CEPR Discussion Papers

From Centre for Economic Policy Research
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4788: Favouritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization

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

4787: Mutual Fund Competition and Stock Market Liquidity

Massimo Massa

4786: Portfolio Diversification, Proximity Investment and City Agglomeration

William Goetzmann, Massimo Massa and Andrei Simonov

4785: Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off

Massimo Massa and Gaspar, José-Miguel

4784: R&D Policies, Trade and Process Innovation

Jan I. Haaland and Hans Jarle Kind

4783: The Missing Link: The Knowledge Filter and Entrepreneurship in Endogenous Growth

David Audretsch, Pontus Braunerhjelm, Zoltan Acs and Bo Carlsson

4782: Welfare-Maximizing Operational Monetary and Tax Policy Rules

Robert Kollmann

4781: Intermediation by Aid Agencies

Paul Seabright and Colin Rowat

4780: Anti-Dumping Duties and the Byrd Amendment

David Collie and Hylke Vandenbussche

4779: The European Bond Markets Under EMU

Ernst-Ludwig von Thadden and Marco Pagano

4778: Too Many to Fail - An Analysis of Time Inconsistency in Bank Closure Policies

Viral Acharya and Tanju Yorulmazer

4777: Dictators and Their Viziers: Agency Problems in Dictatorships

Konstantin Sonin and Georgy Egorov

4776: Intra-Household Allocation and the Living Standards of the Elderly in Greece

Amanda Gosling and Eleni Karagiannaki

4775: Interest Rate Setting by the ECB: Words and Deeds

Stefan Gerlach

4774: Retirement Age and Health Expenditures

Pierre Pestieau, Helmuth Cremer and Jean-Marie Lozachmeur

4773: Disability Testing and Retirement

Pierre Pestieau, Helmuth Cremer and Jean-Marie Lozachmeur

4772: Financial Globalization, Growth and Volatility in Developing Countries

Shang-Jin Wei, Eswar Prasad, Kenneth Rogoff and Ayhan Kose

4771: Content and Advertising in the Media: Pay-TV versus Free-To-Air

Tommaso Valletti and Martin Peitz

4770: Economic and Regulatory Capital: What is the Difference?

Rafael Repullo and Abel Elizalde

4769: The Coordinated Effects of Mergers in Differentiated Products Markets

Kühn, Kai-Uwe

4768: On the Role of Arbitrageurs in Rational Markets

Suleyman Basak and Benjamin Croitoru

4767: Industrial Policy for the Twenty-First Century

Dani Rodrik

4766: Caution or Activism? Monetary Policy Strategies in an Open Economy

Lucio Sarno, Martin Ellison and Jouko Vilmunen

4765: Turbulence and Unemployment in a Job Matching Model

Wouter Den Haan, Christian Haefke and Garey Ramey

4764: Optimal Taxation in an RBC Model: A Linear-Quadratic Approach

Michael Woodford and Pierpaolo Benigno

4763: Structural Change in a Multi-Sector Model of Growth

Christopher Pissarides and L. Rachel Ngai

4762: Strong Contagion with Weak Spillovers

Martin Ellison, Liam Graham and Jouko Vilmunen

4761: Financial Market Development and the Rise in Firm Level Uncertainty

David Thesmar

4760: Do Markets Favour Women's Human Capital More Than Planners?

Jan Svejnar, Münich, Daniel and Katherine Terrell

4759: What Do Deficits Tell us About Debts? Empirical Evidence on Creative Accounting with Fiscal Rules in the EU

Juergen von Hagen and Guntram Wolff

4758: Verified Trust: Reciprocity, Altruism and Noise in Trust Games

Brülhart, Marius and Jean-Claude Usunier

4757: Capital Structure under Imperfect Enforcement

Hans Hvide and Tore Leite

4756: Economic Theories of Bundling and their Policy Implications in Abuse Cases: An Assessment in Light of the Microsoft Case

