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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3717: Judging Fund Managers by the Company They Keep

Joshua Coval, Pástor, Luboš and Randolph Cohen

3716: Some Observations on the Great Depression in Germany

Mark Weder

3715: PPP Strikes Back: Aggregation and the Real Exchange Rate

Morten Ravn, Helene Rey, Jean Imbs and Haroon Mumtaz

3714: The Choice of Exchange Rate Regime and Speculative Attacks

Alex Cukierman, Yossi Spiegel and Itay Goldstein

3713: Optimal and Time-Consistent Monetary and Fiscal Policy with Heterogeneous Agents

Stefania Albanesi

3712: The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth

Daron Acemoglu, Simon Johnson and James Robinson

3711: North-South and South-South Trade-Related Technology Diffusion: An Industry Level Analysis

Maurice Schiff, Marcelo Olarreaga and Yanling Wang

3710: Macroeconomics of International Price Discrimination

Giancarlo Corsetti and Luca Dedola

3709: The Economic Value of Flexibility When There is Disagreement

Anjan Thakor and Arnoud Boot

3708: Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Anjan Thakor and Arnoud Boot

3707: Departure from Free Trade: A Survey

Arye Hillman

3706: Optimal Control and Filtering in Linear Forward-looking Economies: A Toolkit

Francesco Lippi and Andrea Gerali

3705: Kin Groups and Reciprocity: A Model of Credit Transactions in Ghana

Eliana La Ferrara

3704: Temporary Shocks and Unavoidable Transitions to a High-Unemployment Regime

Wouter Den Haan

3703: The Effect of Privatization and Competitive Pressure on Firms' Price-Cost Margins: Micro Evidence from Emerging Economies

Jozef Konings, Patrick Van Cayseele and Frédéric Warzynski

3702: Why do Consumer Prices React Less than Import Prices to Exchange Rates?

Philippe Bacchetta and Eric van Wincoop

3701: VARs, Common Factors and the Empirical Validation of Equilibrium Business Cycle Models

Lucrezia Reichlin, Luca Sala and Domenico Giannone

3700: From Parent to Child; Early Labour Market Experiences of Second-Generation Immigrants in the Netherlands

Jan van Ours and Justus Veenman

3699: Specialization, Firms and Markets: The division of Labour Between and Within Law Firms

Thomas N. Hubbard and Luis Garicano

3698: Monetary Policy and the Rule of Law

Sylvester Eijffinger and Patrick Stadhouders

3697: On the Consequences of State Dependent Preferences for the Pricing of Financial Assets

Jean-Pierre Danthine, John B Donaldson, Christos Giannikos and Hany Guirguis

3696: Dating the Euro Area Business Cycle

Michael Artis, Massimiliano Marcellino and Tommaso Proietti

3695: Coordination of Capital Taxation Among Asymmetric Countries

Tanguy van Ypersele and Susana Peralta

3694: Household Stockholding in Europe: Where Do We Stand, and Where Do We Go?

Luigi Guiso, Tullio Jappelli and Michael Haliassos

3693: Are Intellectual Property Rights Unfair?

Gilles Saint-Paul

3692: Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?

Sylvester Eijffinger, Daniele Franco and Marco Buti

3691: The Return of the Long-Run Phillips Curve

Dennis Snower and Liam Graham

3690: Long-Run Inflation-Unemployment Dynamics: The Spanish Phillips Curve and Economic Policy

Dennis Snower, Marika Karanassou and Hector Sala

3689: The ECB's Two Pillars

Stefan Gerlach

3688: Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31

Maurice Obstfeld and Alan Taylor

3687: Recession Aversion, Output and the Kydland-Prescott Barro-Gordon Model

Stefan Gerlach

3686: Credit Risk Analysis and Security Design

Roman Inderst and Holger Mueller

3685: The Shape of Hiring and Separation Costs

Francis Kramarz and Marie-Laure Michaud

3684: Monetary Union, Institutions and Financial Market Integration, Italy 1862-1905

Gianni Toniolo, Giovanni Vecchi and Leandro Conte

3683: Doctors without Borders: The Returns to an Occupational License for Soviet Immigrant Physicians in Israel

Adriana Kugler and Robert Sauer

3682: Employee Referrals and Efficiency Wages

Adriana Kugler

3681: Financial Development and Stock Returns: A Cross-Country Analysis

Harris Dellas and Martin Hess

3680: Technology Shocks and Employment

Harris Dellas and Fabrice Collard

3679: Wage Rigidity and Monetary Union

Harris Dellas and George Tavlas

3678: Entrepreneurship Capital and Economic Performance

David Audretsch and Max Keilbach

3677: On Income Inequality and Green Preferences

Renström, Thomas I and Laura Marsiliani

3676: Liquidity Supply and Demand in Limit Order Markets

Burton Hollifield, Sandås, Patrik, Robert A. Miller and Joshua Slive

3675: Information Revelation and Efficiency in Auctions

Konstantin Sonin and Anna Mikusheva

3674: Time-to-Build and Strategic Investment Under Uncertainty

Peter Zemsky and Goncalo Pacheco de Almeida

3673: The Effect of Structural Fund Spending on the Spanish Regions: An Assessment of the 1994-99 Objective 1 CSF

Angel de La Fuente

3672: Cyclical and Structural Deficits on the Road to Accession: Fiscal Rules for an Enlarged European Union

Fabrizio Coricelli and Valerio Ercolani

3671: In-Sample or Out-of-Sample Tests of Predictability: Which One Should We Use?

