CEPR Discussion Papers

From Centre for Economic Policy Research
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5178: Nowcasting GDP and Inflation: The Real Time Informational Content of Macroeconomic Data Releases

Lucrezia Reichlin, Domenico Giannone and David Small

5177: Estimation and Testing of Dynamic Models with Generalized Hyperbolic Innovations

Enrique Sentana and Mencía, Javier

5176: The 'News' View of Economic Fluctuations: Evidence from Aggregate Japanese Data and Sectoral US Data

Franck Portier and Paul Beaudry

5175: Re-election Threshold Contracts in Politics

Hans Gersbach and Verena Liessem

5174: The Macroeconomic Consequences of Reciprocity in Labour Relations

Jean-Pierre Danthine and André Kurmann

5173: Performance Measurement with Loss Aversion

Mark Salmon, Gordon T Gemmill and Soosung Hwang

5172: Urbanization Externalities, Market Potential and Spatial Sorting of Skills and Firms

Giordano Mion and Paolo Naticchioni

5171: The Curse and Blessing of Training the Unemployed in a Changing Economy: the Case of East Germany after Unification

Ruth Miquel, Michael Lechner and Conny Wunsch

5170: Optimum Income Taxation and Layoff Taxes

Pierre Cahuc and Andre Zylberberg

5169: The Roots of Low European Employment: Family Culture?

Pierre Cahuc and Yann Algan

5168: The Brain as a Hierarchical Organization

Juan D. Carrillo and Isabelle Brocas

5167: Real Effects of Inflation Through the Redistribution of Nominal Wealth

Martin Schneider and Matthias Doepke

5166: On the Uniqueness of Optimal Prices Set by Monopolistic Sellers

Gerard van den Berg

5165: Globalization and Emerging Markets: With or Without Crash?

Philippe Martin and Helene Rey

5164: German Bank Lending During Financial Crises: A Bank Level Analysis

Beatrice Weder di Mauro, Natalja von Westernhagen, Thorsten Nestmann and Frank Heid

5163: Basel II and Bank Lending to Emerging Markets: Micro Evidence from German Banks

Thilo Liebig, Beatrice Weder di Mauro, Daniel Porath and Michael Wedow

5162: When do Countries Introduce Competition Policy?

Rikard Forslid, Häckner, Jonas and Astri Muren

5161: Age-Specific Cyclical Effects in Job Reallocation and Labour Mobility

Jan C. van Ours and Anne Gielen

5160: Do Countries Free Ride on MFN?

Rodney Ludema and Anna Maria Mayda

5159: International Equity Flows and Returns: A Quantitative Equilibrium Approach

Martin Schneider, Rui Albuquerque and Gregory Bauer

5158: Making A Difference

Patrick Francois

5157: The Dot-Com Bubble, the Bush Deficits, and the US Current Account

Jaume Ventura and Aart Kraay

5156: Doha Merchandise Trade Reform: What?s at Stake for Developing Countries?

Kym Anderson, Dominique van der Mensbrugghe and Will Martin

5155: Voting Transparency in a Monetary Union

Hans Gersbach and Volker Hahn

5154: Cash-in-the-Market Pricing and Optimal Bank Bailout Policy

Viral Acharya and Tanju Yorulmazer

5153: Preference Erosion and Multilateral Trade Liberalization

Joseph Francois and Miriam Manchin

5152: Coordination in Markets with Consumption Externalities: The Role of Advertising and Product Quality

Tuvana Pastine and Ivan Pastine

5151: Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets

Steven Ongena and Mariassunta Giannetti

5150: Does External Trade Promote Financial Development?

