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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3014: A Theory of Reciprocity

Armin Falk and Urs Fischbacher

3013: Irreversible Investment with Strategic Interactions

Helen Weeds and Robin Mason

3012: Dynamic Processes of Social and Economic Interactions: On the Persistence of Inefficiencies

Philippe Jehiel and Armando R Gomes

3011: Divisionalization in Vertical Structures

Faulí-Oller, Ramon, Lluis Bru and Ordóñez de Haro, José-Manuel

3010: Failing Electricity Markets: Should we Shoot the Pools?

Richard Green

3009: Wage Rigidities in Western Germany: Microeconometric Evidence from the 1990s

Patrick Puhani

3008: A General Purpose Technology at Work: The Corliss Steam Engine in the Late 19th Century

Manuel Trajtenberg and Nathan Rosenberg

3007: Administrative Delays as Barriers to Trade

Régibeau, Pierre and Katharine Rockett

3006: Federal Intervention to Enhance Shareholder Choice

Lucian Bebchuk and Allen Ferrell

3005: Option Prices under Bayesian Learning: Implied Volatility Dynamics and Predictive Densities

Allan Timmermann and Massimo Guidolin

3004: Industrial Clusters: Equilibrium, Welfare and Policy

Anthony Venables and Victor D Norman

3003: Collective Decisions with Interdependent Valuations

Grüner, Hans Peter and Alexandra Kiel

3002: Optimal Labour Taxation and Search

Lans Bovenberg and Jan Boone

3001: Shopping Hours and Price Competition

Andreas Irmen and Roman Inderst

3000: Comparative Advantage and the Cross-Section of Business Cycles

Jaume Ventura and Aart Kraay

2999: UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement

Edward Nelson and Kalin Nikolov

2998: Capacity Choices in Liberalized Electricity Markets

Georges Siotis, Marín Uribe, Pedro Luis and Fidel Castro-Rodriguez

2997: Mean Variance Portfolio Allocation with a Value at Risk Constraint

Enrique Sentana

2996: An Exploration into Pigou's Theory of Cycles

Franck Portier and Paul Beaudry

2995: Regional Underdevelopment: Is FDI the Solution? A Semiparametric Analysis

Katharine Wakelin and Sourafel Girma

2994: Blessing or Curse? Domestic Plants' Survival and Employment Prospects After Foreign Acquisition

Sourafel Girma and Görg, Holger

2993: A Microeconometric Evaluation of Active Labour Market Policy in Switzerland

Michael Lechner and Michael Gerfin

2992: How Globalization Improves Governance

Jorge Braga de Macedo, Federico Bonaglia and Maurizio Bussolo

2991: Information Structures in Optimal Auctions

Dirk Bergemann and Martin Pesendorfer

2990: Unionized Oligopoly, Trade Liberalization and Location Choice

Sørgard, Lars, Kjell Lommerud and Frode Meland

2989: Taxes, Subsidies and Equilibrium Labour Market Outcomes

Christopher Pissarides and Dale Mortensen

2988: Evidence of Information Spillovers in the Production of Investment Banking Services

Alexander Ljungqvist, Lawrence M Benveniste, William J Wilhelm and Xiaoyun Yu

2987: Geography, Trade and Currency Union

Jacques Melitz

2986: Counselling and Monitoring of Unemployed Workers: Theory and Evidence from a Controlled Social Experiment

Gerard van den Berg and Bas van der Klaauw

2985: The Effect of Ownership and Competitive Pressure on Firm Performance in Transition Countries

Saul Estrin, Jozef Konings, Manuela Angelucci and Zólkiewski, Zbigniew

2984: On the Nature of Fair Behaviour

Ernst Fehr, Armin Falk and Urs Fischbacher

2983: A Macroeconomic Experiment in Mass Immigration

Eran Yashiv and Zvi Hercowitz

2982: Idiosyncratic and Common Shocks to Investment Decisions

Mark Schankerman

2981: Bargaining, Mergers and Technology Choice in Bilaterally Oligopolistic Industries

Christian Wey and Roman Inderst

2980: Flexible Wages Systems and the Structure of Wages: Evidence from Matched Employer-Employee Data

Thomas Bauer and Stefan Bender

2979: Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?

Andrew Hughes Hallett and Nicola Viegi

2978: The Economic Geography of Trade Production and Income: A Survey of Empirics

Anthony Venables, Stephen Redding and Henry Overman

2977: Taxes and Privatization

Roger Gordon

2976: The District and the Global Economy: Exporting versus Foreign Location

Giorgio Basevi and Gianmarco Ottaviano

2975: Labour Pooling, Labour Poaching and Spatial Clustering

Gilles Duranton and Pierre-Philippe Combes

2974: Country Portfolios

Servén, Luis, Jaume Ventura, Norman Loayza and Aart Kraay

2973: The World Income Distribution

Daron Acemoglu and Jaume Ventura

2972: Do Multinational Enterprises Substitute Parent Jobs for Foreign Ones? Evidence from European Firm Level Panel Data

Jozef Konings and Alan Murphy

2971: From Sectoral to Functional Urban Specialization

Gilles Duranton and Diego Puga

2970: Shocks and Institutions in a Job Matching Model

Wouter Den Haan, Christian Haefke and Garey Ramey

2969: Liquidity Traps with Global Taylor Rules

Martín Uribe and Schmitt-Grohé, Stephanie

2968: Using Employer Hiring Behaviour to Test the Educational Signalling Hypothesis

Jan van Ours and James Albrecht

2967: Corruption and Foreign Direct Investment: Firm-Level Evidence

Shang-Jin Wei and Beata Javorcik

2966: Pollution Havens and Foreign Direct Investment: Dirty Secret or Popular Myth?

