CEPR Discussion Papers

From Centre for Economic Policy Research
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5287: Collective Labour Supply: Heterogeneity and Non-Participation

Richard Blundell, Costas Meghir, Pierre Chiappori and Thierry Magnac

5286: Wake Up and Smell the Ginseng: The Rise of Incremental Innovation in Low-Wage Countries

Diego Puga and Daniel Trefler

5285: Labour Pooling in R&D Intensive Industries

Konrad Stahl, Heiko Gerlach and Rønde, Thomas

5284: Keynesian Economics, Monetary Policy and the Business Cycle - New and Old

Alex Cukierman

5283: Modelling the duration of patent examination at the European Patent Office

Dietmar Harhoff and Stefan Wagner

5282: Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets

Alex Cukierman and Alberto Dalmazzo

5281: Developing Rotten Institutions

Morgan Kelly

5280: Consumption Taxes and Redistribution

Isabel Correia

5279: Model Averaging and Value-at-Risk Based Evaluation of Large Multi-Asset Volatility Models for Risk Management

Mohammad Pesaran and Paolo Zaffaroni

5278: Minorities and Storable Votes

Alessandra Casella, Raymond Riezman and Thomas Palfrey

5277: The EU Deposit Insurance Directive: Does One Size Fit All?

Harry Huizinga

5276: Optimal Procurement When Both Price and Quality Matter

Estelle Cantillon and John Asker

5275: Effects of Acquisitions on Product and Process Innovation and R&D Performance

Stephanie Rosenkranz, Elena Cefis and Utz Weitzel

5274: A Political Economy Theory of the Soft Budget Constraint

James Robinson and Ragnar Torvik

5273: Income and Democracy

Daron Acemoglu, Simon Johnson, James Robinson and Pierre Yared

5272: Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence

Francesco Giavazzi, Marco Pagano, Tullio Jappelli and Marina Benedetti

5271: Data Revisions Are Not Well-Behaved

S. Boragan Aruoba

5270: Where Are We Now? Real-Time Estimates of the Macro Economy

Martin Evans

5269: Internet Security, Vulnerability Disclosure and Software Provision

Chaim Fershtman, Neil Gandal and Jay Choi

5268: Forecast Combination and Model Averaging Using Predictive Measures

Jana Eklund and Sune Karlsson

5267: Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants

Adriana D. Kugler, Marcela Eslava, John Haltiwanger and Maurice Kugler

5266: Factor Analysis in a New-Keynesian Model

Roger Farmer, Jerome Henry, Massimiliano Marcellino and Andreas Beyer

5265: Russia's Regions: Income Volatility, Labour Mobility and Fiscal Policy

Antonio Spilimbergo and Goohoon Kwon

5264: How Much Market Access in FTAs? Textiles Under NAFTA

Jaime de Melo, Olivier Cadot, Carrère, Céline and Alberto Portugal-Perez

5263: Trade and the Skill-Bias - It's Not How Much, But With Whom You Trade

Traça, Daniel and Pushan Dutt

5262: Foreign Direct Investment and Exports Dynamics with Demand Learning

Nikolaos Vettas and Rossitsa Kotseva

5261: Rational Inattention: A Solution to the Forward Discount Puzzle

Philippe Bacchetta and Eric van Wincoop

5260: Do Tariffs Matter for the Extensive Margin of International Trade? An Empirical Analysis

Peter Debaere and Shalah Mostashari

5259: The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields

Lucio Sarno, Daniel Thornton and Giorgio Valente

5258: Vertical Integration and Technology: Theory and Evidence

Philippe Aghion, Daron Acemoglu, Fabrizio Zilibotti and Rachel Griffith

5257: Efficient Exclusion

Espen Moen and Christian Riis

5256: Effects of Employment Protection on Worker and Job Flows: Evidence from the 1990 Italian Reform

Adriana Kugler and Giovanni Pica

5255: Indeterminacy in Dynamic Models: When Diamond Meets Ramsey

Teresa Lloyd-Braga, Carine Nourry and Alain Venditti

5254: Small Fish - Big Issues The Effect of Trade Policy on the Global Shrimp Market

Peter Debaere

5253: Financial Integration and Systemic Risk

Falko Fecht and Grüner, Hans Peter

5252: Why Are Some Public Officials More Corrupt Than Others?

