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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4746: International Risk Sharing and the Transmission of Productivity Shocks

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

4745: Financial Globalization and Exchange Rates

Gian Maria Milesi-Ferretti and Philip Lane

4744: Intergenerational Education Transmission: Neighbourhood Quality and/or Parents' Involvement

Yves Zenou and Eleonora Patacchini

4743: Equilibrium Search Unemployment With Explicit Spatial Frictions

Yves Zenou and Etienne Wasmer

4742: Complementarities and Games: New Developments

Xavier Vives

4741: Inequality, Technology and the Social Contract

Bénabou, Roland

4740: Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

Michael Woodford and Pierpaolo Benigno

4739: Inequality and Institutions

Mark Gradstein and Alberto Chong

4738: Growth, History and Institutions

Graziella Bertocchi

4737: Citizenship Laws and International Migration in Historical Perspective

Graziella Bertocchi and Chiara Strozzi

4736: Public Safety and the Moral Dilemma in the Defense Against Terror

Arye Hillman, Miriam Krausz and Raphael Franck

4735: Financial Intermediation with Contingent Contracts and Macroeconomic Risks

Hans Gersbach

4734: Properties of Scoring Auctions

Estelle Cantillon and John Asker

4733: Balance of Power

Jan Boone

4732: Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks

Assaf Razin, Efraim Sadka and Yona Rubinstein

4731: On the Optimal Timing of Taxes

Fabrizio Zilibotti, John Hassler and Kjetil Storesletten

4730: The Elusive Welfare Economics of Price Stability As A Monetary Policy Objective: Should New Keynesian Central Bankers Persue Pr

Willem Buiter

4729: A Variance Ratio Related Prediction Tool with Application to the NYSE Index 1825-2002

Shmuel Kandel and Shlomo Zilca

4728: Two Views of Inequality Over the Life-Cycle

Kjetil Storesletten, Giovanni Violante and Jonathan Heathcote

4727: Policies for Banking Crises: A Theoretical Framework

Rafael Repullo

4726: Convergence and Cycles in the Euro Zone

Andrew Harvey and Vasco Carvalho

4725: Banks' Loan Portfolio and the Monetary Transmission Mechanism

Wouter Den Haan, Steven Sumner and Guy Yamashiro

4724: Bank Loan Components and the Time-Varying Effects of Monetary Policy Shocks

Wouter Den Haan, Steven Sumner and Guy Yamashiro

4723: Distance to the Efficiency Frontier and FDI Spillovers

Jan Svejnar, Klara Sabirianova Peter and Katherine Terrell

4722: Dividend Taxes and Corporate Behaviour: Evidence from the 2003 Dividend Tax Cut

Emmanuel Saez and Raj Chetty

4721: Is There Regional Tax Competition? Firm Level Evidence for Belgium

Hylke Vandenbussche, Boudewijn Janssen and Crabbé, Karen

4720: EU Enlargement and Beyond: A Simulation Study on EU and Russia Integration

Mika Widgrén and Pekka Sulamaa

4719: Fear of Outsourcing: Is It Justified?

Shang-Jin Wei and Mary Amiti

4718: Asset Pricing with Liquidity Risk

Viral Acharya and Lasse Pedersen

4717: Resolution of Sovereign Debt Crises: The New Old Framework

Richard Portes

4716: Earnings, Schooling and Economic Reform: New Econometric Evidence

Nauro Campos and Dean Jolliffe

4715: Agglomeration and Welfare: The Core-Periphery Model in the Light of Bentham, Kaldor and Rawls

Jacques Thisse, Frederic Robert-Nicoud, Sylvie Charlot and Gaigné, Carl

4714: The Demographic Transition and the Emergence of Sustained Economic Growth

Oded Galor

4713: To What Extent Should Less-Developed Countries Enforce Intellectual Property?

Gilles Saint-Paul

4712: Welfare Effects of Intellectual Property in a North-South Model of Endogenous Growth with Comparative Advantage

Gilles Saint-Paul

4711: Cross-Skill Redistribution and the Trade-Off Between Unemployment Benefits and Employment Protection

Tito Boeri, Vincenzo Galasso and J. Ignacio Conde-Ruiz

4710: The Macroeconomics of Knowledge Management: Internal Hold-Up versus Technological Competition

Thierry Verdier

4709: Wage Differentials in the 1990s in Israel: Endowments, Discrimination and Selectivity

Shoshana Neuman and Ronald Oaxaca

4708: Intermittent Employment: Work Histories of Israeli Men and Women, 1983-1995

Shoshana Neuman and Adrian Ziderman

4707: Effective Active Labour Market Policies

Jan C. van Ours and Jan Boone

4706: Is There a Political Support for the Double Burden on Prolonged Activity?

Pierre Pestieau, Helmuth Cremer and Georges Casamatta

4705: Changes in the Distribution of Male and Female Wages Accounting for Employment Composition Using Bounds

Richard Blundell, Costas Meghir, Amanda Gosling and Hidehiko Ichimura

4704: Optimal Rewards in Contests

Aner Sela, Todd Kaplan and Chen Cohen

4703: Accounting for Cross-Country Income Differences

Francesco Caselli

4702: Joint Production in Teams

Marco Battaglini

4701: A Portfolio Choice Model with Utility from Anticipation of Future Consumption and Stock Markets' Mean Reversion

Shmuel Kandel and Arik Kuznitz

4700: Optimal Domestic Regulation and the Pattern of Trade

Thierry Verdier and David Martimort

4699: Socially Responsible Trade Integration: A Political Economy Perspective

Thierry Verdier

4698: How Special is the Special Relationship? Using the Impact of US R&D Spillovers on UK Firms as a Test of Technology Sourcing

