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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3415: The Role of Non-financial Factors in Internal Credit Ratings

Martin Weber, Jens Grunert and Lars Norden

3414: A Dynamic Model with Import Quota Constraints

Suleyman Basak and Anna Pavlova

3413: A Model of Credit Risk, Optimal Policies and Asset Prices

Suleyman Basak and Alex Shapiro

3412: Labour Mobility of Immigrants: Training, Experience, Language and Opportunities

Zvi Eckstein and Sarit Cohen-Goldner

3411: Banks versus Venture Capital

Masako Ueda

3410: Stock Valuation and Learning about Profitability

Pietro Veronesi and Pástor, Luboš

3409: On the Way of EMU Enlargement towards CEECs: What is the Appropriate Exchange Rate Regime?

Mathilde Maurel

3408: Exchange Rate Regimes and Supply Shocks Asymmetry: The Case of the Accession Countries

Mathilde Maurel, Laurence Boone and Jan Babetski

3407: Intra-national versus International Trade in the European Union: Why do National Borders Matter?

Natalie Chen

3406: Globalization and the demand for skill: An Export Based Channel

Eric Maurin and David Thesmar

3405: Non-Linear Monetary Policy Rules: Some New Evidence for the US

Juan Dolado, María-Dolores, Ramón and Francisco Ruge-Murcia

3404: Why Vote for Losers?

Micael Castanheira

3403: An Evaluation Framework for Alternative VaR Models

Christian Wolff, Dennis Bams and Thorsten Lehnert

3402: 'Footloose' Multinationals?

Eric Strobl and Görg, Holger

3401: Cash Flow Taxes in an Open Economy

Michael Devereux and Stephen Roy Bond

3400: Do Countries Compete over Corporate Tax Rates?

Michael Devereux, Ben Lockwood and Michela Redoano

3399: Sovereign Default By Argentina: 'Slow Motion Train Crash' or Self-Fulfilling Crisis?

Marcus Miller and García-Fronti, Javier

3398: Boom-Busts in Asset Prices, Economic Instability and Monetary Policy

Michael Bordo and Olivier Jeanne

3397: Class Size, Education and Wages

Christian Dustmann, Arthur van Soest and Najma Rajah

3396: Welfare Effects of Employment Protection

Jan van Ours, Jan Boone and Michèle Belot

3395: Government Leadership and Central Bank Design

Andrew Hughes Hallett and Diana Weymark

3394: From Malthus to Ohlin: Trade, Growth and Distribution Since 1500

Jeffrey Williamson and Kevin O'Rourke

3393: Unobservable-Components Estimates of Output Gaps in Five Asian Economies

Stefan Gerlach and Matthew Yiu

3392: Money and Inflation in the Euro-Area: A Case for Monetary Indicators?

Lars Svensson and Stefan Gerlach

3391: Electronic Money and the Optimal Size of Monetary Unions

Paul De Grauwe and Claudia Costa Storti

3390: Educational Attainment in the OECD, 1960-95

Angel de La Fuente and Rafael Domenech

3389: Poverty in the Transition: Social Expenditures and the Working-Age Poor

John Micklewright, Jeni Klugman and Gerry Redmond

3388: Waiting for Mr Right: Rising Inequality and Declining Marriage Rates

Eric Gould and M. Daniele Paserman

3387: Art Auctions: A Survey of Empirical Studies

Orley Ashenfelter and Kathryn Graddy

3386: On the Number and Size of Cities

Jacques Thisse, Takatoshi Tabuchi and Dao-Zhi Zeng

3385: Economic Geography and the Role of Profits

Jacques Thisse, Pierre Picard and Eric Toulemonde

3384: Does Inward Foreign Direct Investment Boost the Productivity of Domestic Firms?

Jonathan Haskel, Matthew Slaughter and Sonia Pereira

3383: Why Corporate Taxes May Rise: The Case of Trade Liberalization and Foreign Ownership

Guttorm Schjelderup, Karen Helene Ulltveit-Moe and Hans Jarle Kind

3382: Heckscher-Ohlin Business Cycles

Marco Maffezzoli and Cuñat, Alejandro

3381: The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity

Marc Melitz

3380: FDI, Infrastructure and the Welfare Effects of Labour Migration

Frank Barry

3379: Testing for Localization Using Micro-Geographic Data

Gilles Duranton and Henry Overman

3378: Financial Globalization and Emerging Markets: With or Without Crash?

Philippe Martin and Helene Rey

3377: Non-Linear Dynamics in Deviations from the Law of One Price: A Broad-Based Empirical Study

Mark Taylor, Lucio Sarno and Ibrahim Chowdhury

3376: The Real Exchange Rate Always Floats

Thorvaldur Gylfason

3375: Trade versus Direct Investment: Modal Neutrality and National Treatment

Kamal Saggi

3373: Work and Television

Giacomo Corneo

3372: Optimal Campaigning in Presidential Elections: The Probability of Being Florida

Strömberg, David

3371: Electoral College, Popular Vote and Regional Information

Grüner, Hans Peter and Martina Behm

3370: Optimal Commitment Policy Under Noisy Information

Kosuke Aoki

3369: Strategic Liquidity Supply and Security Design

Bruno Biais and Thomas Mariotti

3368: The Geography of Intra-Industry Trade: Empirics

Anthony Venables, Patricia Rice and Martin Stewart

3367: Consumption and Savings with Unemployment Risk: Implications for Employment Contracts

