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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4846: Economic Fluctuations in Central and Eastern Europe: The Facts

Rátfai, Attila and Benczúr, Péter

4845: Granger Causality of the Inflation-Growth Mirror in Accession Countries

Max Gillman and Anton Nakov

4844: Inflation Scares and Forecast-Based Monetary Policy

Athanasios Orphanides and John Williams

4843: The Macroeconomics of Subsistence Points

Morten Ravn, Martín Uribe and Schmitt-Grohé, Stephanie

4842: Estimating the Effects of Fiscal Policy in OECD Countries

Roberto Perotti

4841: Playing it Safe with Low Conditional Fees versus Being Insured by High Contingent Fees

Winand Emons

4840: Divide et Impera: Optimal Leniency Programmes

Giancarlo Spagnolo

4839: Do Foreign Investors Care About Labour Market Regulations?

Beata Javorcik and Mariana Spatareanu

4838: Trade-Inducing Quality Standards for Used Durables

Costas Hadjiyiannis and Sofronis Clerides

4837: Cultural Biases in Economic Exchange

Luigi Guiso, Luigi Zingales and Paola Sapienza

4836: Globalization and Union Opposition to Technological Change

Kjell Lommerud and Frode Meland

4835: The Role of Asymmetries and Regime Shifts in the Term Structure of Interest Rates

Mark Taylor, Richard Clarida, Lucio Sarno and Giorgio Valente

4834: Class and Tastes: The Effects of Income and Preference Heterogeneity on Redistribution

Fernández, Raquel and Gilat Levy

4833: The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence

Bjorn Eckbo and Oyvind Norli

4832: Liquidity Risk, Leverage and Long-Run IPO Returns

Bjorn Eckbo and Oyvind Norli

4831: Mergers with Product Market Risk

Marco Ottaviani and Albert Banal-Estanol

4830: The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time

Athanasios Orphanides and Simon van Norden

4829: Limits of Arbitrage and Corporate Financial Policy

Massimo Massa, Urs Peyer and Zhenxu Tong

4828: Monetary Policy Uncertainty and the Stock Market

Massimo Massa and Alberto Locarno

4827: The Effects of Permanent Technology Shocks on Labour Productivity and Hours in the RBC Model

Jesper Lindé

4826: Globalization and Disinflation: A Note

Assaf Razin

4825: Shooting the Auctioneer

Roger Farmer

4824: Are European Business Cycles Close Enough to be Just One?

Pérez-Quirós, Gabriel, Maximo Camacho and ,

4823: What You Sell is What You Lend? Explaining Trade Credit Contracts

Tore Ellingsen, Mike Burkart and Mariassunta Giannetti

4822: Businessman Candidates: Special-Interest Politics in Weakly Institutionalized Environments

Konstantin Sonin and Scott Gehlbach

4821: Passive Creditors

Konstantin Sonin and Koen Schoors

4820: Shareholder Diversification and IPOs

Eugene Kandel, Massimo Massa, Andrei Simonov and Andriy Bodnaruk

4819: Dispersion of Opinion and Stock Returns

William Goetzmann and Massimo Massa

4818: Mutual Funds and the Market for Liquidity

Massimo Massa and Ludovic Phalippou

4817: Advertising and Pricing at Multiple-Output Firms: Evidence from US Thrift Institutions

Evren Örs, and Robert DeYoung

4816: Theft and Taxes

Luigi Zingales, Mihir Desai and Isaac Dyck

4815: History versus Geography: The Role of College Interaction in Portfolio Choice and Stock Market Prices

Massimo Massa and Andrei Simonov

4814: Disposition Matters: Volume, Volatility and Price Impact of Behavioural Bias

William Goetzmann and Massimo Massa

4813: Can Buybacks Be A Product of Shorter Shareholder Horizons?