Kühn, Kai-Uwe, Robert Stillman and ,

4755: Liquidity Risk and Corporate Demand for Hedging and Insurance

Jean Rochet and Stephane Villeneuve

4754: Self-Employment Dynamics Across the Business Cycle: Migrants vs Natives

Klaus Zimmermann and Amelie Constant

4753: Dynamic Security Design

Jean Rochet, Bruno Biais, Thomas Mariotti and Guillaume Plantin

4752: The Rise of Fund Managers in Foreign Exchange

Thomas Gehrig and Lukas Menkhoff

4751: A Time-Frequency Analysis of the Coherences of the US Business Cycle and the European Business Cycle

Andrew Hughes Hallett and Christian Richter

4750: Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach

Frank Smets and Raf Wouters

4749: Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

Frank Smets and Raf Wouters

4748: School Choice and Quality

Tullio Jappelli and Daniele Checchi

4747: Does it Cost to be Virtuous? The Macroeconomic Effect of Fiscal Constraints

Fabio Canova and Evi Pappa

4746: International Risk Sharing and the Transmission of Productivity Shocks

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

4745: Financial Globalization and Exchange Rates

Gian Maria Milesi-Ferretti and Philip Lane

4744: Intergenerational Education Transmission: Neighbourhood Quality and/or Parents' Involvement

Yves Zenou and Eleonora Patacchini

4743: Equilibrium Search Unemployment With Explicit Spatial Frictions

Yves Zenou and Etienne Wasmer

4742: Complementarities and Games: New Developments

Xavier Vives

4741: Inequality, Technology and the Social Contract

Bénabou, Roland

4740: Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

Michael Woodford and Pierpaolo Benigno

4739: Inequality and Institutions

Mark Gradstein and Alberto Chong

4738: Growth, History and Institutions

Graziella Bertocchi

4737: Citizenship Laws and International Migration in Historical Perspective

Graziella Bertocchi and Chiara Strozzi

4736: Public Safety and the Moral Dilemma in the Defense Against Terror

Arye Hillman, Miriam Krausz and Raphael Franck

4735: Financial Intermediation with Contingent Contracts and Macroeconomic Risks

Hans Gersbach

4734: Properties of Scoring Auctions

Estelle Cantillon and John Asker

4733: Balance of Power

Jan Boone

4732: Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks

Assaf Razin, Efraim Sadka and Yona Rubinstein

4731: On the Optimal Timing of Taxes

Fabrizio Zilibotti, John Hassler and Kjetil Storesletten

4730: The Elusive Welfare Economics of Price Stability As A Monetary Policy Objective: Should New Keynesian Central Bankers Persue Pr

Willem Buiter

4729: A Variance Ratio Related Prediction Tool with Application to the NYSE Index 1825-2002

Shmuel Kandel and Shlomo Zilca

4728: Two Views of Inequality Over the Life-Cycle

Kjetil Storesletten, Giovanni Violante and Jonathan Heathcote

4727: Policies for Banking Crises: A Theoretical Framework

Rafael Repullo

4726: Convergence and Cycles in the Euro Zone

Andrew Harvey and Vasco Carvalho

4725: Banks' Loan Portfolio and the Monetary Transmission Mechanism

Wouter Den Haan, Steven Sumner and Guy Yamashiro

4724: Bank Loan Components and the Time-Varying Effects of Monetary Policy Shocks

Wouter Den Haan, Steven Sumner and Guy Yamashiro

4723: Distance to the Efficiency Frontier and FDI Spillovers

Jan Svejnar, Klara Sabirianova Peter and Katherine Terrell

4722: Dividend Taxes and Corporate Behaviour: Evidence from the 2003 Dividend Tax Cut

Emmanuel Saez and Raj Chetty

4721: Is There Regional Tax Competition? Firm Level Evidence for Belgium

Hylke Vandenbussche, Boudewijn Janssen and Crabbé, Karen

4720: EU Enlargement and Beyond: A Simulation Study on EU and Russia Integration

Mika Widgrén and Pekka Sulamaa

4719: Fear of Outsourcing: Is It Justified?