Jennifer Hunt

5251: Bribery: Who Pays, Who Refuses, What are the Payoffs?

Jennifer Hunt and Sonia Laszlo

5250: Modeling Exchange Rate Passthrough After Large Devaluations

Martin Eichenbaum, Sergio Rebelo and Ariel Burstein

5249: Market Definition with Differentiated Products - Lessons from the Car Market

Frank Verboven and Randy Brenkers

5248: Who wins and who loses from school accountability? The distribution of educational gain in English secondary schools

Simon Burgess, Carol Propper, Deborah Wilson and Helen Slater

5247: Level Playing Fields in International Financial Regulation

Alan Morrison and Lucy White

5246: Death and Development

Peter Lorentzen, John McMillan and Romain Wacziarg

5245: Euler Equation Errors

Martin Lettau and Sydney Ludvigson

5244: Peer Effects and Social Networks in Education and Crime

Yves Zenou, Calvó-Armengol, Antoni and Eleonora Patacchini

5243: The (Bad?) Timing of Mutual Fund Investors

Shmuel Kandel, Avi Wohl and Oded Braverman

5242: Experts vs Discounters: Competition and Market Unravelling When Consumers Do Not Know What they Need

Rudolf Kerschbamer and Uwe Dulleck

5241: Participation Games: Market Entry, Coordination and the Beautiful Blonde

Simon Anderson and Maxim Engers

5240: Minority Blocks and Takeover Premia

Denis Gromb, Fausto Panunzi and Mike Burkart

5239: A Consistent Weighted Ranking Scheme with an Application to NCAA College Football Rankings

Chaim Fershtman, Neil Gandal and Itay Fainmesser

5238: A Protectionist Bias in Majoritarian Politics

Elhanan Helpman and Gene Grossman

5237: 'Aggregation Bias' DOES Explain the PPP Puzzle

Morten Ravn, Helene Rey, Jean Imbs and Haroon Mumtaz

5236: Bargaining and Sustainability: The Argentine Debt Swap of 2005

Marcus Miller, Sayantan Ghosal, Amrita Dhillon and García-Fronti, Javier

5235: Cities and Countries

Andrew Rose

5234: A Global Perspective on External Positions

Gian Maria Milesi-Ferretti and Philip Lane

5233: Party Discipline and Pork-Barrel Politics

Elhanan Helpman and Gene Grossman

5232: Non-stationary Hours in a DSGE Model

Yongsung Chang, Frank Schorfheide and Taeyoung Doh

5231: Sabotage in Tournaments: Making the Beautiful Game a Bit Less Beautiful

Luis Garicano and Ignacio Palacios-Huerta

5230: On-the-Job Search and Sorting

Coen Teulings, Pieter Gautier and Aico van Vuuren

5229: How Large are Search Frictions?

C. N. Teulings and Pieter Gautier

5228: Political competition within and between parties: an application to environmental policy

Helmuth Cremer, Philippe De Donder and Firouz Gahvari

5227: What's the monetary value of distributive justice?

