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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4946: Demand for Education and Labour Market Outcomes: Lessons from the Abolition of Compulsory Conscription in France

Eric Maurin and Theodora Xenogiani

4945: Assessing the Foreign Control of Production of Technology: The Case of a Small Open Economy

Reinhilde Veugelers, Michele Cincera and Bruno van Pottelsberghe de la Potterie

4944: Financing and the Protection of Innovators

Javier Suarez and Gerard Llobet

4943: Neoclassical Growth and the 'Trivial' Steady State

Andreas Irmen and Hendrik Hakenes

4942: Learning Foreign Languages.Theoretical and Empirical Implications of the Selten and Pool Model

Victor Ginsburgh, Ortuño-Ortin, Ignacio and Shlomo Weber

4941: Time Consistency of Fiscal and Monetary Policy: A Solution

Lars Svensson, Torsten Persson and Mats Persson

4940: Vive la Révolution! Long Term Returns of 1968 to the Angry Students

Eric Maurin and Sandra McNally

4939: Marriage and the City

C. N. Teulings, Pieter Gautier and Michael Svarer

4938: Forms of Democracy, Policy and Economic Development

Torsten Persson

4937: How Transition Paths Differ: Enterprise Performance in Russia and China

Saul Estrin and Sumon Bhaumik

4936: A Simple Model of Economic Geography à la Helpman-Tabuchi

Jacques Thisse and Yasusada Murata

4935: Do Risk Premia Protect from Banking Crises?

Hans Gersbach and Jan Wenzelburger

4934: Optimal Sliding Scale Regulation: An Application to Regional Electricity Distribution in England and Wales

Paul Levine, Lester Hunt, Neil Rickman and David Hawdon

4933: Rising Trade Costs? Agglomeration and Trade with Endogenous Transaction Costs

Gilles Duranton and Michael Storper

4932: The Corporate Governance of Defined-Benefit Pension Plans: Evidence from the United Kingdom

Cocco, Joâo F. and Paolo Volpin

4931: Does Longevity Cause Growth?

Moshe Hazan and Hosny Zoabi

4930: Asset Pricing Implications of Pareto Optimality with Private Information

Luigi Pistaferri and Narayana Kocherlakota

4929: Trade Protection and Industry Wage Structure in Poland

Beata Javorcik and Chor-Ching Goh

4928: Je T'aime, Moi Non Plus: Bilateral Opinions and International Trade

Thierry Mayer and Anne-Célia Disdier

4927: Job Security and Job Protection

Andrew Clark and Fabien Postel-Vinay

4926: City Structure, Job Search and Labour Discrimination. Theory and Policy Implications

Yves Zenou and Harris Selod

4925: Strategic Experimentation and Disruptive Technological Change

Fabiano Schivardi and Martin Schneider

4924: Managerial Leverage is Limited By the Extent of the Market: Hierarchies, Specialization and the Utilization of Lawyers' Human C

Thomas N. Hubbard and Luis Garicano

4923: International Financial Adjustment

Helene Rey and Pierre-Olivier Gourinchas

4922: Euler Equation Errors

Martin Lettau and Sydney Ludvigson

4921: Why is Long-Horizon Equity Less Risky? A Duration-based Explanation of the Value Premium

Martin Lettau and Jessica Wachter

4920: Current Account Theory and the Dynamics of US Net Foreign Liabilities

Giancarlo Corsetti and Panagiotis Konstantinou

4919: Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Saul Estrin and Lihui Tian

4918: Are the Welfare State and Distribution Really that Bad for the Economy? Effects of Reciprocal Altruism, Consumer Rivalry and Se

Frederick (Rick) van der Ploeg

4917: A Full Equilibrium Relevant Market Test: Application to Computer Servers

Marc Ivaldi and Lörincz, Szabolcs

4916: Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes

Kose John, Viral Acharya and Rangarajan K Sundaram

4915: Trends in Hours, Balanced Growth and the Role of Technology in the Business Cycle