Shang-Jin Wei and Beata Javorcik

2965: Belief Dependent Utilities, Aversion to State-Uncertainty and Asset Prices

Pietro Veronesi

2964: A Positive Theory of Geographic Mobility and Social Insurance

Fabrizio Zilibotti, John Hassler, Kjetil Storesletten and Rodríguez Mora, José V

2963: Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function

Martín Uribe and Schmitt-Grohé, Stephanie

2962: EMU and Portfolio Diversification Opportunities

Jean-Pierre Danthine and Kpate Adjaoute

2961: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model

Fabio Canova and Matteo Ciccarelli

2960: Why are Some People (and Countries) More Protectionist than Others?

Dani Rodrik and Anna Maria Mayda

2959: The Observational Equivalence of Taylor Rule and Taylor-Type Rules

A. Patrick Minford, Naveen Srinivasan and Francesco Perugini

2958: Limiting Currency Volatility to Stimulate Goods Market Integration: a Price-Based Approach

Shang-Jin Wei and David Parsley

2956: The European Contribution to International Financial Stability

Richard Portes

2955: The Euro and the International Financial System

Richard Portes

2954: A Monetary Union in Motion: the European Experience

Richard Portes

2953: The Regulation of Entry

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

2952: Gender Wage Gap and Segregation in Late Transition

Stepan Jurajda

2951: Gross Job Flows in Russian Industry Before and After Reforms: Has Destruction Become More Creative?

J. David Brown and John Earle

2950: Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania

Fabrizio Coricelli and Simeon Djankov

2949: Who Disciplines Management in Poorly Performing Companies?

Julian Franks, Colin Mayer and Luc Renneboog

2948: Avoiding Liquidity Traps

Jess Benhabib, Martín Uribe and Schmitt-Grohé, Stephanie

2947: Consumption and Aggregate Constraints: Evidence from US States and Canadian Provinces

Oved Yosha, Sørensen, Bent E and Charlotte Ostergaard

2946: New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor

Tim Jenkinson and Leonie Bell

2945: Monetary Policy Issues in a Low Inflation Environment

Viñals, José

2944: Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based Stabilization

Sergio Rebelo, Joao C Neves and Ariel Burstein

2943: Uncovered Interest Parity in Crisis: The Interest Rate Defence in the 1990s

Robert Flood and Andrew Rose

2942: Optimal Fiscal and Monetary Policy Under Sticky Prices

Martín Uribe and Schmitt-Grohé, Stephanie

2941: Flexible Inflation Targeting under a Non-Linear Phillipscurve

Sylvester Eijffinger and Willem Verhagen

2940: Consumption Dynamics and Real Exchange Rate

Morten Ravn

2939: Rent Sharing in Wage Determination: Evidence from Italy

Chiara Strozzi and Barbara Pistoresi

2938: The Importance of Being Small. Or When Countries are Areas and not Points

Jacques Thisse and Joe Tharakan

2937: Time-Consistent Protection with Learning by Doing

Eugenio Miravete

2936: Borrower Poaching and Information Display in Credit Markets

Hans Degryse and Jan Bouckaert

2935: Internal Capital Markets, Cross-Subsidization and Product Market Competition

Giacinta Cestone and Chiara Fumagalli

2934: Knowledge Spillovers and the Growth of Local Industries

Mario Forni and Sergio Paba

2933: Last Bank Standing: What Do I Gain if You Fail?

Enrico Perotti and Javier Suarez

2932: Growing into Trouble: Indonesia After 1966

Jonathan Temple

2931: UK Monetary Policy 1972-97: A Guide Using Taylor Rules

Edward Nelson

2930: The Aging Population and the Size of the Welfare State

Assaf Razin, Efraim Sadka and Phillip Swagel

2929: Nominal Debt and the Dynamics of Currency Crises

Giancarlo Corsetti and Bartosz Maćkowiak

2928: Free Trade versus Strategic Trade as a Choice Between Two 'Second-best' Policies: A Symmetric versus Asymmetric Information Ana

Kresimir Zigic and Delia Ionascu

2927: Wage Growth, Productivity Growth, and the Evolution of Employment

Martin Hellwig and Andreas Irmen

2926: Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market

Frank Verboven and Pinelopi Goldberg

2925: Appropriating the Commons - A Theoretical Explanation

Ernst Fehr, Armin Falk and Urs Fischbacher

2924: Public Education and the Melting Pot

Moshe Justman and Mark Gradstein

2923: The Liquidity Trap in an Open Economy

Willem Buiter

2922: Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information

Piero Gottardi and Rohit Rahi

2921: Firm Interdependence In Foreign Production: Leading UK Firms in 1986 and 1993

Stephen Pavelin

2920: Financing and Corporate Growth under Repeated Moral Hazard

Ronald Anderson and Kjell Nyborg

2919: Price Dispersion and Learning in a Dynamic Differentiated-Goods Duopoly

Sven Rady and R Keller

2918: On the Fiscal Implications of Twin Crises

Martin Eichenbaum, Sergio Rebelo and Craig Burnside

2917: Predetermined Prices and the Persistent Effects of Money on Output

Michael Devereux and James Yetman

2916: Asset Market Linkages in Crisis Periods

Casper de Vries, Philipp Hartmann and Stefan Straetmans

2915: Screening Cycles

Thomas Gehrig and ,

2914: Ex Ante Costs of Violating Absolute Priority in Bankruptcy

Lucian Bebchuk