Giacomo Corneo and Christina Fong

5226: Rethinking the Gains from Immigration: Theory and Evidence from the US

Gianmarco Ottaviano and Giovanni Peri

5225: Job Contact Networks and the Ethnic Minorities

Yves Zenou, Harminder Battu and Paul Seaman

5224: What are Firms? Evolution from Birth to Public Companies

Steven Kaplan, Strömberg, Per and Berk Sensoy

5223: The Media and Advertising: A Tale of Two-Sided Markets

Jean Gabszewicz and Simon Anderson

5222: Trade Spillovers of Fiscal Policy in the European Union: A Panel Analysis

Roel Beetsma, Franc Klaassen and Massimo Giuliodori

5221: Fertility: The Role of Culture and Family Experience

Fernández, Raquel and Alessandra Fogli

5220: From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege

Helene Rey and Pierre-Olivier Gourinchas

5219: Signal Accuracy and Informational Cascades

Tuvana Pastine and Ivan Pastine

5218: Make Trade not War?

Philippe Martin and Thierry Mayer

5217: The Short-Term Budgetary Implications of Structural Reforms. Evidence from a Panel of EU Countries

Servaas Deroose and Alessandro Turrini

5216: The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate

Sylvester Eijffinger, Daniele Franco and Marco Buti

5215: The Determinants of Asset Stripping: Theory and Evidence from the Transition Economies

Nauro Campos and Francesco Giovannoni

5214: The Construction and Interpretation of Combined Cross-Section and Time-Series Inequality Datasets

Joseph Francois and Hugo Rojas-Romagosa

5213: Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?

Harald Uhlig and Fiorella De Fiore

5212: Understanding the Effects of Government Spending on Consumption

Galí, Jordi, Vallés Liberal, Javier and López-Salido, J David

5211: Implementation of Anti-Discrimination Policy: Does Judicial Selection Matter?

Timothy Besley and A. Payne

5210: The Overhang Hangover

Jean Imbs and Rancière, Romain

5209: Collateral Damage: Trade Disruption and the Economic Impact of War

Alan Taylor and Reuven Glick

5208: Business Groups in Emerging Markets: Paragons or Parasites?

Yishay Yafeh and Tarun Khanna

5207: Bayesian Analysis of DSGE Models

Frank Schorfheide and Sungbae An

5206: Succession Rules and Leadership Rents

Kai Konrad and Stergios Skaperdas

5205: Equilibrium and Efficiency in the Tug-of-War

Dan Kovenock and Kai Konrad

5204: M&As Performance in the European Financial Industry

Jose Campa and Ignacio Hernando

5203: The Marginal Product of Capital

Francesco Caselli and James Feyrer

5202: Borders and Growth

Romain Wacziarg and Enrico Spolaore

5201: Political Selection and the Quality of Government: Evidence from South India

Timothy Besley, Rohini Pande and Vijayendra Rao

5200: Insurance and Opportunities: The Welfare Implications of Rising Wage Dispersion

Kjetil Storesletten, Giovanni Violante and Jonathan Heathcote

5199: Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy

Marc Flandreau and John Komlos

5189: Factors Accounting for the Enactment of a Competition Law - An Empirical Analysis

Johannes Stephan and Franz Kronthaler

5188: Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic

Szapáry, György, Andrew Rose and Zsolt Darvas

5187: Risk Management with Benchmarking

Teplá, Lucie, Suleyman Basak and Alex Shapiro

5186: Intelligence Failures: An Organizational Economics Perspective

Luis Garicano and Richard Posner

5185: Informed Lending and Security Design

Roman Inderst and Holger Mueller

5184: Land Reforms and Economic Development

Hans Gersbach and Lars-Hinrich Siemers

5183: Cotton Textiles and the Great Divergence: Lancashire, India and Shifting Competitive Advantage, 1600-1850

Stephen Broadberry and Bishnupriya Gupta

5182: The Value of Tax Shields IS Equal to the Present Value of Tax Shields

Ian Cooper and Kjell Nyborg

5181: Why Are Returns on Swiss Franc Assets So Low? Rare Events May Solve the Puzzle

Peter Kugler and Beatrice Weder di Mauro

5180: Insider Trading in Credit Derivatives

Viral Acharya and Tim Johnson

5179: Business Cycle Sychronization in the Enlarged EU

Szapáry, György and Zsolt Darvas