Galí, Jordi

4914: The Term Structure of the Risk-Return Tradeoff

John Campbell and Luis Viceira

4913: Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets

Luis Viceira and George Chacko

4912: Identifying Technology Spillovers and Product Market Rivalry

Mark Schankerman, John van Reenen and Nicholas Bloom

4911: Monetary Policies for Developing Countries: The Role of Institutional Quality

Shang-Jin Wei and Haizhou Huang

4910: The Predictive Power of the Yield Spread: Further Evidence and A Structural Interpretation

Carlo Favero, Söderström, Ulf and Iryna Kaminska

4909: Parameter Instability, Model Uncertainty and the Choice of Monetary Policy

Carlo Favero and Fabio Milani

4908: Regional Wage and Employment Responses to Market Potential in the EU

Thierry Mayer and Keith Head

4907: A Theory of Influence: The Strategic Value of Public Ignorance

Juan D. Carrillo and Isabelle Brocas

4906: Legal, Actual and Desirable Independence: A Case Study of the Bank of Israel

Alex Cukierman

4905: Entrepreneurship Capital - Determinants and Impact

David Audretsch and Max Keilbach

4904: The Demise of Investment Banking Partnerships: Theory and Evidence

Alan Morrison and William J Wilhelm

4903: Foreign Direct Investment, Competitive Pressure and Spillovers. An Empirical Analysis of Spanish Firm Level Data

Georges Siotis and Alessandro Sembenelli

4902: Exclusive Dealing, Entry and Mergers

Massimo Motta, Lars Persson and Chiara Fumagalli

4901: Structuring and Restructuring Sovereign Debt: The Role of Seniority

Patrick Bolton and Olivier Jeanne

4900: Autopsy on an Empire: Understanding Mortality in Russia and the Former Soviet Union

Elizabeth Brainerd and David Cutler

4899: Demand Reduction and Pre-emptive Bidding in Multi-Unit License Auctions

Theo Offerman, Jacob Goeree and Randolph Sloof

4898: Do Social Policies Harm Employment? Second-Best Effects of Taxes and Benefits on Labour Markets

Frederick (Rick) van der Ploeg

4897: Back to Keynes?

Frederick (Rick) van der Ploeg

4896: Rolling Back the Public Sector - Differential Effects on Unemployment, Investment and Growth

Frederick (Rick) van der Ploeg

4895: Globalization and Disinflation: The Efficiency Channel

Assaf Razin and Prakash Loungani

4894: Firms' Productivity Growth and R&D Spillovers: An Analysis of Alternative Technological Proximity Measures

Michele Cincera

4893: Pricing Behaviour and the Introduction of the Euro: Evidence from a Panel of Restaurants

Eugenio Gaiotti and Francesco Lippi

4892: The Economics of Books

Frederick (Rick) van der Ploeg, Jan C. van Ours and Marcel Canoy

4891: Intermediation in Innovation

Heidrun Hoppe-Wewetzer and Emre Ozdenoren

4890: Party Governance and Political Competition with an Application to the American Direct Primacy

Micael Castanheira, Benoit Crutzen and Nicolas Sahuguet

4889: Credit Crunch and Keynesian Contraction: Argentina in Crisis

Marcus Miller and García-Fronti, Javier

4888: The US Current Account and the Dollar

Francesco Giavazzi, Olivier Blanchard and Filipa Sa

4887: Location Choice and Employment Decisions: A Comparison of German and Swedish Multinationals

Karolina Ekholm, Sascha Becker, Jäckle, Robert and Marc-Andreas Muendler

4886: Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Viral Acharya, Heitor Almeida and Murillo Campello

4885: Experimental Evidence on the Persistence of Output and Inflation

Klaus Adam

4884: Preferential Trade Agreements as Stumbling Blocks for Multilateral Trade Liberalization: Evidence for the US

Limão, Nuno

4883: On the Community Patent

Steffen Hoernig

4882: Retirement Expectations, Pension Reforms and Their Effect on Private Wealth Accumulation

Tullio Jappelli, Mario Padula and Renata Bottazzi

4881: Child Labour, Crop Shocks and Credit Constraints

Rajeev Dehejia, Roberta Gatti and Kathleen Beegle

4880: Optimal Monetary Policy Rules, Asset Prices and Credit Frictions

Tommaso Monacelli and Ester Faia

4879: The Effects of Globalization on Worker Training

Hans Gersbach and Armin Schmutzler

4878: Benefits of Broad-based Option Pay

Roman Inderst and Holger Mueller

4877: Is Poland the Next Spain?