Lutz Kilian and Atsushi Inoue

3670: The Variable Value Environment: Auctions and Actions

Konstantin Sonin and Michael Schwarz

3669: Does Subsidized Temporary Employment Get the Unemployed Back to Work? An Econometric Analysis of Two Different Schemes

Michael Lechner, Michael Gerfin and Heidi Stieger

3668: Transparency Gloves for Grabbing Hands? Politics and (Mis)Governance

Mark Gradstein and Tomer Blumkin

3667: Subgame Perfect Punishment for Repeat Offenders

Winand Emons

3666: Partial Insurance, Information, and Consumption Dynamics

Richard Blundell, Ian Preston and Luigi Pistaferri

3665: A Reappraisal of the Inflation-Unemployment Tradeoff

Dennis Snower, Marika Karanassou and Hector Sala

3664: The Failing Firm Defence: Merger Policy and Entry

Helen Weeds and Robin Mason

3663: The Reallocation of Workers and Jobs in Russian Industry: New Evidence on Measures and Determinants

J. David Brown and John Earle

3662: Structural Adjustment and the Sectoral and Geographical Mobility of Labour

Sir David Greenaway, Peter Wright and Richard Upward

3661: Self-Employment and Labour Market Transitions: A Multiple State Model

Maite Martinez-Granado

3660: Good Neighbours / Bad Citizens: Personal Value Priorities of Economists

Neil Gandal and Sonia Roccas

3659: Do WTO Members have More Liberal Trade Policy?

Andrew Rose

3658: Incomplete Wage Posting

Javier Suarez and Claudio Michelacci

3657: Bubbles and Capital Flows

Jaume Ventura

3656: Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

David Audretsch and Erik Lehmann

3655: Cyclical Fluctuations in Workplace Accidents

Jan van Ours and Jan Boone

3654: On Market Forces and Human Evolution

Gilles Saint-Paul

3653: Globalization and Democracy

Carl B Hamilton

3652: Entrepreneurship in Equilibrium

David Scharfstein and Denis Gromb

3651: The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse

Harald Hau

3650: Bertrand and Walras Equilibria Under Moral Hazard

Pierre Chiappori and Alberto Bennardo

3649: Managers, Workers and Corporate Control

Marco Pagano and Paolo Volpin

3648: Scale Effects in Markets with Search

Christopher Pissarides and Barbara Petrongolo

3647: Outsourcing Versus FDI in Industry Equilibrium

Elhanan Helpman and Gene Grossman

3646: Macroeconomic Fluctuations and the Timing of Labour Market Reforms

Gilles Saint-Paul

3645: Determinants of Opposition Against EPO Patent Grants - The Case of Biotechnology and Pharmaceuticals

Dietmar Harhoff and Markus Reitzig

3644: Bids and Allocations in European IPO Bookbuilding

Tim Jenkinson and Howard Jones

3643: Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development

Dani Rodrik, Arvind Subramanian and Francesco Trebbi

3642: Cognitive Ability and Paternalism

Gilles Saint-Paul

3641: Economic Aspects of Human Cloning and Reprogenetics

Gilles Saint-Paul

3640: Globalization and the 'New Enterprise'

Dalia Marin and Thierry Verdier

3639: Central Bank Transparency in Theory and Practice

Andrew Hughes Hallett and Maria Demertzis

3638: Market Access and Tax Competition

Gianmarco Ottaviano and Tanguy van Ypersele

3637: Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises

Sylvester Eijffinger and Benedikt Goderis

3636: Firing Tax and Severance Payment in Search Economies: A Comparison

Pietro Garibaldi and Giovanni Violante

3635: Some Stylized Facts on Non-Systematic Fiscal Policy in the Euro Area

Massimiliano Marcellino

3634: The DVD Versus DIVX Standard War: Empirical Evidence of Network Effects and Preannouncement Effects

Neil Gandal and David Dranove

3633: The Effect of Native Language on Internet Usage

Neil Gandal

3632: Income Variance Dynamics and Heterogeneity

Costas Meghir and Luigi Pistaferri

3631: The Political Economy of Policy Centralization: Direct Versus Representative Democracy

Kimberley Scharf and Michela Redoano

3630: The Corporate Governance Role of the Media

Luigi Zingales and Isaac Dyck

3629: Why is a Flexible World More Insecure? The Way Outsourcing Amplifies Uncertainty

David Thesmar

3628: Anticipated and Unanticipated Wage Changes, Wage Risk, and Intertemporal Labour Supply

Luigi Pistaferri

3627: The Geographical Distribution of Production Activity in the UK

Michael Devereux, Rachel Griffith and Helen Simpson

3626: Does the New Economy Need New Governance? Ownership, Knowledge and Performance

David Audretsch and Erik Lehmann

3625: A Theory of Distributional Conflict, Voluntarism and Segregation

Kimberley Scharf and Ignatius Horstmann

3624: The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition

Kierzenkowski, Rafał

3623: Research Productivity and Patent Quality: Measurement with Multiple Indicators

Mark Schankerman and Jean Lanjouw

3622: Liberalizing a Distribution System: the European Car Market

Frank Verboven and Randy Brenkers

3621: The Stability and Growth Pact as an Impediment to Privatizing Social Security

Assaf Razin and Efraim Sadka

3620: Redistribution Policy: A European Model

Alessandra Casella

3619: The Role of Information in Driving FDI: Theory and Evidence

Assaf Razin, Efraim Sadka and Ashoka Mody

3618: Vicious and Virtuous Circles - The Political Economy of Unemployment

A. Patrick Minford and Ruthira Naraidoo