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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2212: Normative Aspects of Fiscal Policy in an Economic Union: a Review

Tryphon Kollintzas, Apostolis Philippopoulos and Vanghelis Vassilatos

2211: What Determines Firm Size?

Krishna Kumar, Raghuram Rajan and Luigi Zingales

2210: Currency Spillovers and Tri-Polarity: A Simultaneous Model of the US Dollar, German Mark and Japanese Yen

Ronald MacDonald and Ian Marsh

2209: On the Age at Marriage: Theory and Evidence from Jews and Moslems in Israel

Leif Danziger and Shoshana Neuman

2208: Comparison of Bootstrap Confidence Intervals for Impulse Responses of German Monetary Systems

Alexander Benkwitz, Helmut Lütkepohl and Juergen Wolters

2207: Flexible Integration as an Efficient Decision-Making Rule

Mika Widgrén

2206: Fiscal Forecasting: the Track Record of the IMF, OECD, and EC

Michael Artis and Massimiliano Marcellino

2205: The Fallacy of the Fiscal Theory of the Price Level

Willem Buiter

2204: Red Barons or Robber Barons? Governance and Financing in Russian FIG

Stanislav Gelfer and Enrico Perotti

2203: Liquidity Traps: How to Avoid Them and How to Escape Them

Willem Buiter and Nikolaos Panigirtzoglou

2202: Positive Arithmetic of the Welfare State

J. Ignacio Conde-Ruiz and Vincenzo Galasso

2201: Testing for Convergence Clubs in Income per-capita: A Predictive Density Approach

Fabio Canova

2200: Training, Rent-Sharing and Unions

Alison Booth, Marco Francesconi and Gylfi Zoega

2199: Capital, Wages and Growth: Theory and Evidence

Douglas Almond, Antonio Ciccone and Giovanni Peri

2198: Does the P* Model Provide Any Rationale for Monetary Targeting?

Lars Svensson

2197: Monetary Policy Issues for the Eurosystem

Lars Svensson

2196: Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

Lars Svensson

2195: The Equilibrium Degree of Transparency and Control in Monetary Policy

Jon Faust and Lars Svensson

2194: Foreign Direct Investment and Spillovers through Workers' Mobility

Andrea Fosfuri, Massimo Motta and Thomas Rønde

2193: An Empirical Study of the Cyclical Effects of Monetary Policy in Spain (1977-1997)

Juan Dolado and Ramón Maria-Dolores

2192: On the Role of Conflicting National Interests in the ECB Council

Hans Peter Grüner

2191: How Regions Converge

Francesco Caselli and Wilbur Coleman

2190: To Merge or Not To Merge: That is the Question

Luis Corchon and Ramon Faulí-Oller

2189: Renegotiation Before Contract Execution

Achim Wambach

2188: Competing for Capital in a 'Lumpy' World

Hans Jarle Kind, Guttorm Schjelderup and Karen Helene Ulltveit-Moe

2187: Why Does the 'Law of One Price' Fail? A Case Study

Jonathan Haskel and Holger C Wolf

2186: Social Conflict and Growth in Euroland

Paul De Grauwe and Frauke Skudelny

2185: Integration, Agglomeration and the Political Economics of Factor Mobility

Gianmarco Ottaviano and Jacques Thisse

2184: Information Sharing, Lending and Defaults: Cross-Country Evidence

Tullio Jappelli and Marco Pagano

2183: Regionalism in the Nineties: What Effect on Trade?

Isidro Soloaga and L. Winters

2182: Determinants of Non-Employment and Unemployment Durations in East Germany

Jennifer Hunt

2181: The EMU and the NAMU: What is the Case for North American Monetary Union?

Willem Buiter

2180: Can Book-to-Market, Size and Momentum Be Risk Factors That Predict Economic Growth

Jimmy Liew and Maria Vassalou

2179: How Regional Blocs Affect Excluded Countries: The Price Effects of MERCOSUR

Won Chang and L. Winters

2178: Modelling and Identifying Central Banks' Preferences

Carlo Favero and Riccardo Rovelli

2177: Minimum Wages and On-the-Job Training

Daron Acemoglu and Jorn-Steffen Pischke

2176: Who Determines Mexican Trade Policy?

Jaime de Melo, Jean-Marie Grether and Marcelo Olarreaga

2175: The Crisis of Germany's Pension Insurance System and How It Can Be Resolved

Hans-Werner Sinn

2174: EU Enlargement, Migration and Lessons from German Unification

Hans-Werner Sinn

2173: The Market for Protection and the Origin of the State

Kai Konrad and Stergios Skaperdas

2172: Does Tax Smoothing Imply Smooth Taxes?

Andrew Scott

2171: Hedging and Financial Fragility in Fixed Exchange Rate Regimes

Craig Burnside, Martin Eichenbaum and Sergio Rebelo

2170: Currency Crises: A Perspective on Recent Theoretical Developments

Olivier Jeanne

2169: The Forward Premium Puzzle: Different Tales from Developed and Emerging Economies

Ravi Bansal and Magnus Dahlquist

2168: A Theory of Interest Rate Stepping: Inflation Targeting in a Dynamic Menu Cost Model

Sylvester Eijffinger, Eric Schaling and Willem Verhagen

2167: Risk Sharing and Moral Hazard with a Stability Pact

Roel Beetsma and Henrik Jensen

2166: Performance and Characteristics of Swedish Mutual Funds 1993-97

Magnus Dahlquist, Stefan Engstrom and Paul Söderlind

2165: Location as a Signal of Quality

Nikolaos Vettas

2164: Search Unemployment with Advance Notice

Pietro Garibaldi

2163: Auction Theory: a Guide to the Literature

Paul Klemperer

2162: Third Births in Austria: the Effect of Public Policies, Educational Attainment and Labour-Force Attachment