Francesco Caselli and Silvana Tenreyro

4876: How to Win Twice at an Auction: On the Incidence of Commissions in Auction Markets

Victor Ginsburgh and Nicolas Sahuguet

4875: Disenfranchisement in Linguistically Diverse Societies: The Case of the European Union

Victor Ginsburgh, Ortuño-Ortin, Ignacio and Shlomo Weber

4874: Indeterminacy and Unemployment Fluctuations with Constant Returns to Scale in Production

Leonor Modesto, Teresa Lloyd-Braga and Frédéric Dufourt

4873: Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence

Bjorn Eckbo and Karin Thorburn

4872: A Multi-Country Approach to Factor-Proportions Trade and Trade Costs

Anthony Venables and James Markusen

4871: Privatization and Restructuring in Concentrated Markets

Lars Persson and Norbäck, Pehr-Johan

4870: Relational Delegation

Niko Matouschek and Ricardo Alonso

4869: Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis

László Halpern and Égert, Balázs

4868: Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?

Jan Svejnar, Katherine Terrell and Klara Sabirianova Peter

4867: Financial Markets and Wages

Vincenzo Quadrini and Claudio Michelacci

4866: The Reform of October 1979: How it Happened and Why

Athanasios Orphanides, Robert Rasche and David E Lindsey

4865: The Decline of Activist Stabilization Policy: Natural Rate Misperceptions, Learning and Expectations

Athanasios Orphanides and John Williams

4864: Policy-oriented Parties and the Choice Between Social and Private Insurance

Jean Hindricks and Philippe De Donder

4863: The Evolution of Retirement

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

4862: Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change

Massimo Massa, Harald Hau and Joel Peress

4861: Earnings Manipulation and Incentives in Firms

Guido Friebel and Sergei Guriev

4860: Growth, Distance to Frontier and Composition of Human Capital

Costas Meghir, Philippe Aghion and Vandenbussche, Jérôme

4859: Gains From Trade in Used Goods: Evidence from the Global Market for Automobiles

Sofronis Clerides

4858: Firm-Specific Capital, Nominal Rigidities and the Business Cycle

Martin Eichenbaum, Lawrence Christiano, Jesper Lindé and David Altig

4857: Does Distance Matter in Spillover?

László Halpern and Muraközy, Balázs

4856: Pill, Patch or Shot? Subjective Expectations and Birth Control Choice

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4855: World Finance and the US 'New Economy': Risk Sharing and Risk Exposure

Marcus Miller

4854: Central Bank Forecasts and Disclosure Policy: Why it Pays to be Optimistic

Sylvester Eijffinger and Mewael F. Tesfaselassie

4853: Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence

Alexander Michaelides and Francisco Gomes

4852: Wealth Accumulation and Portfolio Choice with Taxable and Tax-Deferred Accounts

Alexander Michaelides, Francisco Gomes and ,

4851: Long run Effects of Public Sector Sponsored Training in West Germany

Ruth Miquel, Michael Lechner and Conny Wunsch

4850: Earnings Manipulation and Incentives in Firms

Guido Friebel and Sergei Guriev

4849: The Impact of Consumer Loss Aversion on Pricing

Paul Heidhues and Köszegi, Botond

4848: On the Fit and Forecasting Performance of New Keynesian Models

Frank Smets, Marco Del Negro, Raf Wouters and Frank Schorfheide

4847: Macroeconomic Asymmetry in the European Union: The Difference Between New and Old Members

Yuliya Demyanyk and Vadym Volosovych