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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3917: Loan Pricing Under Basel Capital Requirements

Rafael Repullo and Javier Suarez

3916: Incentives and Invention in Universities

Mark Schankerman and Saul Lach

3915: Financial Distress and Bank Restructuring of Small to Medium Size UK Companies

Julian Franks and Oren Sussman

3914: The Political Economy of Bank and Equity Dominance

Ernst-Ludwig von Thadden and Enrico Perotti

3913: International Unions

Alberto Alesina, Ignazio Angeloni and Federico Etro

3912: The Dynamics of Local Employment in France

Thierry Magnac, Pierre-Philippe Combes and Jean-Marc Robin

3911: Representative versus Direct Democracy: The Role of Informational Asymmetries

Anke Kessler

3910: The Euro is Good After All: Evidence from Corporate Valuations

Arturo Bris, Yrjö Koskinen and Mattias Nilsson

3909: The Monetary Consequences of A Free Trade Area of the Americas

Barry Eichengreen and Alan Taylor

3908: Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run

Andreas Fischer and Ricarda Demarmels

3907: Delegated Job Design

Hans Hvide and Todd Kaplan

3906: Teen Births Keep American Crime High

Jennifer Hunt

3905: Household Labour Supply and Welfare Participation in Sweden

Lennart Flood, Jorgen Hansen and Roger Wahlberg

3904: On the Trend Recognition and Forecasting Ability of Professional Traders

Martin Weber, Markus Glaser and Thomas Langer

3903: Incentives to Borrow and the Demand for Mortgage Debt: An Analysis of Tax Reforms

Tullio Jappelli and Luigi Pistaferri

3902: The Elusive Gains from International Financial Integration

Olivier Jeanne and Pierre-Olivier Gourinchas

3901: Insisting on a Non-negative Price: Oligopoly, Uncertainty, Welfare and Multiple Equilibria

Johan Lagerlof

3900: The Price of Future Liquidity: Time-Varying Liquidity in the US Treasury Market

David Goldreich, Bernd Hanke and Purnendu Nath

3899: Taylor Rules in Practice: How Central Banks can Intercept Sunspot Expectations

Mark Weder

3898: Money and the Transmission Mechanism in the Optimizing IS-LM Specification

Edward Nelson

3897: The Future of Monetary Aggregates in Monetary Policy Analysis

Edward Nelson

3896: The Macroeconomics of Early Retirement

Vincenzo Galasso and J. Ignacio Conde-Ruiz

3895: The Zero-Interest Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan

Günter Coenen and Volker Wieland

3894: Exchange Rate Pass-Through in Candidate Countries

Fabrizio Coricelli, Bostjan Jazbec and Igor Masten

3893: Leading Indicators for Euro Area Inflation and GDP Growth

Anindya Banerjee, Massimiliano Marcellino and Igor Masten

3892: Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero

Günter Coenen, Athanasios Orphanides and Volker Wieland

3891: The Determinants of Employee Crime in the UK

Robert Witt and Neil Rickman

3890: Are Household Portfolios Efficient? An Analysis Conditional on Housing

Guglielmo Weber

3889: Cross-Country Determinants of Mergers and Acquisitions

Paolo Volpin and Stefano Rossi

3888: Strategic Choice of Financing Systems in Regulated and Interconnected Industries

Jerome Pouyet and Anna Bassanini

3887: Monetary-Fiscal Mix and Inflation Performance: Evidence from the US

Carlo Favero and Tommaso Monacelli

3886: Citizen Candidacy with Asymmetric Information

Wilfried Sand-Zantman and Georges Casamatta

3885: On the Influence of Extreme Parties in Electoral Competition with Policy-Motivated Candidates

Georges Casamatta and Philippe De Donder

3884: Are we Better Off if our Politicians Have More Information?

Johan Lagerlof

3883: Freidman's Money Supply Rule versus Optimal Interest Rate Policy

Seppo Honkapohja and George Evans

3882: The New Comparative Economics

Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer

3881: Tax Incentives to Saving and Borrowing

Tullio Jappelli and Luigi Pistaferri

3880: The Political Economy of European Merger Control: Evidence Using Stock Market Data

Damien Neven, Röller, Lars-Hendrik and Tomaso Duso

3879: The Effectiveness of Structural Policy in the European Union: An Empirical Analysis for the EU-15 during the Period 1995-2001

Sylvester Eijffinger and Maaike Beugelsdijk

3878: An Equilibrium Approach to International Merger Policy

Luis Cabral

3877: Trade, Wages and the Political Economy of Trade Protection: Evidence from the Colombian Trade Reforms

Pinelopi Goldberg and Nina Pavcnik

3876: Airbus versus Boeing Revisited: International Competition in the Aircraft Market

Douglas Irwin and Nina Pavcnik

3875: The Role of Human Capital Investments in the Location Decisions of Firms

Niko Matouschek and Frederic Robert-Nicoud

3874: The Response of the Informal Sector to Trade Liberalization

Pinelopi Goldberg and Nina Pavcnik

3873: How do Firms Agglomerate? A Study of FDI in France

Jean-Louis Mucchielli, Thierry Mayer and Matthieu Crozet

3872: Information Diffusion in International Markets

Marcelo Olarreaga, Alejandro Izquierdo and Jacques Morisset

3871: Employment Protection and Globalization in Dynamic Oligopoly

Dermot Leahy, Gerda Dewit and Catia Montagna

3870: Fatal Attraction

Ronald MacDonald, Tamim Bayoumi, Manmohan Kumar and Giorgio Fazio

3869: Deflation: Prevention and Cure

Willem Buiter

3868: Portfolio Choice with Internal Habit Formation: A Life-Cycle Model with Uninsurable Labour Income Risk

Alexander Michaelides and Francisco Gomes

3867: Learning and Syndication in Venture Capital Investments

Carole Haritchabalet and Catherine Casamatta

3866: Endogenous Policy Leads to Inefficient Risk-Sharing

Marco Celentani, Klaus Desmet and J. Ignacio Conde-Ruiz

3865: Banks and Markets: the Changing Character of European Finance

Raghuram Rajan and Luigi Zingales

3864: Entrepreneurs and New Ideas

Enrico Perotti and Bruno Biais

3863: Education, Growth and Income Inequality

C. N. Teulings and Thijs van Rens

3862: Paying for Performance: The Effect of Teachers' Financial Incentives on Students' Scholastic Outcomes

Victor Lavy

3861: How Large are Search Frictions?