Pedro Pinto Matos, Massimo Massa, Gaspar, José-Miguel and Rajdeep Patgiri

4812: Idiosyncratic Volatility and Product Market Competition

Massimo Massa and Gaspar, José-Miguel

4811: What We Don't Know About the Monetary Transmission Mechanism and Why We Don't Know It

Roger Farmer and Andreas Beyer

4810: Large Devaluations and the Real Exchange Rate

Martin Eichenbaum, Sergio Rebelo and Ariel Burstein

4809: Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

László Halpern, Égert, Balázs and Ronald MacDonald

4808: Bundling and the Unanimity Rule

Hans Gersbach and Ulrich Erlenmaier

4807: Endogenous Market Incompleteness with Investment Risks

Vincenzo Quadrini and Cesaire Meh

4806: Macroeconomic Order Flows: Explaining Equity and Exchange Rate Returns

Peter Dunne, Harald Hau and Michael Moore

4805: Robust Monetary Policy in the New-Keynesian Framework

Söderström, Ulf and Kai Leitemo

4804: Natural Resources and Economic Growth: From Dependence to Diversification

Thorvaldur Gylfason

4803: The Mystery of Monogamy

Omer Moav, Eric Gould and Avi Simhon

4802: Exchange Rate Volatility and Labour Markets in the CEE Countries

Ansgar Belke, Leo Kaas and Ralph Setzer

4801: The Hazard Rate of Foreign Direct Investment in Transition Countries: A Direct Estimation of a Real Option Model

Enrico Pennings

4800: Growth and Epidemic Diseases

Hans Gersbach and Clive Bell

4799: The Welfare Cost of Business Cycles in an Economy with Non-Clearing Markets

Franck Portier and Luis Puch

4798: Risk Shifting, Technology Policy and Sales Contingent Claims: When is Launch Aid to the Aerospace Industry A Subsidy?

Paul Stoneman and Kim Kaivanto

4797: Bank Lending and Property Prices in Hong Kong

Stefan Gerlach and Wensheng Peng

4796: Measuring Trend Output: How Useful Are the Great Ratios?

Clifford Attfield and Jonathan Temple

4795: Languages in the EU: The Quest for Equality and Its Cost

Jan Fidrmuc and Victor Ginsburgh

4794: Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital

Laura Bottazzi, Marco Da Rin and Thomas Hellmann

4793: When the Punishment Must Fit the Crime: Remarks on the Failure of Simple Penal Codes in Extensive-Form Games

George Mailath, Volker Nocke and Lucy White

4792: Job Stability Trends, Layoffs and Transitions to Unemployment - An Empirical Analysis for West Germany

Antje Mertens and Annette Bergemann

4791: Does Privatization Raise Productivity?

J. David Brown and John Earle

4790: Monetary and Fiscal policy Interaction in the Euro Area with Different Assumptions on the Phillips Curve

Peter Bofinger and Eric Mayer

4789: Hedging, Familiarity and Portfolio Choice

Massimo Massa and Andrei Simonov

4788: Favouritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization

Pedro Pinto Matos, Massimo Massa and Gaspar, José-Miguel

4787: Mutual Fund Competition and Stock Market Liquidity

Massimo Massa

4786: Portfolio Diversification, Proximity Investment and City Agglomeration

William Goetzmann, Massimo Massa and Andrei Simonov

4785: Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off

Massimo Massa and Gaspar, José-Miguel

4784: R&D Policies, Trade and Process Innovation

Jan I. Haaland and Hans Jarle Kind

4783: The Missing Link: The Knowledge Filter and Entrepreneurship in Endogenous Growth

David Audretsch, Pontus Braunerhjelm, Zoltan Acs and Bo Carlsson

4782: Welfare-Maximizing Operational Monetary and Tax Policy Rules

Robert Kollmann

4781: Intermediation by Aid Agencies

Paul Seabright and Colin Rowat

4780: Anti-Dumping Duties and the Byrd Amendment

David Collie and Hylke Vandenbussche

4779: The European Bond Markets Under EMU

Ernst-Ludwig von Thadden and Marco Pagano

4778: Too Many to Fail - An Analysis of Time Inconsistency in Bank Closure Policies