Christopher Pissarides

3366: Trade and Industrial Location with Heterogenous Labour

Christopher Pissarides and Mary Amiti

3365: The Inflation Forecast and the Loss Function

Lars Svensson

3364: The Benefits and Costs of Group Affiliation: Evidence from East Asia

Stijn Claessens, Larry Lang and Joseph P.H. Fan

3363: Benefit Entitlement and Unemployment Duration: The Role of Policy Endogeneity

Zweimüller, Josef and Rafael Lalive

3362: Agglomeration and Market Interaction

Jacques Thisse and Masahisa Fujita

3361: Endogenous Firm Objectives

Renström, Thomas I and Erdal Yalcin

3360: The Market for Used Cars: A New Test of the Lemons Model

Winand Emons and George Sheldon

3359: Reputation-Based Pricing and Price Improvements in Dealership Markets

Thierry Foucault and Gabriel Desgranges

3358: Private versus Public Schools in Post-Apartheid South African Cities: Theory and Policy Implications

Yves Zenou and Harris Selod

3357: Affirmative Action and Efficiency in Education

Gianni De Fraja

3356: Economic Development as Self Discovery

Dani Rodrik and Ricardo Hausmann

3355: A Simple Framework for International Monetary Policy Analysis

Mark Gertler, Richard Clarida and Galí, Jordi

3354: Returns to Education: Evidence from UK Twins

Jonathan Haskel, Dorothe Bonjour, Lynn Cherkas and Tim Spector

3353: Momentum and Turnover: Evidence from the German Stock Market

Martin Weber and Markus Glaser

3352: Conditional Political Budget Cycles

Jakob Svensson and Min Shi

3351: A Note on NNS Models: Introducing Physical Capital; Avoiding Rationing

Jean-Pierre Danthine and John B Donaldson

3350: Identifying Human Capital Externalities: Theory with an Application to US Cities

Antonio Ciccone and Giovanni Peri

3349: International Dimensions of Optimal Monetary Policy

Paolo Pesenti and Giancarlo Corsetti

3348: Decentralizing the Stochastic Growth Model

Jean-Pierre Danthine and John B Donaldson

3347: Courts and Banks: Effects of Judicial Enforcement on Credit Markets

Marco Pagano, Tullio Jappelli and Magda Bianco

3346: Monetary Policy and Exchange Rate Volatility in a Small Open Economy

Galí, Jordi and Tommaso Monacelli

3345: Disclosures and Asset Returns

Hyun Song Shin

3344: Courts: The Lex Mundi project

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

3343: The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests

Raman Uppal, Piet Sercu and Prakesh Apte

3342: 'Be Nice, Unless it Pays to Fight': A New Theory of Price Determination with Implications for Competition Policy

Jan Boone

3341: Social Networks and Technology Adoption in Northern Mozambique

Oriana Bandiera and Imran Rasul

3340: Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Colin Mayer, Yishay Yafeh and Koen Schoors

3339: The Complexity of Economic Policy: I. Restricted Local Optima in Tax Policy Design

Gilles Saint-Paul

3338: What are the Effects of Fiscal Policy Shocks?

Harald Uhlig and Andrew Mountford

3337: Exchange Rate Monitoring Bands: Theory and Policy

Marcus Miller and Luisa Corrado

3336: Independence before Conservatism: Transparency, Politics and Central Bank Design

Andrew Hughes Hallett and Diana Weymark

3335: Trapped, Delayed and Handicapped

Sällström, Susanna and Anna Sjögren

3334: The Macroeconomics of Labour and Credit Market Imperfections

Philippe Weil and Etienne Wasmer

3333: Global versus Local Competition

Konrad Stahl

3332: Uncertainty and Consumer Durables Adjustment

Luigi Guiso, Giuseppe Bertola and Luigi Pistaferri

3331: Credit Ratings as Coordination Mechanism

Arnoud Boot and Todd Milbourn

3330: Aggregate Risk, Political Constraints and Social Security Design

Vincenzo Galasso and Marcello D'Amato

3329: Pricing Credit Derivatives with Rating Transitions

Sanjiv Das, Viral Acharya and Rangarajan K Sundaram

3328: Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy

Viral Acharya and Jennifer Carpenter

3327: Revisiting Oligopolistic Reaction: Are FDI Decisions Strategic Complements?

Thierry Mayer, Keith Head and John Ries

3326: International Rent Sharing in Multinational Firms

Jozef Konings, Matthew Slaughter and John Budd

3325: Multinational Companies and Indigenous Development: An Empirical Analysis

Eric Strobl and Görg, Holger

3324: Spatial Mismatch and Skill Accumulation

Gianmarco Ottaviano and Philippe Monfort

3323: Firms Agglomeration and Unions

Pierre Picard and Eric Toulemonde

3322: Neoclassical Growth and Commodity Trade

Marco Maffezzoli and Cuñat, Alejandro

3321: Weightless Machines and Costless Knowledge: An Empirical Analysis of Trade and Technology Diffusion

Giorgio Barba Navaretti and Isidro Soloaga

3320: The Behaviour of Relative Prices in the European Union: A Sectoral Analysis

Natalie Chen

3319: Enterprise Restructuring in Transition: A Quantitative Survey

Simeon Djankov and Peter Murrell

3318: The CEEC10's Real Convergence Prospects

Martin Wagner and Jaroslava Hlouskova

3317: Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs

Danny Quah

3316: One Third of the World's Growth and Inequality

Danny Quah

3315: Distributional Conflict in Organisations

Roman Inderst, Holger Mueller and Wärneryd, Karl