CEPR Discussion Papers

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4248: Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century

Marc Flandreau and Nathan Sussman

4247: Monetary Policy and Lexicographic Preference Ordering

Edward Driffill and Zeno Rotondi

4246: Does the WTO Make Trade More Stable?

Andrew Rose

4245: Easy Targets and the Timing of Conflict

Helmut Bester and Kai Konrad

4244: The HP-Filter in Cross-Country Comparisons

Albert Marcet and Morten Ravn

4243: Unemployment in the EU: Institutions, Prices and Growth

Dennis Snower, Marika Karanassou and Hector Sala

4242: The Firm as a Pool of Factor Complementarities

Dennis Snower and Assar Lindbeck

4241: On-the-Job Training, Firing Costs and Employment

Dennis Snower and Pilar Diaz-Vazquez

4240: Spatial Wage Disparities: Sorting Matters!

Gilles Duranton, Pierre-Philippe Combes and Laurent Gobillon

4239: A New Test of Capital Structure

Colin Mayer and Oren Sussman

4238: Creative Destruction and Productivity Growth in an Emerging Economy: Evidence from Slovenian Manufacturing

Jozef Konings and Jan De loecker

4237: Are all those Calling Plans Really Necessary? The Limited Gains From Complex Tariffs

Eugenio Miravete

4236: Retail Mergers: Buyer Power and Product Variety

Roman Inderst and Greg Shaffer

4235: Should One Rely on Professional Exchange Rate Forecasts? An Empirical Analysis of Professional Forecasts for the ?/US$ Rate

Peter Bofinger and Robert Schmidt

4234: Economic Geography and Wages

Mary Amiti and Lisa Cameron

4233: The Economic Value of Cultural Diversity: Evidence from US Cities

Gianmarco Ottaviano and Giovanni Peri

4232: Regulation of Multinational banks: A Theoretical Inquiry

Lóránth, Gyöngyi and Giacomo Calzolari

4231: Overconfidence and Delegated Portfolio Management

Frederic Palomino and Abdolkarim Sadrieh

4230: Biases of Professional Exchange Rate Forecasts: Psychological Explanations and an Experimentally-Based Comparison to Novices

Peter Bofinger, Robert Schmidt and Johannes Leitner

4229: Implementing Optimal Policy Through Inflation-Forecast Targeting

Lars Svensson and Michael Woodford

4228: Circular Movements and Time Away From the Host Country

Klaus Zimmermann and Amelie Constant

4227: The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis

Juergen von Hagen and Jizhong Zhou

4226: How do Electoral Rules Shape Party Structures, Government Coalitions and Economic Policies?

Torsten Persson, Gérard Roland and Guido Tabellini

4225: Creating Low-Skilled Jobs by Subsidising Market-Contracted Household Work

Klaus Zimmermann, John P Haisken-DeNew and Brück, Tilman

4224: Universal Banks and Relationships with Firms

Jan-Pieter Krahnen and Ralf Elsas

4223: The Effect of Disability on Labour Market Outcomes in Germany: Evidence from Matching

Michael Lechner and Rosalia Vazquez-Alvarez

4222: Prudent Monetary Policy: Applications of Cautious LQG Control and Prediction

Frederick (Rick) van der Ploeg

4221: Riding the South Sea Bubble

Peter Temin and Hans-Joachim Voth

4220: Improving the SGP Through a Proper Accounting of Public Investment

Olivier Blanchard and Francesco Giavazzi

4219: Go Public or Stay Private: A Theory of Entrepreneurial Choice

Anjan Thakor, Arnoud Boot and Radhakrishnan Gopalan

4218: Optimal Policy with Low-Probability Extreme Events

Lars Svensson

4217: Aggregate Supply and Potential Output

Assaf Razin

4216: Effects of Employment Protection and Product Market Regulations on the Italian Labour Market

Adriana Kugler and Giovanni Pica

4215: After, Before and During: Returns to Education in Hungary (1986-1998)

Nauro Campos and Dean Jolliffe

4214: Working for God?

Jakob Svensson and Ritva Reinikka

4213: Relative Wage Variation and Industry Location

Andrew Bernard, Stephen Redding, Helen Simpson and Peter Schott

4212: The Integration of EU Banking Markets

Jordi Gual

4211: Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment

Rohini Pande

4210: Viable Taxation

Kimberley Scharf and Carlo Perroni

4209: Generational Accounting, Solidarity and Pension Losses

Casper de Vries and C. N. Teulings

4208: Competitive Risk Sharing Contracts with One-Sided Commitment

Harald Uhlig and Dirk Krueger

4207: What Makes an Entrepreneur and Does it Pay? Native Men, Turks and Other Migrants in Germany

Klaus Zimmermann, Amelie Constant and Yochanan Shachmurove

4206: The U-Shaped Investment Curve: Theory and Evidence

Paul Povel, Michael Raith and Sean Cleary

4205: Codes in Organizations

Crémer, Jacques, Andrea Prat and Luis Garicano

4204: Which Countries Export FDI, and How Much?

