CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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5046: Optimal Transfers and Participation Decisions in International Environmental Agreements

Carlo Carraro, Johan Eyckmans and Michael Finus

5045: Trade Preferences to Small Developing Countries and the Welfare Costs of Lost Multilateral Liberalization

Marcelo Olarreaga and Limão, Nuno

5044: What Determines the Future Value of an Icon Wine? New Evidence from Australia

Kym Anderson and Danielle Wood

5043: In Praise of Fiscal Restraint and Debt Rules. What the Euro Zone Might Do Now

Andrew Hughes Hallett

5042: Forming Rational Expectations and When it is Right to be 'Wrong'

Andrew Hughes Hallett and Maria Demertzis

5041: Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach

Raman Uppal, Tan Wang and Lorenzo Garlappi

5040: On the Optimal Progressivity of the Income Tax Code

Juan Carlos Conesa and Dirk Krueger

5039: Pareto Improving Social Security Reform when Financial Markets Are Incomplete

Dirk Krueger and Kübler, Felix

5038: Intermediaries as Bundlers, Traders and Quality Assessors: The Case of UK Tour Operators

Panos Pashardes, Sofronis Clerides and Paris Nearchou

5037: A Cross-Country Financial Accelerator: Evidence from North America and Europe

Mark Taylor, Lucio Sarno and Ashoka Mody

5036: Regulating Financial Conglomerates

Xavier Freixas, Alan Morrison and Lóránth, Gyöngyi

5035: A Study of Inefficient Going Concerns in Bankruptcy

Julian Franks and Lóránth, Gyöngyi

5034: Regional and Sub-Global Climate Blocs. A Game-Theoretic Perspective on Bottom-up Climate Regimes

Carlo Carraro and Barbara Buchner

5033: Dual Employment Protection Legislation: A Framework for Analysis

Juan Dolado, Juan F Jimeno and Marcel Jansen

5032: Implementation Cycles in the New Economy

Pasquale Scaramozzino, Nir Vulkan and Jonathan Temple

5031: Information Exchange and Competition in Communications Networks

Tommaso Valletti and Carlo Cambini

5030: The Affectionate Society: Does Competition for Partners Promote Friendliness?

Hans Gersbach and Hans Haller

5029: Real Exchange Rate Overshooting RBC Style

A. Patrick Minford, Eric Nowell, David Meenagh and Prakriti Sofat

5028: Agglomeration and the Adjustment of the Spatial Economy

Gilles Duranton, Pierre-Philippe Combes and Henry Overman

5027: Funding Modes of German Banks: Structural Changes and its Implications

Martin Weber and Lars Norden

5026: The Replacement Problem in Frictional Economies: An 'Equivalence Result'

Giovanni Violante and Andreas Hornstein

5025: The Effects of Technical Change on Labour Market Inequalities

Giovanni Violante and Andreas Hornstein

5024: Finite State Dynamic Games with Asymmetric Information: A Framework for Applied Work

Chaim Fershtman and Ariel Pakes

5023: Reciprocal Dumping with Bertrand Competition

Mattias Ganslandt and Richard Friberg

5022: Parallel Trade, International Exhaustion and Intellectual Property Rights: A Welfare Analysis

Stefan Szymanski and Tommaso Valletti

5021: Betting on Hitler - The Value of Political Connections in Nazi Germany

Hans-Joachim Voth and Thomas Ferguson

5020: The Role of Risk Aversion and Intertemporal Substitution in Dynamic Consumption-Portfolio Choicewith Recursive Utility

Raman Uppal and Harjoat Bhamra

5019: Stochastic Optimization and Worst Case Analysis in Monetary Policy Design

Berc Rustem, Volker Wieland and Stan Zakovic

5018: Peer Effects in Austrian Schools

Rudolf Winter-Ebmer and Nicole Schneeweis

5017: Explaining The Equity Risk Premium

A. Patrick Minford and Laurian Lungu

5016: The Insiders' Dilemma: An Experiment on Merger Formation

Johan Stennek and Tobias Lindqvist

5015: The Costs of Remoteness: Evidence from German Division and Reunification

Stephen Redding and Daniel Sturm

5014: Optimality and Renegotiation in Dynamic Contracting

Marco Battaglini

5013: Democratic Mechanisms: Double Majority Rules and Flexible Agenda Costs

Hans Gersbach

5012: Awareness of General Equilibrium Effects and Unemployment

Hans Gersbach and Achim Schniewind

5011: Efficient Tuition & Fees, Examinations and Subsidies

Robert Gary-Bobo and Alain Trannoy

5010: Money and the Size of Transactions

Joseph Zeira

5009: City Structure, Job Search and Labour Discrimination. Theory and Policy Implications

Yves Zenou and Harris Selod

5008: Shock Identification of Macroeconomic Forecasts Based on Daily Panels

Andreas Fischer and Marlene Amstad

5007: Does Fertility Respond to Financial Incentives?

Guy Laroque and Salanié, Bernard

5006: Offsetting the Incentives: Risk Shifting and Benefits of Benchmarking in Money Management

Suleyman Basak, Anna Pavlova and Alex Shapiro

5005: Implementing the Stability and Growth Pact: Enforcement and Procedural Flexibility

Roel Beetsma and Xavier Debrun

5004: Intermodal and Intramodal Competition in Passenger Rail Transport

Marc Ivaldi and Catherine Vibes

5003: Dynamic Monopoly Pricing and Herding

Gerhard O Orosel, Marco Ottaviani, Lise Vesterlund and Subir Bose

5002: The Impact of TFP Growth on Steady-State Unemployment

Christopher Pissarides and ,

5001: Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors

Alexander Ljungqvist, Felicia Marston, Hong Yan, Laura T Starks and Kelsey D. Wei

5000: Welfare Trade-Offs in US Rail Mergers

Marc Ivaldi and Gerard McCullough

4999: Rules of Origin as Export Subsidies

Akiko Suwa-Eisenmann, Olivier Cadot and Antoni Estevadeordal

4998: Product Specific Rules of Origin in EU and US Preferential Trading Agreements: An Assessment

Jaime de Melo, Olivier Cadot, Carrère, Céline and Bolormaa Tumurchudur

4997: Unemployment and Right-Wing Extremist Crime

Zweimüller, Josef and Armin Falk

4996: Two at the Top: Quality Differentiation in Markets with Switching Costs

Thomas Gehrig and ,

4995: Equilibria in a Dynamic Global Game: The Role of Cohort Effects

Paul Heidhues and Nicolas Melissas

4994: A Model of Corporate Liquidity

Ronald Anderson and Andrew Carverhill

4993: Entry, Cost Reduction and Competition in The Portuguese Mobile Telephone Industry

Pedro Pereira and Philippe Gagnepain

4992: The Public Management of Environmental Risk: Separating Ex Ante and Ex Post Monitors

David Martimort, Jerome Pouyet and Yolande Hiriart

4991: Cannabis Prices and Dynamics of Cannabis Use

Jan C. van Ours and Jenny Williams

4990: Cooperation in International Banking Supervision

Rønde, Thomas and Cornelia Holthausen

4989: Commercial Television and Voter Information

Strömberg, David and Andrea Prat

4988: Non-Discretionary and Automatic Fiscal Policy in the EU and the OECD

Jacques Melitz

4987: Where is the Market? Evidence from Cross-Listings

Marco Pagano, Josef Zechner, Otto Randl and Michael Halling

4986: How Changes in Financial Incentives Affect the Duration of Unemployment

Jan C. van Ours, Zweimüller, Josef and Rafael Lalive

4985: Income Distribution and Demand-Induced Innovations

Zweimüller, Josef and Reto Foellmi

4984: Home Production, Market Production and the Gender Wage Gap: Incentives and Expectations

Claudia Olivetti and Stefania Albanesi

4983: Demand and Distance: Evidence on Cross-Border Shopping

Richard Friberg, Marcus Asplund and Fredrik Wilander

4982: Testing for Reference Dependence: An Application to the Art Market

Alan Beggs and Kathryn Graddy

4981: Monetary Policy in Real Time

Lucrezia Reichlin, Luca Sala and Domenico Giannone

4980: Can we Trust Private Firms as Suppliers of Vaccines for the Avian Influenza?

