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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3114: Taste Heterogeneity, Labour Mobility and Economic Geography

Jacques Thisse and Takatoshi Tabuchi

3113: Monetary Policy With Uncertain Central Bank Preferences

Anne Sibert

3112: Executive Compensation in America: Optimal Contracting or Extraction of Rents

Lucian Bebchuk, Jesse Fried and David I Walker

3111: Breakdown of Will and the Value of Information

Achim Wambach and Astrid Kuehn

3110: Financing Decisions of Firms and Central Bank Policy

Jacques Olivier and Ai Ting Goh

3109: Taking the Bite Out of Fiscal Competition

Jacques Thisse, Moshe Justman and Tanguy van Ypersele

3108: EuroCOIN: A Real Time Coincident Indicator of the Euro Area Business Cycle

Marco Lippi, Lucrezia Reichlin, Marc Hallin, Mario Forni, Filippo Altissimo, Riccardo Cristadoro, Giovanni Veronese and Antonio Bassanetti

3107: Self-Enforcing Intergenerational Transfers and the Provision of Education

Dan Anderberg and Alessandro Balestrino

3106: Wealth Distribution and Interest Rates: Empirical Evidence for the US

Grüner, Hans Peter

3105: Measuring and Modelling Variation in the Risk-Return Trade-off

Martin Lettau and Sydney Ludvigson

3104: Understanding Trend and Cycle in Asset Values: Bulls, Bears and the Wealth Effect on Consumption

Martin Lettau and Sydney Ludvigson

3103: Time-Varying Risk Premia and the Cost of Capital: An Alternative Implication of the Q Theory of Investment

Martin Lettau and Sydney Ludvigson

3102: Time-Varying Market Integration and Expected Returns in Emerging Markets

Frank de Jong and Frans de Roon

3101: On the 'Conquest' of Inflation

Francesco Lippi and Andrea Gerali

3100: The Phillips Curves Across the Atlantic: It is the Price Curves that Differ

Daniel Cohen and Emmanuel Farhi

3099: Redistribution and Education Subsidies are Siamese Twins

Lans Bovenberg and Bas Jacobs

3098: Large Datasets, Small Models and Monetary Policy in Europe

Carlo Favero and Massimiliano Marcellino

3097: A Core Inflation Index for the Euro Area

Lucrezia Reichlin, Mario Forni, Riccardo Cristadoro and Giovanni Veronese

3096: Closing Small Open Economy Models

Martín Uribe and Schmitt-Grohé, Stephanie

3095: Trade and Productivity

Antonio Ciccone and Francisco Alcalá

3094: The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools

Bronwyn Hall, Manuel Trajtenberg and Adam Jaffe

3093: Enforcing Intellectual Property Rights

Mark Schankerman and Jean Lanjouw

3092: A Corporate Balance Sheet Approach to Currency Crises

Philippe Bacchetta, Philippe Aghion and Abhijit Banerjee

3091: An Econometric Analysis of the Mental-Health Effects of Major Events in the Life of Elderly Individuals

Gerard van den Berg, Maarten Lindeboom and France Portrait

3090: The Overnight Interbank Market: Evidence from the G7 and the Euro Zone

Giuseppe Bertola, Alessandro Prati and Leonardo Bartolini

3089: Tax Rates and Tax Evasion: Evidence from 'Missing Imports' in China

Shang-Jin Wei and Raymond Fisman

3088: Globalization and Inequality: Evidence from within China

Shang-Jin Wei and Yi Wu

3087: Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe: Just Do It

Marc Flandreau and Mathilde Maurel

3086: Portfolio Diversification: Alive and Well in Euroland!

