CEPR Discussion Papers

From Centre for Economic Policy Research
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4888: The US Current Account and the Dollar

Francesco Giavazzi, Olivier Blanchard and Filipa Sa

4887: Location Choice and Employment Decisions: A Comparison of German and Swedish Multinationals

Karolina Ekholm, Sascha Becker, Jäckle, Robert and Marc-Andreas Muendler

4886: Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Viral Acharya, Heitor Almeida and Murillo Campello

4885: Experimental Evidence on the Persistence of Output and Inflation

Klaus Adam

4884: Preferential Trade Agreements as Stumbling Blocks for Multilateral Trade Liberalization: Evidence for the US

Limão, Nuno

4883: On the Community Patent

Steffen Hoernig

4882: Retirement Expectations, Pension Reforms and Their Effect on Private Wealth Accumulation

Tullio Jappelli, Mario Padula and Renata Bottazzi

4881: Child Labour, Crop Shocks and Credit Constraints

Rajeev Dehejia, Roberta Gatti and Kathleen Beegle

4880: Optimal Monetary Policy Rules, Asset Prices and Credit Frictions

Tommaso Monacelli and Ester Faia

4879: The Effects of Globalization on Worker Training

Hans Gersbach and Armin Schmutzler

4878: Benefits of Broad-based Option Pay

Roman Inderst and Holger Mueller

4877: Is Poland the Next Spain?

Francesco Caselli and Silvana Tenreyro

4876: How to Win Twice at an Auction: On the Incidence of Commissions in Auction Markets

Victor Ginsburgh and Nicolas Sahuguet

4875: Disenfranchisement in Linguistically Diverse Societies: The Case of the European Union

Victor Ginsburgh, Ortuño-Ortin, Ignacio and Shlomo Weber

4874: Indeterminacy and Unemployment Fluctuations with Constant Returns to Scale in Production

Leonor Modesto, Teresa Lloyd-Braga and Frédéric Dufourt

4873: Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence

Bjorn Eckbo and Karin Thorburn

4872: A Multi-Country Approach to Factor-Proportions Trade and Trade Costs

Anthony Venables and James Markusen

4871: Privatization and Restructuring in Concentrated Markets

Lars Persson and Norbäck, Pehr-Johan

4870: Relational Delegation

Niko Matouschek and Ricardo Alonso

4869: Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis

László Halpern and Égert, Balázs

4868: Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?

Jan Svejnar, Katherine Terrell and Klara Sabirianova Peter

4867: Financial Markets and Wages

Vincenzo Quadrini and Claudio Michelacci

4866: The Reform of October 1979: How it Happened and Why

Athanasios Orphanides, Robert Rasche and David E Lindsey

4865: The Decline of Activist Stabilization Policy: Natural Rate Misperceptions, Learning and Expectations

Athanasios Orphanides and John Williams

4864: Policy-oriented Parties and the Choice Between Social and Private Insurance

Jean Hindricks and Philippe De Donder

4863: The Evolution of Retirement

Vincenzo Galasso, J. Ignacio Conde-Ruiz and Paola Profeta

4862: Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change

Massimo Massa, Harald Hau and Joel Peress

4861: Earnings Manipulation and Incentives in Firms

Guido Friebel and Sergei Guriev

4860: Growth, Distance to Frontier and Composition of Human Capital

Costas Meghir, Philippe Aghion and Vandenbussche, Jérôme

4859: Gains From Trade in Used Goods: Evidence from the Global Market for Automobiles

Sofronis Clerides

4858: Firm-Specific Capital, Nominal Rigidities and the Business Cycle

Martin Eichenbaum, Lawrence Christiano, Jesper Lindé and David Altig

4857: Does Distance Matter in Spillover?