Rikard Forslid

4979: The Quality of Entrepreneurs

Hans Hvide

4978: Trade Costs and Location of Foreign Firms in China

Mary Amiti and Beata Javorcik

4977: Leading Indicators: What Have We Learned?

Massimiliano Marcellino

4976: A Comparison of Direct and Iterated Multistep AR Methods for Forecasting Macroeconomic Time Series

James Stock, Mark Watson and Massimiliano Marcellino

4975: Jump-and-Rest Effects of US Business Cycles

Pérez-Quirós, Gabriel and Maximo Camacho

4974: Money Demand and Macroeconomic Stability Revisited

Andreas Schabert and Christian Stoltenberg

4973: The Clash of Liberalizations: Preferential vs. Multilateral Trade Liberalization in the European Union

Limão, Nuno and Baybars Karacaovali

4972: Bertrand Equilibria and Sharing Rules

Steffen Hoernig

4971: Reforming the Formula: A Modest Proposal for Introducing Development Outcomes in IDA Allocation Procedures

Ravi Kanbur

4970: The Need for Institutional Changes in the Global Financial System: An Analytical Framework

Stijn Claessens and Geoffrey Underhill

4969: Information Channels in Labour Markets. On the Resilience of Referral Hiring

Alessandra Casella and Nobuyuki Hanaki

4968: Favouritism and Financial Incentives: A Natural Experiment

Robert Witt and Neil Rickman

4967: Liquidity, Risk-Taking and the Lender of Last Resort

Rafael Repullo

4966: On Sustainable Pay-As-You-Go Systems

Gabrielle Demange

4965: Trade and Growth with Heterogeneous Firms

Richard Baldwin and Frederic Robert-Nicoud

4964: Productivity Spillovers, Terms of Trade and the 'Home Market Effect'

Paolo Pesenti, Philippe Martin and Giancarlo Corsetti

4963: Product Market Integration, Wages and Inequality

Torben M Andersen and Allan Sørensen

4962: How Changes in Benefits Entitlement Affect the Duration of Unemployment

Jan C. van Ours and Milan Vodopivec

4961: Do Mergers Improve Information? Evidence from the Loan Market

Fabio Panetta, Fabiano Schivardi and Matthew Shum

4960: Loss Functions in Option Valuation: A Framework for Model Selection

Christian Wolff, Dennis Bams and Thorsten Lehnert

4959: Time Variation in Term Premia: International Evidence

Christian Wolff, Willem Verschoor and Ron Jongen

4958: Forecasting the Spot Exchange Rate with the Term Structure of Forward Premia: Multivariate Threshold Cointegration

Christian Wolff and Michel R van Tol

4957: A Phillips Curve for China

David Vines and Jörg Scheibe

4956: Insurance Policies for Monetary Policy in the Euro Area

Volker Wieland and Küster, Keith

4955: Agency Conflicts, Investment and Asset Pricing

Rui Albuquerque and Neng Wang

4954: The Impact of Turkey's Membership on EU Voting

Richard Baldwin and Mika Widgrén

4953: The Foreign Service and Foreign Trade: Embassies as Export Promotion

Andrew Rose

4952: Belief in a Just World and Redistributive Politics

Jean Tirole and Bénabou, Roland

4951: Allocation of Prizes in Asymmetric All-Pay Auctions

Aner Sela and Chen Cohen

4950: Did Inflation Really Soar After the Euro Cash Changeover? Indirect Evidence from ATM Withdrawals

Francesco Lippi and Paolo Angelini

4949: Do Locational Spillovers Pay? Empirical Evidence from German IPO Data

David Audretsch and Erik Lehmann

4948: Monetary Policy with Single Instrument Feedback Rules

Isabel Correia, Pedro Teles and Adão, Bernardino

4947: The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800

Stephen Broadberry and Bishnupriya Gupta