Alexia Fürnkranz-Prskawetz, Jan Michael Hoem and Gerda Neyer

2161: From Value at Risk to Stress Testing: The Extreme Value Approach

François Longin

2160: Bookbuilding and Strategic Allocation

Francesca Cornelli and David Goldreich

2159: Minimum Wages and Employment in France and the United States

John Abowd, Francis Kramarz and David Margolis

2158: Working 40 Hours or Not Working 39: Lessons from the 1981 Mandatory Reduction of Weekly Working Hours

Bruno Crépon and Francis Kramarz

2157: Does Space Affect Search? A Theory of Local Unemployment

Etienne Wasmer and Yves Zenou

2156: The Politics of Cooptation

Graziella Bertocchi and Michael Spagat

2155: Multinationals, Endogenous Growth and Technological Spillovers: Theory and Evidence

Richard Baldwin, Henrik Braconier and Rikard Forslid

2154: Interregional and International Risk Sharing and Lessons for EMU

Jacques Melitz and Frédéric Zumer

2153: Coping with Technological Progress: The Role of Ability in Making Inequality so Persistent

Yona Rubinstein and Daniel Tsiddon

2152: Campaign Advertising and Voter Welfare

Andrea Prat

2151: Monopolistic Competition, Multiproduct Firms and Optimum Product Diversity

Gianmarco Ottaviano and Jacques Thisse

2150: The Persistence of Capital Inflows and the Behaviour of Stock Prices in East Asia Emerging Markets: Some Empirical Evidence

Lucio Sarno and Mark Taylor

2149: A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis

Gregor Irwin and David Vines

2148: Consumption Insurance or Consumption Mobility

Tullio Jappelli and Luigi Pistaferri

2147: Seebohm Rowntree and the Post-War Poverty Puzzle

Roy Bailey and Timothy Hatton

2146: Models of Technology Diffusion

Paul Geroski

2145: Ownership Concentration and Corporate Performance in the Czech Republic

Stijn Claessens and Simeon Djankov

2144: Trade in Financial Services: Procompetitive Effects and Growth Performance

Joseph Francois and Ludger Schuknecht

2143: Trade Policy and Economic Growth: A Sceptic's Guide to the Cross-National Evidence

Francisco Rodríguez and Dani Rodrik

2142: Noise Trading and Exchange Rate Regimes

Olivier Jeanne and Andrew Rose

2141: Wage Competition with Heterogeneous Workers and Firms

Jonathan Hamilton, Jacques Thisse and Yves Zenou

2140: Is the Kuznets Curve Still Alive? Evidence from Italy's Household Budgets, 1881-1961

Nicola Rossi, Gianni Toniolo and Giovanni Vecchi

2139: The Science of Monetary Policy: A New Keynesian Perspective

Richard Clarida, Jordi Galí and Mark Gertler

2138: UDROP: A Small Contribution to the New International Financial Architecture

Willem Buiter and Anne Sibert

2137: What are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure

Harald Uhlig

2136: Assessing the Political Viability of Labour Market Reform: The Case of Employment Protection

Gilles Saint-Paul

2135: Twin Peaks in Regional Unemployment and Returns to Scale in Job-Matching in the Czech Republic

Stefan Profit

2134: Does Market Organization Speed Up Market Stabilization? First Lessons From the Budapest and Warsaw Stock Exchanges

Ania Zalewska

2133: The Theory of Access Pricing: an Overview for Infrastructure Regulators

Antonio Estache and Tommaso Valletti

2132: Declining Employment Assimilation of Immigrants in Sweden: Observed or Unobserved Characteristics?

Pieter Bevelander

2131: The Enterprise Isolation Programme in Romania

Simeon Djankov

2130: Agency Costs, Firm Behaviour and the Nature of Competition

Philippe Aghion, Mathias Dewatripont and Patrick Rey

2129: Identifying the Effect of Unemployment on Crime

Steven Raphael and Rudolf Winter-Ebmer

2128: Competition, Financial Discipline and Growth

Philippe Aghion, Mathias Dewatripont and Patrick Rey

2127: Employment and Distributional Effects of Restricting Working Time

Ramon Marimon and Fabrizio Zilibotti

2126: Equilibrium Unemployment Insurance

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

2125: The Tobacco Deal

Jeremy I. Bulow and Paul Klemperer

2124: EMU and European Stock Market Integration

Gikas Hardouvelis, Dimitrios Malliaropoulos and Richard Priestley

2123: Do International Investment Income Flows Smooth Income?

Philip Lane

2122: Inefficient Redistribution

Daron Acemoglu and James Robinson

2121: Estimates of the Returns to Scale for US Manufacturing

Sumru Altug and Alpay Filiztekin

2120: How Sure Are We About PPP? Panel Evidence with the Null of Stationary Real Exchange Rates

Biing-Shen Kuo and Anne Mikkola

2119: An Optimal Currency Area Perspective of the EU Enlargement to the CEECs

Laurence Boone and Mathilde Maurel

2118: Comparative Advantage and the Location of Production

Rikard Forslid and Ian Wooton

2117: The Double Dividend Issue: Modelling Strategies and Empirical Findings

Francesco Bosello, Carlo Carraro and Marzio Galeotti

2116: Structural Convergence Under Reversible and Irreversible Monetary Unification

Roel Beetsma and Henrik Jensen

2115: The New Open Economy Macroeconomics: a Survey

Philip Lane

2114: Welfare Differentials Across French and US Labour Markets

Daniel Cohen

2113: The Redistributive Effects of the EU Budget: an Analysis and Some Reflections on the Agenda 2000 Negotiations

Angel de La Fuente and Rafael Domenech