CEPR Discussion Papers

From Centre for Economic Policy Research
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4673: Equilibrium of Real Financial Markets: Theory and Experimental Evidence

Peter Bossaerts

4672: Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance

Yishay Yafeh and Hedva Ber

4671: Destination- versus Origin-based Commodity Taxation and the Location of Industry

Jacques Thisse, Jonathan Hamilton, Gianmarco Ottaviano and Kristian Behrens

4670: Political Institutions, Environmental Policy and Growth

Renström, Thomas I and Laura Marsiliani

4669: Import Demand Elasticities and Trade Distortions

Marcelo Olarreaga, Alessandro Nicita and Hiau Looi Kee

4668: Diamonds are Forever, Wars are Not: Is Conflict Bad for Private Firms?

Eliana La Ferrara and Massimo Guidolin

4667: Information Sales and Insider Trading

Giovanni Cespa

4666: Who Runs the IFIs?

Riccardo Faini and Enzo Grilli

4665: Trade Liberalization in a Globalizing World

Riccardo Faini

4664: Do Elections Always Motivate Incumbents? Learning versus Re-election Concerns

Ben Lockwood and Eric Le Borgne

4663: International Cooperation and the Reform of Public Procurement Policies

Simon Evenett

4662: Anatomy of the Rise and Fall of a Price-Fixing Conspiracy: Auctions at Sotheby's and Christie's

Orley Ashenfelter and Kathryn Graddy

4661: Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Timothy Lane, Francesco Caselli and Silvia Ardagna

4660: Foreign Direct Investment and Spillovers: Gradualism May Be Better

Klaus Desmet and Juan Rojas

4659: Platform Competition in Telecommunications

Neil Gandal and Jeffrey Church

4658: Intellectual Property and Standardization Committee Participation in the US Modem Industry

David Genesove, Neil Gandal and Nataly Gantman

4657: Platform Ownership

Konrad Stahl, Volker Nocke and Martin Peitz

4656: Optimal Expectation

Markus Brunnermeier and Jonathan Parker

4655: Personal Value Priorities of Economists

Neil Gandal, Sonia Roccas, Lilach Sagiv and Amy Wrzesniewski

4654: Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the US Business Cycle

Martín Uribe and Schmitt-Grohé, Stephanie

4653: Rule of Law, Democracy, Openness and Income: Estimating the Interrelationships

Dani Rodrik and Roberto Rigobon

4652: The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G-7

Michael Artis, Denise Osborn and Pedro Perez-Vazquez

4651: Money Market Pressure and the Determinants of Banking Crises

Juergen von Hagen and Tai-kuang Ho

4650: Model-based Clustering of Multiple Time Series

Sylvia Kaufmann and Frühwirth-Schnatter, Sylvia

4649: Optimal Forecast Combination Under Regime Switching

Allan Timmermann and Graham Elliott

4648: Corporate Social Responsibility and Managerial Entrenchment

Giacinta Cestone and Giovanni Cespa

4647: Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU

Sylvester Eijffinger and Matteo Governatori

4646: Estimates of Personal Sector Wealth for South Africa

John Muellbauer and Janine Aron

4645: Term Structure of Risk Under Alternative Econometric Specifications

Allan Timmermann and Massimo Guidolin

4644: Population Ageing and International Capital Flows

Martin Flodén and David Domeij

4643: Innovative (Imitative) Effort and Tariffs in Developing Countries: Policy Implications of Different Market Conducts, Government

Kresimir Zigic and Delia Ionascu

4642: External Currency Pricing and the East Asian Crisis

Michael Devereux and David Cook

4641: Competition and Incentives with Motivated Agents

Timothy Besley and Maitreesh Ghatak

4640: The Dynamic Impact of Immigration on Natives' Labour Market Outcomes: Evidence from Israel

M. Daniele Paserman and Sarit Cohen-Goldner

4639: Predatory Trading

Markus Brunnermeier and Lasse Pedersen

4638: The Dynamics of City Formation: Finance and Governance

Anthony Venables and J. Vernon Henderson

4637: Measurement Error in Education and Growth Regressions

C. N. Teulings, Rob Alessie and Miguel Portela

4636: Forecasting Time Series Subject to Multiple Structural Breaks

Mohammad Pesaran, Allan Timmermann and Davide Pettenuzzo

4635: Trade Liberalization with Heterogenous Firms

Richard Baldwin and Rikard Forslid

4634: The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity: A Comment

Richard Baldwin and Frederic Robert-Nicoud

4633: Incentives and Prosocial Behaviour

Jean Tirole and Bénabou, Roland

4632: Top Indian Incomes, 1922-2000

Thomas Piketty and Abhijit Banerjee

4631: Wealth Concentration in a Developing Economy: Paris and France, 1807-1994

Thomas Piketty, Jean Laurent Rosenthal and Gilles Postel-Vinay

4630: Regional Policy, Integration and the Location of Industry in a Multiregion Framework

Rikard Forslid

4629: Mass Migration to Israel and Natives' Transitions from Employment

M. Daniele Paserman and Sarit Cohen-Goldner

4628: When Can Changes in Expectations Cause Business Cycle Fluctuations in Neo-Classical Settings?

Franck Portier and Paul Beaudry

4627: Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environ

Andreas Fischer and Marlene Amstad

4626: Excessive Prices: Using Economics to Define Administrable Legal Rules

Jorge Padilla and David Evans

4625: Designing Antitrust Rules for Assessing Unilateral Practices: A Neo-Chicago Approach

Jorge Padilla and David Evans

4624: Household Inequality, Welfare and the Setting of Trade Policy

Joseph Francois and Hugo Rojas-Romagosa

4623: Designing Democracies for Sustainability

Hans Gersbach and Tobias Kleinschmidt

4622: Comparative Advantage and Heterogenous Firms

Andrew Bernard, Stephen Redding and Peter Schott

4621: Is There Policy Induced Quality Reversal in Intra-Industry Trade Between Developed and Less-Developed Countries?