László Halpern and Muraközy, Balázs

4856: Pill, Patch or Shot? Subjective Expectations and Birth Control Choice

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4855: World Finance and the US 'New Economy': Risk Sharing and Risk Exposure

Marcus Miller

4854: Central Bank Forecasts and Disclosure Policy: Why it Pays to be Optimistic

Sylvester Eijffinger and Mewael F. Tesfaselassie

4853: Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence

Alexander Michaelides and Francisco Gomes

4852: Wealth Accumulation and Portfolio Choice with Taxable and Tax-Deferred Accounts

Alexander Michaelides, Francisco Gomes and ,

4851: Long run Effects of Public Sector Sponsored Training in West Germany

Ruth Miquel, Michael Lechner and Conny Wunsch

4850: Earnings Manipulation and Incentives in Firms

Guido Friebel and Sergei Guriev

4849: The Impact of Consumer Loss Aversion on Pricing

Paul Heidhues and Köszegi, Botond

4848: On the Fit and Forecasting Performance of New Keynesian Models

Frank Smets, Marco Del Negro, Raf Wouters and Frank Schorfheide

4847: Macroeconomic Asymmetry in the European Union: The Difference Between New and Old Members

Yuliya Demyanyk and Vadym Volosovych

4846: Economic Fluctuations in Central and Eastern Europe: The Facts

Rátfai, Attila and Benczúr, Péter

4845: Granger Causality of the Inflation-Growth Mirror in Accession Countries

Max Gillman and Anton Nakov

4844: Inflation Scares and Forecast-Based Monetary Policy

Athanasios Orphanides and John Williams

4843: The Macroeconomics of Subsistence Points

Morten Ravn, Martín Uribe and Schmitt-Grohé, Stephanie

4842: Estimating the Effects of Fiscal Policy in OECD Countries

Roberto Perotti

4841: Playing it Safe with Low Conditional Fees versus Being Insured by High Contingent Fees

Winand Emons

4840: Divide et Impera: Optimal Leniency Programmes

Giancarlo Spagnolo

4839: Do Foreign Investors Care About Labour Market Regulations?

Beata Javorcik and Mariana Spatareanu

4838: Trade-Inducing Quality Standards for Used Durables

Costas Hadjiyiannis and Sofronis Clerides

4837: Cultural Biases in Economic Exchange

Luigi Guiso, Luigi Zingales and Paola Sapienza

4836: Globalization and Union Opposition to Technological Change

Kjell Lommerud and Frode Meland

4835: The Role of Asymmetries and Regime Shifts in the Term Structure of Interest Rates

Mark Taylor, Richard Clarida, Lucio Sarno and Giorgio Valente

4834: Class and Tastes: The Effects of Income and Preference Heterogeneity on Redistribution

Fernández, Raquel and Gilat Levy

4833: The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence

Bjorn Eckbo and Oyvind Norli

4832: Liquidity Risk, Leverage and Long-Run IPO Returns

Bjorn Eckbo and Oyvind Norli

4831: Mergers with Product Market Risk

Marco Ottaviani and Albert Banal-Estanol

4830: The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time

Athanasios Orphanides and Simon van Norden

4829: Limits of Arbitrage and Corporate Financial Policy

Massimo Massa, Urs Peyer and Zhenxu Tong

4828: Monetary Policy Uncertainty and the Stock Market

Massimo Massa and Alberto Locarno

4827: The Effects of Permanent Technology Shocks on Labour Productivity and Hours in the RBC Model

Jesper Lindé

4826: Globalization and Disinflation: A Note

Assaf Razin

4825: Shooting the Auctioneer

Roger Farmer

4824: Are European Business Cycles Close Enough to be Just One?

Pérez-Quirós, Gabriel, Maximo Camacho and ,

4823: What You Sell is What You Lend? Explaining Trade Credit Contracts

Tore Ellingsen, Mike Burkart and Mariassunta Giannetti

4822: Businessman Candidates: Special-Interest Politics in Weakly Institutionalized Environments

Konstantin Sonin and Scott Gehlbach

4821: Passive Creditors

Konstantin Sonin and Koen Schoors

4820: Shareholder Diversification and IPOs

Eugene Kandel, Massimo Massa, Andrei Simonov and Andriy Bodnaruk

4819: Dispersion of Opinion and Stock Returns

William Goetzmann and Massimo Massa

4818: Mutual Funds and the Market for Liquidity

Massimo Massa and Ludovic Phalippou

4817: Advertising and Pricing at Multiple-Output Firms: Evidence from US Thrift Institutions

Evren Örs, and Robert DeYoung

4816: Theft and Taxes

Luigi Zingales, Mihir Desai and Isaac Dyck

4815: History versus Geography: The Role of College Interaction in Portfolio Choice and Stock Market Prices

Massimo Massa and Andrei Simonov

4814: Disposition Matters: Volume, Volatility and Price Impact of Behavioural Bias

William Goetzmann and Massimo Massa

4813: Can Buybacks Be A Product of Shorter Shareholder Horizons?

Pedro Pinto Matos, Massimo Massa, Gaspar, José-Miguel and Rajdeep Patgiri

4812: Idiosyncratic Volatility and Product Market Competition

Massimo Massa and Gaspar, José-Miguel

4811: What We Don't Know About the Monetary Transmission Mechanism and Why We Don't Know It

Roger Farmer and Andreas Beyer

4810: Large Devaluations and the Real Exchange Rate

Martin Eichenbaum, Sergio Rebelo and Ariel Burstein

4809: Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

László Halpern, Égert, Balázs and Ronald MacDonald

4808: Bundling and the Unanimity Rule

Hans Gersbach and Ulrich Erlenmaier

4807: Endogenous Market Incompleteness with Investment Risks

Vincenzo Quadrini and Cesaire Meh

4806: Macroeconomic Order Flows: Explaining Equity and Exchange Rate Returns

Peter Dunne, Harald Hau and Michael Moore

4805: Robust Monetary Policy in the New-Keynesian Framework

Söderström, Ulf and Kai Leitemo

4804: Natural Resources and Economic Growth: From Dependence to Diversification

Thorvaldur Gylfason

4803: The Mystery of Monogamy

Omer Moav, Eric Gould and Avi Simhon

4802: Exchange Rate Volatility and Labour Markets in the CEE Countries

Ansgar Belke, Leo Kaas and Ralph Setzer

4801: The Hazard Rate of Foreign Direct Investment in Transition Countries: A Direct Estimation of a Real Option Model

Enrico Pennings

4800: Growth and Epidemic Diseases

Hans Gersbach and Clive Bell

4799: The Welfare Cost of Business Cycles in an Economy with Non-Clearing Markets

Franck Portier and Luis Puch

4798: Risk Shifting, Technology Policy and Sales Contingent Claims: When is Launch Aid to the Aerospace Industry A Subsidy?

Paul Stoneman and Kim Kaivanto

4797: Bank Lending and Property Prices in Hong Kong

Stefan Gerlach and Wensheng Peng

4796: Measuring Trend Output: How Useful Are the Great Ratios?

Clifford Attfield and Jonathan Temple

4795: Languages in the EU: The Quest for Equality and Its Cost

Jan Fidrmuc and Victor Ginsburgh

4794: Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital

Laura Bottazzi, Marco Da Rin and Thomas Hellmann

4793: When the Punishment Must Fit the Crime: Remarks on the Failure of Simple Penal Codes in Extensive-Form Games

George Mailath, Volker Nocke and Lucy White

4792: Job Stability Trends, Layoffs and Transitions to Unemployment - An Empirical Analysis for West Germany

Antje Mertens and Annette Bergemann

4791: Does Privatization Raise Productivity?

J. David Brown and John Earle

4790: Monetary and Fiscal policy Interaction in the Euro Area with Different Assumptions on the Phillips Curve

Peter Bofinger and Eric Mayer

4789: Hedging, Familiarity and Portfolio Choice

Massimo Massa and Andrei Simonov