C. N. Teulings and Pieter Gautier

3860: Is Strong Reciprocity a Maladaption? On the Evolutionary Foundations of Human Altruism

Ernst Fehr and Joseph Henrich

3859: The Wrong Kind of Transparency

Andrea Prat

3858: A Nationwide Laboratory Examining Trust and Trustworthiness by Integrating Behavioural Experiments into Representative Surveys

Ernst Fehr, Gert Wagner, Urs Fischbacher, Bernhard von Rosenbladt and Jürgen Schupp

3857: Decentralization and Political Institutions

Ekaterina Zhuravskaya and Ruben Enikolopov

3856: Prisoners' Other Dilemma

Giancarlo Spagnolo and Matthias Blonski

3855: Opportunistic Political Cycles: Test in a Young Democracy Setting

Ekaterina Zhuravskaya, Akhmed Akhmedov and Alexey Ravichev

3854: Monopoly Rights can Reduce Income Big Time

Berthold Herrendorf and Arilton Teixeira

3853: What are Falling Transport Costs doing to Spatial Concentration Across US Counties?

Marcel Fafchamps and Klaus Desmet

3852: Optimal Financial Market Integration and Security Design

Alberto Bisin and Viral Acharya

3851: Regulation and Investment

Alberto Alesina, Fabio Schiantarelli, Silvia Ardagna and Giuseppe Nicoletti

3850: Optimal Public Policy for Venture Capital Backed Innovation

Christian Keuschnigg

3849: Icelandic Fisheries Management: Fees versus Quotas

Martin Weitzman and Thorvaldur Gylfason

3848: Aggregate Growth and the Efficiency of Labour Reallocation

Simon Burgess and Daniel Mawson

3847: The Effect of Employment Protection on Worker Effort: A Comparison of Absenteeism During and After Probation

Andrea Ichino and Regina Riphahn

3846: Digital Goods and the New Economy

Danny Quah

3845: Trade Liberalization and Globalization: A Survey

Arye Hillman

3844: Stock Prices, News and Economic Fluctuations

Franck Portier and Paul Beaudry

3843: Which Investors Fear Expropriation? Evidence from Investors' Stock Picking

Mariassunta Giannetti and Andrei Simonov

3842: Efficiency-Enhancing Signalling in the Samaritan's Dilemma

Johan Lagerlof

3841: On the Desirability of an Efficiency Defense in Merger Control

Paul Heidhues and Johan Lagerlof

3840: Russia's European Economic Integration: Escapism and Realities

Carl B Hamilton

3839: Weddings with Uncertain Prospects - Mergers under Asymmetric Information

Armin Schmutzler, Bühler, Stefan and Thomas Borek

3838: Agglomeration and Economic Geography

Jacques Thisse and Gianmarco Ottaviano

3837: University Spillovers: Strategic Location and New Firm Performance

David Audretsch, Erik Lehmann and Susanne Warning

3836: Infrastructure Quality in Deregulated Industries: Is there an Underinvestment Problem?

Armin Schmutzler, Men-Andri Benz and Bühler, Stefan

3835: Determinants of Interregional Mobility in Russia: Evidence from Panel Data

Sergei Guriev and Yuri Andrienko

3834: Clean Evidence on Peer Pressure

Andrea Ichino and Armin Falk

3833: Export Pricing of Foreign Firms in Hungary: Estimations for 1992-96

László Halpern and Miklós Koren

3832: Heterogeneity of Investors and Asset Pricing in a Risk-Value World

Günter Franke and Martin Weber

3831: Changes in the Functional Structure of Firms and the Demand for Skill

Eric Maurin and David Thesmar

3830: Changes in Job Security and their Causes: An Empirical Analysis for France, 1982-2002

Eric Maurin and Pauline Givord

3829: Investments and Network Competition

Tommaso Valletti and Carlo Cambini

3828: The Rise and Fall of Swiss Unemployment

Patrick Puhani

3827: The Effect of High School Matriculation Awards: Evidence from Randomized Trials

Joshua Angrist and Victor Lavy

3826: The Real Effects of Investor Sentiment

Paola Sapienza and Christopher Polk

3825: What is the Value Added by Caseworkers?

Michael Lechner and Jeffrey Smith

3824: Price Squeezes in a Regulatory Environment

Frank Verboven and Jan Bouckaert

3823: Export-Platform Foreign Direct Investment

James Markusen, Rikard Forslid and Karolina Ekholm

3822: The Origination and Evolution of Ownership and Control

Julian Franks, Colin Mayer and Stefano Rossi

3821: Estimating Loss Function Parameters

Allan Timmermann, Graham Elliott and Ivana Komunjer

3820: Benchmarking Structural Change in Transition

Mark Schaffer, Martin Raiser and Johannes Schuchhardt

3819: Do Oppositional Identities Reduce Employment for Ethnic Minorities?

Yves Zenou, Harminder Battu and MacDonald Mwale

3818: The Effects of Overcrowded Housing on Children's Performance at School

Dominique Goux and Eric Maurin