Shang-Jin Wei and Mary Amiti

4718: Asset Pricing with Liquidity Risk

Viral Acharya and Lasse Pedersen

4717: Resolution of Sovereign Debt Crises: The New Old Framework

Richard Portes

4716: Earnings, Schooling and Economic Reform: New Econometric Evidence

Nauro Campos and Dean Jolliffe

4715: Agglomeration and Welfare: The Core-Periphery Model in the Light of Bentham, Kaldor and Rawls

Jacques Thisse, Frederic Robert-Nicoud, Sylvie Charlot and Gaigné, Carl

4714: The Demographic Transition and the Emergence of Sustained Economic Growth

Oded Galor

4713: To What Extent Should Less-Developed Countries Enforce Intellectual Property?

Gilles Saint-Paul

4712: Welfare Effects of Intellectual Property in a North-South Model of Endogenous Growth with Comparative Advantage

Gilles Saint-Paul

4711: Cross-Skill Redistribution and the Trade-Off Between Unemployment Benefits and Employment Protection

Tito Boeri, Vincenzo Galasso and J. Ignacio Conde-Ruiz

4710: The Macroeconomics of Knowledge Management: Internal Hold-Up versus Technological Competition

Thierry Verdier

4709: Wage Differentials in the 1990s in Israel: Endowments, Discrimination and Selectivity

Shoshana Neuman and Ronald Oaxaca

4708: Intermittent Employment: Work Histories of Israeli Men and Women, 1983-1995

Shoshana Neuman and Adrian Ziderman

4707: Effective Active Labour Market Policies

Jan C. van Ours and Jan Boone

4706: Is There a Political Support for the Double Burden on Prolonged Activity?

Pierre Pestieau, Helmuth Cremer and Georges Casamatta

4705: Changes in the Distribution of Male and Female Wages Accounting for Employment Composition Using Bounds

Richard Blundell, Costas Meghir, Amanda Gosling and Hidehiko Ichimura

4704: Optimal Rewards in Contests

Aner Sela, Todd Kaplan and Chen Cohen

4703: Accounting for Cross-Country Income Differences

Francesco Caselli

4702: Joint Production in Teams

Marco Battaglini

4701: A Portfolio Choice Model with Utility from Anticipation of Future Consumption and Stock Markets' Mean Reversion

Shmuel Kandel and Arik Kuznitz

4700: Optimal Domestic Regulation and the Pattern of Trade

Thierry Verdier and David Martimort

4699: Socially Responsible Trade Integration: A Political Economy Perspective

Thierry Verdier

4698: How Special is the Special Relationship? Using the Impact of US R&D Spillovers on UK Firms as a Test of Technology Sourcing

John van Reenen, Rachel Griffith and Rupert Harrison

4697: Financial Globalization, International Business Cycles and Consumption Risk Sharing

Michael Artis and Mathias Hoffmann

4696: Monetary Magic? How the Fed Improved the Flexibility of the Economy

Tamim Bayoumi and Silvia Sgherri

4695: Competition, Globalization and the Decline of Inflation

Andrew Scott, Jean Imbs and Natalie Chen

4693: International Cooperation on Domestic Policies: Lessons from the WTO Competition Policy Debate

Kamal Saggi

4692: Policies Facilitating Firm Adjustment to Globalization

Beata Javorcik

4691: Foreign Ownership and Productivity: New Evidence from the Service Sector and the R&D Lab

Rachel Griffith, Stephen Redding and Helen Simpson

4690: Tariff Protection, Intellectual Property Rights and North-South Trade with Perfect Price Flexibility

Kresimir Zigic and Delia Ionascu

4689: Employment Concentration Across US Counties

Marcel Fafchamps and Klaus Desmet

4688: Hold-Up Problems and Firm Formation

Hans Gersbach and Hans Haller