Jonathan Temple and Yongfu Huang

5149: Long-Run Determinants of Inflation Differentials in a Monetary Union

Filippo Altissimo, Pierpaolo Benigno and Diego Rodriguez Palenzuela

5148: Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach

Raman Uppal, Tan Wang and Lorenzo Garlappi

5147: Revolutionary Effects of New Information Technologies

Gerard van den Berg

5146: Attitude-Dependent Altruism, Turnout and Voting

Julio Rotemberg

5145: Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions

Patrick Schmitz

5144: Preferential Trade Arrangements and the Pattern of Production and Trade when Inputs are Differentiated

Joseph Francois

5143: The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets

David Miles, Ales Cerny and ,

5142: How Inefficient is the 1/N Asset-Allocation Strategy?

Raman Uppal, Lorenzo Garlappi and Victor DeMiguel

5141: How to Exit from Fixed Exchange Rate Regimes

Charles Wyplosz, Nadezhda Ivanova and Ahmet Asici

5140: Work and Leisure in the US and Europe: Why So Different?

Alberto Alesina, Edward Glaeser and Bruce Sacerdote

5139: Imports and Productivity

László Halpern, Miklós Koren and Adam Szeidl

5138: Political Competition and Economic Performance: Theory and Evidence from the United States

Timothy Besley, Torsten Persson and Daniel Sturm

5137: Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

Jacques Melitz, Ronald MacDonald and Giorgio Fazio

5136: North, South and Distance in the Gravity Model

Jacques Melitz

5135: Market Structure in Services and Market Access in Goods

Ian Wooton and Joseph Francois

5134: Voting Rules and Budget Allocation in an Enlarged EU

Mika Widgrén and Heikki Kauppi

5133: Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law

Colin Mayer and Zsuzsanna Fluck

5132: Contests with Ties

Daniel Cohen and Aner Sela

5131: Exogenous Oil Supply Shocks: How Big Are They and How Much do they Matter for the US Economy?

Lutz Kilian

5130: Democracy, Property Rights, Redistribution and Economic Growth

Mark Gradstein

5129: The Ties that Divide. A Network Analysis of the International Monetary System

Marc Flandreau and Clemens Jobst

5128: The Neuroconomics of Mind Reading and Empathy

Ernst Fehr and ,

5127: Neuroeconomic Foundation of Trust and Social Preferences

Ernst Fehr, Urs Fischbacher and Michael Kosfeld

5126: Products and Productivity

Andrew Bernard, Stephen Redding and Peter Schott

5125: Decentralization and Electoral Accountability: Incentives, Separation and Voter Welfare

Ben Lockwood and Jean Hindricks

5124: The Optimal Amount of Falsified Testimony

Winand Emons and Claude Fluet

5123: Liquidity Risk in Securities Settlement

Janet Mitchell and Johan Devriese

5122: The WTO Promotes Trade, Strongly But Unevenly

Shang-Jin Wei and Arvind Subramanian

5121: Is There a Diversification Discount in Financial Conglomerates?

Ross Levine and Luc Laeven

5120: Social Learning in Continuous Time: When are Informational Cascades More Likely to be Inefficient?

Tuvana Pastine

5119: CEO-Firm Match and Principal-Agent Problem

Masako Ueda and Fei Li

5118: Optimal Privatization Using Qualifying Auctions

Jan Boone and Jacob Goeree

5117: Wealth Transfers, Contagion and Portfolio Constraints

Roberto Rigobon and Anna Pavlova

5116: Why Do Most Italian Young Men Live With Their Parents? Intergenerational Transfers and Household Structure

Marco Manacorda and Enrico Moretti

5115: The Behavioural Effects of Minimum Wages

Ernst Fehr, Armin Falk and Christian Zehnder

5114: Using Copulas to Construct Bivariate Foreign Exchange Distributions with an Application to the Sterling Exchange Rate Index

Mark Salmon, Christoph Schleicher and Matthew Hurd

5113: Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth

Oved Yosha, Sørensen, Bent E, Yi-Tsung Wu and ,

5112: Peripheral Diversity and Redistribution

Klaus Desmet, Ortuño-Ortin, Ignacio and Shlomo Weber

5111: Factor Price Equality and the Economies of the United States

Andrew Bernard, Stephen Redding and Peter Schott

5110: Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns

Carlo Favero

5109: Endowment Versus Finance: A Wooden Barrel Theory of International Trade

Shang-Jin Wei and Jiandong Ju

5108: A Structural Non-Stationary Model of Job Search: Stigmatization of the Unemployed by Job Offers or Wage Offers?