Jean-Pierre Danthine and Kpate Adjaoute

3085: A Transaction Level Study of the Effects of Central Bank Intervention of Exchange Rates

Paolo Vitale and Richard Payne

3084: Taxation if Capital is Not Perfectly Mobile: Tax Competition versus Tax Exportation

Sylvester Eijffinger and Wolf Wagner

3083: The 'New Keynesian' Phillips Curve: Closed Economy versus Open Economy

Assaf Razin and Chi-Wa Yuen

3082: Optimal Unemployment Insurance with Monitoring and Sanctions

Bertil Holmlund, Jan van Ours, Jan Boone and Peter Fredriksson

3081: The Microstructure of the Euro Money Market

Philipp Hartmann, Michele Manna and Andres Manzanares

3080: Informational Externalities, Herding and Incentives

Xavier Vives and Lluis Bru

3079: Globalization in History: A Geographical Perspective

Anthony Venables and Nicholas Crafts

3078: TFP Growth in British and German Manufacturing, 1950-96

Nicholas Crafts and Terence Mills

3077: Core, Periphery, Exchange Rate Regimes and Globalization

Michael Bordo and Marc Flandreau

3076: Screening Risk Averse Agents Under Moral Hazard

Bruno Jullien, Salanié, François and Salanié, Bernard

3075: The Political Economy of Education and Development in an Open Economy

François Bourguignon and Thierry Verdier

3074: Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade

Stefan Gerlach and Jeffery D. Amato

3073: Takeover Bids versus Proxy Fights in Contests for Corporate Control

Oliver Hart and Lucian Bebchuk

3072: Strange Bids: Bidding Behaviour in the United Kingdom's Third Generation Spectrum Auction

Christian Dustmann and Börgers, Tilman

3071: Consumer Credit: Evidence from Italian Micro Data

Guglielmo Weber, Stefan Hochguertel and Rob Alessie

3070: A Multivariate Model of Strategic Asset Allocation

John Campbell, Luis Viceira and Yeung Lewis Chan

3069: Growth Effects of Non-Proprietary Innovation

Gilles Saint-Paul

3068: Educational Attainment, Labour Market Institutions and the Structure of Production

Stephen Nickell, Stephen Redding and Joanna Swaffield

3067: The Great Demand Depression

Mark Weder

3066: International Portfolio Choice: Liquidity Constraints and the Home Equity Bias Puzzle

Alexander Michaelides

3065: Asset Pricing with Idiosyncratic Risk and Overlapping Generations

Amir Yaron, Kjetil Storesletten and Chris Telmer

3064: Managed Floating: Understanding the New International Monetary Order

Peter Bofinger and Wollmershäuser, Timo

3063: Regional Tax Coordination and Foreign Direct Investment

Ian Wooton and Andreas Haufler

3062: The Cost of Capital in International Financial Markets: Local or Global

,, Kees Koedijk, Peter C Schotman and Mathijs van Dijk

3061: Strategic Advantage and the Optimal Exercise of Entry Options

Enrico Perotti and Silvia Rossetto

3060: Forecast Evaluation with Shared Data Sets

Halbert White, Allan Timmermann and Ryan Sullivan

3059: Cheap Children and the Persistence of Poverty

Omer Moav

3058: An Investment-Growth Asset Pricing Model

Maria Vassalou, Qing Li and Yuhang Xing

3057: News Related to Future GDP Growth as a Risk Factor in Equity Returns

Maria Vassalou

3056: Do We Need Multi-Country Models to Explain Exchange Rate, Interest Rate and Bond Return Dynamics?

Robert Hodrick and Maria Vassalou

3055: Confidence Building in Emerging Stock Markets

Enrico Perotti and Luc Laeven

3054: Cost of Delay, Deadlines and Endogenous Price Leadership

Tuvana Pastine and Ivan Pastine

3053: Hot Markets, Investor Sentiment and IPO Pricing

Alexander Ljungqvist, Vikram Nanda and Rajdeep Singh

3052: Foreign Direct Investment in Central and Eastern Europe: Employment Effects in the EU

Karolina Ekholm and Henrik Braconier

3051: How Do Layoff Costs Affect Employment?