John van Reenen, Rachel Griffith and Rupert Harrison

4697: Financial Globalization, International Business Cycles and Consumption Risk Sharing

Michael Artis and Mathias Hoffmann

4696: Monetary Magic? How the Fed Improved the Flexibility of the Economy

Tamim Bayoumi and Silvia Sgherri

4695: Competition, Globalization and the Decline of Inflation

Andrew Scott, Jean Imbs and Natalie Chen

4693: International Cooperation on Domestic Policies: Lessons from the WTO Competition Policy Debate

Kamal Saggi

4692: Policies Facilitating Firm Adjustment to Globalization

Beata Javorcik

4691: Foreign Ownership and Productivity: New Evidence from the Service Sector and the R&D Lab

Rachel Griffith, Stephen Redding and Helen Simpson

4690: Tariff Protection, Intellectual Property Rights and North-South Trade with Perfect Price Flexibility

Kresimir Zigic and Delia Ionascu

4689: Employment Concentration Across US Counties

Marcel Fafchamps and Klaus Desmet

4688: Hold-Up Problems and Firm Formation

Hans Gersbach and Hans Haller

4685: Industry/University S&T Transfers: What Can We Learn From Belgian CIS-2 Data?

Henri Capron and Michele Cincera

4684: Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk

Robert Flood and Andrew Rose

4683: The Politics Of Debt Crises

Beatrice Weder di Mauro and Caroline Van Rijckeghem

4682: The Political Economy of Urban Transport System Choice

Jan Brueckner and Harris Selod

4681: Do Firms Want to Borrow More? Testing Credit Constraints Using a Directed Lending Program

Abhijit Banerjee and Esther Duflo

4680: The Brain Drain: Some Evidence from European Expatriates in the US

Gilles Saint-Paul

4679: Indeterminacy in a Finance Constrained Unionized Economy

Leonor Modesto and Teresa Lloyd-Braga

4678: Creating Competition Out of Thin Air: Market Thickening and Right-to-Choose Auctions

Andrew Schotter, Theo Offerman and Kfir Eliaz

4677: Domestic and International Finance: How Do They Affect Consumption Smoothing?

Harry Huizinga and Dantao Zhu

4676: Monetary and Exchange Rate Policy in Korea: Assessments and Policy Issues

Barry Eichengreen

4675: Deconstructing the Art of Central Banking

Tamim Bayoumi and Silvia Sgherri

4674: The Comovement of Credit Default Swap, Bond and Stock Markets: An Empirical Analysis

Martin Weber and Lars Norden

4673: Equilibrium of Real Financial Markets: Theory and Experimental Evidence

Peter Bossaerts

4672: Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance

Yishay Yafeh and Hedva Ber

4671: Destination- versus Origin-based Commodity Taxation and the Location of Industry

Jacques Thisse, Jonathan Hamilton, Gianmarco Ottaviano and Kristian Behrens

4670: Political Institutions, Environmental Policy and Growth

Renström, Thomas I and Laura Marsiliani

4669: Import Demand Elasticities and Trade Distortions

Marcelo Olarreaga, Alessandro Nicita and Hiau Looi Kee

4668: Diamonds are Forever, Wars are Not: Is Conflict Bad for Private Firms?

Eliana La Ferrara and Massimo Guidolin

4667: Information Sales and Insider Trading

Giovanni Cespa

4666: Who Runs the IFIs?

Riccardo Faini and Enzo Grilli

4665: Trade Liberalization in a Globalizing World

Riccardo Faini

4664: Do Elections Always Motivate Incumbents? Learning versus Re-election Concerns

Ben Lockwood and Eric Le Borgne

4663: International Cooperation and the Reform of Public Procurement Policies

Simon Evenett

4662: Anatomy of the Rise and Fall of a Price-Fixing Conspiracy: Auctions at Sotheby's and Christie's

Orley Ashenfelter and Kathryn Graddy

4661: Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Timothy Lane, Francesco Caselli and Silvia Ardagna

4660: Foreign Direct Investment and Spillovers: Gradualism May Be Better

Klaus Desmet and Juan Rojas

4659: Platform Competition in Telecommunications

Neil Gandal and Jeffrey Church

4658: Intellectual Property and Standardization Committee Participation in the US Modem Industry

David Genesove, Neil Gandal and Nataly Gantman

4657: Platform Ownership

Konrad Stahl, Volker Nocke and Martin Peitz

4656: Optimal Expectation

Markus Brunnermeier and Jonathan Parker

4655: Personal Value Priorities of Economists

Neil Gandal, Sonia Roccas, Lilach Sagiv and Amy Wrzesniewski

4654: Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the US Business Cycle

Martín Uribe and Schmitt-Grohé, Stephanie

4653: Rule of Law, Democracy, Openness and Income: Estimating the Interrelationships

Dani Rodrik and Roberto Rigobon

4652: The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G-7

Michael Artis, Denise Osborn and Pedro Perez-Vazquez

4651: Money Market Pressure and the Determinants of Banking Crises

Juergen von Hagen and Tai-kuang Ho

4650: Model-based Clustering of Multiple Time Series

Sylvia Kaufmann and Frühwirth-Schnatter, Sylvia

4649: Optimal Forecast Combination Under Regime Switching

Allan Timmermann and Graham Elliott

4648: Corporate Social Responsibility and Managerial Entrenchment

Giacinta Cestone and Giovanni Cespa

4647: Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU

Sylvester Eijffinger and Matteo Governatori

4646: Estimates of Personal Sector Wealth for South Africa

John Muellbauer and Janine Aron

4645: Term Structure of Risk Under Alternative Econometric Specifications

Allan Timmermann and Massimo Guidolin

4644: Population Ageing and International Capital Flows

Martin Flodén and David Domeij