Laurence Rioux and Stefan Lollivier

5107: Turning a Blind Eye: Costly Enforcement, Credible Commitment and Minimum Wage Laws

Ravi Kanbur, Nancy Chau and Arnab Basu

5106: Patience Capital and the Demise of the Aristocracy

Fabrizio Zilibotti and Matthias Doepke

5105: Zero Returns to Compulsory Schooling in Germany: Evidence and Interpretation

Jorn-Steffen Pischke and Till von Wachter

5104: Trade Liberalization, Intermediate Inputs and Productivity: Evidence from Indonesia

Mary Amiti and Jozef Konings

5103: Changes in Infrastructure and Tariff Barriers: Local Vs. Global Impacts

Gianmarco Ottaviano, Andrea Lamorgese, Takatoshi Tabuchi and Kristian Behrens

5102: The Savings Behaviour of Temporary and Permanent Migrants in Germany

Thomas Bauer and Mathias Sinning

5101: Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey

Carlo Favero and Fabio Canova

5100: Making Sense of Bolkestein-Bashing: Trade Liberalization Under Segmented Labour Markets

Gilles Saint-Paul

5099: Education, Matching and the Allocative Value of Romance

Alison Booth and Melvyn Coles

5098: The Stability Threshold and Two Facts of Polarization

Michel Le Breton, Shlomo Weber and Ori Haimanko

5097: A Test of Trade Theories when Expenditure is Home Biased

Federico Trionfetti and Brülhart, Marius

5096: Market Definition in the Printed Media Industry: Theory and Practice

Marc Ivaldi and Elena Argentesi

5095: Lending Booms and Lending Standards

Giovanni Dell'ariccia and Robert Marquez

5094: Money Supply and the Implementation of Interest Rate Targets

Andreas Schabert

5093: A Simple Scheme to Improve the Efficiency of Referenda

Alessandra Casella and Andrew Gelman

5092: The Killing Game: Reputation and Knowledge in Non-Democratic Succession

Konstantin Sonin and Georgy Egorov

5091: Does Labour Market Risk Increase the Size of the Public Sector? Evidence from Swedish Municipalities

Jonas Vlachos

5090: Income and Wealth Concentration in Switzerland Over the 20th Century

Thomas Piketty, Emmanuel Saez and Fabien Dell

5089: Culture: An Empirical Investigation of Beliefs, Work and Fertility

Fernández, Raquel and Alessandra Fogli

5088: The Real Effect of Banking Crises

Enrica Detragiache, Raghuram Rajan and Giovanni Dell'ariccia

5087: Is the Division of Labour Limited By the Extent of the Market? Evidence from French Cities

Gilles Duranton and Hubert Jayet

5086: Factor Supplies and the Direction of Technological Change

Jonas Vlachos and Helena Svaleryd

5085: The French Zones D'Education Prioritaire: Much Ado About Nothing?

Bénabou, Roland, Francis Kramarz and Corinne Prost

5084: The Toehold Puzzle

Bjorn Eckbo, Karin Thorburn and ,

5083: Immigration and Prices

Saul Lach

5082: Outsourcing and Technological Change

Ann Bartel, Saul Lach and Nachum Sicherman

5081: Offshore Financial Centres: Parasites or Symbionts?

Andrew Rose and Mark Spiegel

5080: The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

Paolo Pesenti and Giancarlo Corsetti

5079: The Worldwide Economic Impact of the Revolutionary and Napoleonic Wars

Kevin O'Rourke