Viral Acharya and Tanju Yorulmazer

4777: Dictators and Their Viziers: Agency Problems in Dictatorships

Konstantin Sonin and Georgy Egorov

4776: Intra-Household Allocation and the Living Standards of the Elderly in Greece

Amanda Gosling and Eleni Karagiannaki

4775: Interest Rate Setting by the ECB: Words and Deeds

Stefan Gerlach

4774: Retirement Age and Health Expenditures

Pierre Pestieau, Helmuth Cremer and Jean-Marie Lozachmeur

4773: Disability Testing and Retirement

Pierre Pestieau, Helmuth Cremer and Jean-Marie Lozachmeur

4772: Financial Globalization, Growth and Volatility in Developing Countries

Shang-Jin Wei, Eswar Prasad, Kenneth Rogoff and Ayhan Kose

4771: Content and Advertising in the Media: Pay-TV versus Free-To-Air

Tommaso Valletti and Martin Peitz

4770: Economic and Regulatory Capital: What is the Difference?

Rafael Repullo and Abel Elizalde

4769: The Coordinated Effects of Mergers in Differentiated Products Markets

Kühn, Kai-Uwe

4768: On the Role of Arbitrageurs in Rational Markets

Suleyman Basak and Benjamin Croitoru

4767: Industrial Policy for the Twenty-First Century

Dani Rodrik

4766: Caution or Activism? Monetary Policy Strategies in an Open Economy

Lucio Sarno, Martin Ellison and Jouko Vilmunen

4765: Turbulence and Unemployment in a Job Matching Model

Wouter Den Haan, Christian Haefke and Garey Ramey

4764: Optimal Taxation in an RBC Model: A Linear-Quadratic Approach

Michael Woodford and Pierpaolo Benigno

4763: Structural Change in a Multi-Sector Model of Growth

Christopher Pissarides and L. Rachel Ngai

4762: Strong Contagion with Weak Spillovers

Martin Ellison, Liam Graham and Jouko Vilmunen

4761: Financial Market Development and the Rise in Firm Level Uncertainty

David Thesmar

4760: Do Markets Favour Women's Human Capital More Than Planners?

Jan Svejnar, Münich, Daniel and Katherine Terrell

4759: What Do Deficits Tell us About Debts? Empirical Evidence on Creative Accounting with Fiscal Rules in the EU

Juergen von Hagen and Guntram Wolff

4758: Verified Trust: Reciprocity, Altruism and Noise in Trust Games

Brülhart, Marius and Jean-Claude Usunier

4757: Capital Structure under Imperfect Enforcement

Hans Hvide and Tore Leite

4756: Economic Theories of Bundling and their Policy Implications in Abuse Cases: An Assessment in Light of the Microsoft Case

Kühn, Kai-Uwe, Robert Stillman and ,

4755: Liquidity Risk and Corporate Demand for Hedging and Insurance

Jean Rochet and Stephane Villeneuve

4754: Self-Employment Dynamics Across the Business Cycle: Migrants vs Natives

Klaus Zimmermann and Amelie Constant

4753: Dynamic Security Design

Jean Rochet, Bruno Biais, Thomas Mariotti and Guillaume Plantin

4752: The Rise of Fund Managers in Foreign Exchange

Thomas Gehrig and Lukas Menkhoff

4751: A Time-Frequency Analysis of the Coherences of the US Business Cycle and the European Business Cycle

Andrew Hughes Hallett and Christian Richter

4750: Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach

Frank Smets and Raf Wouters

4749: Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

Frank Smets and Raf Wouters

4748: School Choice and Quality

Tullio Jappelli and Daniele Checchi

4747: Does it Cost to be Virtuous? The Macroeconomic Effect of Fiscal Constraints

Fabio Canova and Evi Pappa