Kresimir Zigic and Michael Kúnin

4620: Antidumping Protection and Productivity Growth of Domestic Firms

Hylke Vandenbussche and Jozef Konings

4619: Voice of the Diaspora: An Analysis of Migrant Voting Behaviour

Jan Fidrmuc and Orla Doyle

4618: Price Dispersion and Consumer Reservation Prices

Simon Anderson and André de Palma

4617: The Influence of Others on Migration Plans

Ira Gang and Gil Epstein

4616: Ethnic Networks and International Trade

Ira Gang and Gil Epstein

4615: Towards a Lender of First Resort

Daniel Cohen and Richard Portes

4614: A Flexible Economy? Entrepreneurship and Productivity in New Zealand

John McMillan

4613: A Rational Expectations Theory of the Kink in Earnings Reports

Eugene Kandel, Ohad Kadan and Ilan Guttman

4612: Do Retail Incentives Work in Privatizations?

Matti Keloharju, Sami Torstila and Knüpfer, Samuli

4611: Neighbourhoods, Households and Income Dynamics: A Semi-Parametric Investigation of Neighbourhood Effects

Ron Johnston, Simon Burgess, Carol Propper, Anne Bolster, Rebecca Sarker and Kelvyn Jones

4610: The Feldstein-Horioka Fact

Domenico Giannone and Michele Lenza

4609: Pseudo Market Timing: Fact or Fiction?

Frank de Jong and Magnus Dahlquist

4608: The Employment Effects of Severance Payments with Wage Rigidities

Pietro Garibaldi and Giovanni Violante

4607: Do Larger Severance Payments Increase Individual Job Duration?

Pietro Garibaldi and Lia Pacelli

4606: Is Seniority-Based Pay Used as a Motivation Device? Evidence from Plant Level Data

Galdón Sánchez, José Enrique, Güell, Maia and Alberto Bayo-Moriones

4605: A Theory of Wages and Labour Demand with Intra-firm Bargaining and Matching Frictions

Pierre Cahuc, Etienne Wasmer and Marque, François

4604: Jewish Occupational Selection: Education, Restrictions or Minorities?

Zvi Eckstein and Maristella Botticini

4603: Estimating the Return to Training and Occupational Experience: The Case of Female Immigrants

Zvi Eckstein and Sarit Cohen-Goldner

4602: Heterogeneous Firms, Agglomeration and Economic Geography: Selection and Sorting

Richard Baldwin and Toshihiro Okubo

4601: Determinants of International Activity: Evidence from the Chemical Industry

Andrea Fosfuri

4600: The 'Genome' of NEG Models with Vertical Linkages: A Positive and Normative Synthesis

Gianmarco Ottaviano and Frederic Robert-Nicoud

4599: Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank

Lars Svensson and Olivier Jeanne

4598: Cities, Matching and the Productivity Gains of Agglomeration

Simon Burgess, Julia Lane and Fredrik Andersson

4597: Explaining Anglo-German Productivity Differences in Services Since 1870

Stephen Broadberry

4596: Labour Productivity in the US and the UK During the 19th Century

Stephen Broadberry and Douglas Irwin

4595: International Trade and Macroeconomic Dynamics with Heteroegenous Firms

Fabio Ghironi and Marc Melitz

4594: Optimal Monetary Policy with Imperfect Common Knowledge

Klaus Adam

4593: Vertical versus Horizontal Tax Externalities: An Empirical Test

Brülhart, Marius and Mario Jametti

4592: The Challenge of Reducing Subsidies and Trade Barriers

Kym Anderson

4591: The Role of Risk Aversion in Predicting Individual Behaviours

Luigi Guiso and Michaela Pagel

4590: Bilateral Market Power and Vertical Integration in the Spanish Electricity Spot Market

Kühn, Kai-Uwe and Matilde Machado

4589: Competition, Incomplete Discrimination and Versioning

Jerome Pouyet and Khaled Diaw

4588: The 3-Equation New Keynesian Model: A Graphical Exposition

David Soskice and Wendy Carlin

4587: Federal Funds Rate Prediction

Lucio Sarno, Daniel Thornton and Giorgio Valente

4586: An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates

Paolo Vitale and Francis Breedon

4585: Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates

Klaus Adam and Roberto Billi

4584: Forecasting (and Explaining) US Business Cycles

John Muellbauer and Luca Nunziata

4583: Exchange Rates and Inflation Under EMU: An Update

Patrick Honohan and Philip Lane

4582: Time Consistent Public Expenditures

Paul Klein

4581: From Stagnation to Growth: Unified Growth Theory

Oded Galor

4580: Firm-Specific Training

Christopher Harris and Leonardo Felli

4579: Economic and Political Liberalizations

Francesco Giavazzi and Guido Tabellini

4578: Telecommunications Policies: Determinants and Impact

Jordi Gual and Francesc Trillas

4577: Does Microsoft Stifle Innovation? Dominant Firms, Imitation and R&D Incentives

Luis Cabral and Ben Polak

4576: Interregional Redistribution and Mobility in Federations: A Positive Approach

Anke Kessler and Nico Hansen

4575: Endogenous Fertility Policy

Alison Booth and Facundo Sepulveda

4574: Price Competition in a Differentiated Products Duopoly Under Network Effects

Nikolaos Vettas and Krina Griva