Lars Ljungqvist

3050: Investment in the Absence of Property Rights: The Role of Incumbency Advantages

Kai Konrad

3049: Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs

Denis Gromb and Dimitri Vayanos

3048: GMM Estimation of Empirical Growth Models

Stephen Roy Bond, Anke Hoeffler and Jonathan Temple

3047: What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?

Edward Nelson

3046: Rich Nations, Poor Nations: How Much can Multiple Equilibria Explain?

Jonathan Temple and Bryan Graham

3045: On the Evolution of the Firm Size Distribution: Facts and Theory

Luis Cabral and José Mata

3044: A Discrete-Time Stochastic Model of Job Matching

Yves Zenou and Tony Smith

3043: Unemployment versus In-work Benefits with Search Unemployment and Observable Abilities

Lans Bovenberg and Jan Boone

3042: Optimal Majority Rules and Enhanced Cooperation

Mika Widgrén

3041: Moral Hazard and the US Stock Market: The Idea of a 'Greenspan Put'

Marcus Miller and Paul Weller

3040: Love and Money: A Theoretical and Empirical Analysis of Household Sorting and Inequality

Fernández, Raquel, Nezih Guner and John Knowles

3039: Does Entry Regulation Hinder Job Creation? Evidence from the French Retail Industry

Francis Kramarz and Marianne Bertrand

3038: No Pain, No Gain? The Simple Analytics of Efficient Disinflation in Open Economies

Willem Buiter and Clemens Grafe

3037: Dispersion in the Economic Return to Schooling

Ian Walker, Colm Harmon and Vincent Hogan

3036: Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?

Paul De Grauwe and Tomasz Piskorski

3035: Is Fiscal Policy Coordination in EMU Desirable?

Roel Beetsma, Xavier Debrun and Franc Klaassen

3034: Sovereign Risk and Return in Global Equity Markets

Magnus Dahlquist and Ravi Bansal

3033: Foreigners Trading and Price Effects Across Firms

Magnus Dahlquist and Robertsson, Göran

3032: On the Structure of Tenancy Contracts: Theory and Evidence from 19th Century Rural Sicily

Oriana Bandiera

3031: The Importance of the Distribution of Consumers in Horizontal Product Differentiation

Yves Zenou and Calvó-Armengol, Antoni

3030: Corporate Debt Restructuring: Evidence on Lending Coordination in Financial Distress

Jan Krahnen and Antje Brunner

3029: Debt and Deficit Fluctuations and the Structure of Bond Markets

Albert Marcet and Andrew Scott

3028: The Dynamics of Immigrant Welfare and Labour Market Behaviour

Jorgen Hansen and Löfström, Magnus

3027: Trade Union Objectives and Economic Growth

Andreas Irmen and Berthold Wigger

3026: Wealth Distribution and Self-Employment in a Developing Economy

Martin Ravallion and Alice Mesnard

3025: Growth and Human Capital: Good Data, Good Results

Daniel Cohen and Marcelo Soto

3024: Why is it so Difficult to Beat the Random Walk Forecast of Exchange Rates?

Mark Taylor and Lutz Kilian

3023: Comparative Analysis of Labour Market Outcomes: Lessons for the US from International Long-Run Evidence

Giuseppe Bertola, Francine Blau and Lawrence Kahn

3022: Competition Enhancing Policies and Infrastructure: Evidence from Russia

J. David Brown and John Earle

3021: Health Care Reform and the Number of Doctor Visits - An Econometric Analysis

Rainer Winkelmann

3020: Sorting, Education and Inequality

Fernández, Raquel

3019: Product Prices and the OECD Cycle

Jaume Ventura and Aart Kraay

3018: Reputation and Reciprocity: Consequences for Labour Relations

Gächter, Simon and Armin Falk

3017: Do Incentive Contracts Crowd Out Voluntary Cooperation?

Gächter, Simon and Ernst Fehr

3016: On Doctors, Mechanics and Computer Specialists. Or Where are the Problems with Credence Goods?

Rudolf Kerschbamer and Uwe Dulleck

3015: Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints

Sven Rady and Ortalo-Magné, François