Assaf Razin, Efraim Sadka and Yona Rubinstein

4203: Gender Wage Gaps by Education in Spain: Glass Floors versus Glass Ceilings

Juan Dolado and Vanesa Llorens

4202: Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap

Willem Buiter

4201: Intergenerational Transfer of Human Capital and Optimal Education Policy

Pierre Pestieau and Helmuth Cremer

4200: Individual Mortality and Macroeconomic Conditions from Birth to Death

Gerard van den Berg, Maarten Lindeboom and France Portrait

4199: Empirical Labour Search: A Survey

Zvi Eckstein and Gerard van den Berg

4198: Does the Market Provide Sufficient Employment Protection?

Ramon Caminal and Roberto Burguet

4197: Should Courts Always Enforce What Contracting Parties Write?

Luca Anderlini, Leonardo Felli and Andrew Postlewaite

4196: Will China's WTO Accession Worsen Rural Poverty?

Kym Anderson, Elena Ianchovichina and Jikun Huang

4195: Golden Rice and the Looming GMO Trade Debate: Implications for the Poor

Kym Anderson and Chantal Pohl Nielsen

4194: Enterprise Finance and Investment in Listed Hungarian Firms

Enrico Perotti and Luka Vesnaver

4193: Labour Market Frictions, Job Insecurity and the Flexibility of the Employment Relationship

Niko Matouschek, Paolo Ramezzana and Frederic Robert-Nicoud

4192: Do Shareholders vote Strategically? Evidence on the Advisory Role of Annual General Meetings

Kristian Rydqvist and Ernst Maug

4191: A Heliocentric Journey into Germany's Great Depression

Mark Weder

4190: Optimal Dynamic Taxation with Indivisible Labour

Renström, Thomas I, Laura Marsiliani and Parantap Basu

4189: Charitable Giving as a Gift Exchange: Evidence From a Field Experiment

Armin Falk

4188: Political Bargaining in a Federation: Buchanan meets Coase

Mark Gradstein

4187: Inequality, Democracy and the Emergence of Institutions

Mark Gradstein

4186: Do Vertical Mergers Facilitate Upstream Collusion?

Volker Nocke and Lucy White

4185: Cooperative and Non-Cooperative R&D Policy in an Economic Union

Jan I. Haaland and Hans Jarle Kind

4184: Labour and the Market Value of the Firm

Eran Yashiv and Monika Merz

4183: European Unemployment and Turbulence Revisited in a Matching Model

Thomas Sargent and Lars Ljungqvist

4182: Awareness and Stock Market Participation

Luigi Guiso and Tullio Jappelli

4181: Stakeholders, Transparency and Capital Structure

Javier Suarez, Sheridan Titman and Andres Almazan

4180: Confidence Building on Euro Conversion: Theory and Evidence from Currency Options

Enrico Perotti and Joost Driessen

4179: Speed and Quality of Collective Decision-Making, I: Imperfect Information Processing

Grüner, Hans Peter and Elisabeth Schulte

4178: Temporary Contracts and Employee Effort

Regina Riphahn and Axel Engellandt

4177: Independence and Heterogeneity in Games of Incomplete Information

Akos Valentinyi and Robin Mason

4176: Strategic Financial Innovation in Segmented Markets

Rohit Rahi and Jean-Pierre Zigrand

4175: Efficiency Gains and Myopic Antitrust Authority in a Dynamic Merger Game

Massimo Motta and Helder Vasconcelos

4174: Monopoly Practises and Competitive Behaviour in the French Satellite Pay-TV Market

Michele Cincera and Abdul Noury

4173: Aggregate Consequences of Limited Contract Enforceability

Thomas Cooley, Ramon Marimon and Vincenzo Quadrini

4172: Reducing Start-Up Costs for New Firms: The Double Dividend on the Labour Market

Rudolf Winter-Ebmer, Uwe Dulleck and Paul Frijters

4171: Absorptive Capacity, R&D Spillovers and Public Policy

J. Peter Neary and Dermot Leahy

4170: Global Sourcing

Elhanan Helpman and Pol Antrà s

4169: Optimal Capital Allocation Using RAROC(tm) and EVA

Josef Zechner and Neal Stoughton

4168: India's Trade Policy For Sale: How Much? Who Buys?

Olivier Cadot, Marcelo Olarreaga and Jean-Marie Grether

4167: Tariff Evasion and Customs Corruption: Does PSI Help?

Olivier Cadot, Marcelo Olarreaga and José Ansón

4166: Rules of Origin in North-South Preferential Trading Arrangements with an Application to NAFTA

Jaime de Melo, Akiko Suwa-Eisenmann, Olivier Cadot, Antoni Estevadeordal, José Ansón and Bolormaa Tumurchudur

4165: On Model Selection and Markov Switching: A Empirical Examination of Term Structure Models with Regime Shifts

Edward Driffill, Martin Sola, Turalay Kenc and Fabio Spagnolo

4164: Cross-Border Tax Externalities: Are Budget Deficits too Small?

Willem Buiter and Anne Sibert

4163: Conflicts of Interest and Efficient Contracting in IPOs

Alexander Ljungqvist

4162: Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations

Alexander Ljungqvist, William J Wilhelm and Felicia Marston

4161: How Do Legal Differences and Learning Affect Financial Contracts?

Steven Kaplan, