidy Competition

Rainald Borck, Hyun-Ju Koh and Michael Pflüger

2591: The Role of the Log Transformation in Forecasting Economic Variables

Helmut Lütkepohl and Fang Xu

2590: How to Avoid a Pension Crisis: A Question of Intelligent System Design

Alessandro Cigno

2589: Should Utility-Reducing Media Advertising be Taxed?

Hans Jarle Kind, Marko Köthenbürger and Guttorm Schjelderup

2588: Voting on Labour-Market Integration and Education Policy when Citizens Differ in Mobility and Ability

Alexander Haupt and Silke Uebelmesser

2587: China's Current Account and Exchange Rate

Yin-Wong Cheung, Menzie Chinn and Eiji Fujii

2586: Taxing Education in Ramsey's Tradition

Wolfram Richter

2585: Reference Points and Effort Provision

Johannes Abeler, Armin Falk, Lorenz Götte and David Huffman

2584: Trends in Monetary Policy Transparency

Petra Geraats

2583: Indirect Taxation in Vertical Oligopoly

Martin Peitz and Markus Reisinger

2582: Induced Civic Pride and Integration

Bernd Süssmuth, Malte Heyne and Wolfgang Maennig

2581: Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU

Antonio Afonso and Christophe Rault

2580: Selectivity, Market Timing and the Morningstar Star-Rating System

Antonios Antypas, Guglielmo Maria Caporale, Nikolaos Kourogenis and Nikitas Pittis

2579: EU-Type Carbon Emissions Trade and the Distributional Impact of Overlapping Emissions Taxes

Thomas Eichner and Rüdiger Pethig

2578: Female Labor Supply and Parental Leave Benefits - The Causal Effect of Paying Higher Transfers for a Shorter Period of Time

Annette Bergemann and Regina Riphahn

2577: Real Estate Prices and the Importance of Bequest Taxation

Giorgio Bellettini and Filippo Taddei

2576: The Price of Liquidity: Bank Characteristics and Market Conditions

Falko Fecht, Kjell Nyborg and Jörg Rocholl

2575: The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area

Carlo Altavilla and Matteo Ciccarelli

2574: Agency and Communication in IMF Conditional Lending: Theory and Empirical Evidence

Silvia Marchesi, Laura Sabani and Axel Dreher

2573: Opium for the Masses? Conflict-Induced Narcotics Production in Afghanistan

Jo Lind, Karl Ove Moene and Fredrik Willumsen

2572: Reforming Pensions in Europe: Economic Fundamentals and Political Factors

Ondrej Schneider

2571: Harnessing Windfall Revenues: Optimal Policies for Resource-Rich Developing Economies

Frederick (Rick) van der Ploeg and Anthony Venables

2570: Active Labor Market Policy Evaluations: A Meta-analysis

David Card, Jochen Kluve and Andrea Weber

2569: Are Short-Lived Jobs Stepping Stones to Long-Lasting Jobs?

Bart Cockx and Matteo Picchio

2568: The Behavioural Zloty/Euro Equilibrium Exchange Rate

Joanna Bęza-Bojanowska and Ronald MacDonald

2567: Endogenous Differential Mortality, Non-Contractible Effort and Non Linear Taxation

Marie-Louise Leroux

2566: On the Arbitrariness of Consumption

John Whalley and Shunming Zhang

2565: Optimal Piecewise Linear Income Taxation

Patricia Apps, Ngo Long and Ray Rees

2564: Offshoring along the Production Chain

Philipp Harms, Oliver Lorz and Dieter Urban

2563: Demographic, Residential, and Socioeconomic Effects on the Distribution of 19th Century US White Statures

Scott A. Carson

2562: The Economics of a Multilateral Investment Agreement

Jiahua Che and Gerald Willmann

2561: Taxation, Corruption and the Exchange Rate Regime

Carsten Hefeker

2560: Political Competition between Differentiated Candidates

Stefan Krasa and Mattias K Polborn

2559: Budgetary and External Imbalances Relationship: A Panel Data Diagnostic

Antonio Afonso and Christophe Rault

2558: Tax Interactions among Belgian Municipalities: Does Language Matter?

Marcel Gerard, Hubert Jayet and Sonia Paty

2557: Corporate Taxation and the Welfare State

Christian Keuschnigg

2556: Estimation of Higher-Order Spatial Autoregressive Panel Data Error Component Models

Harald Badinger and Peter Egger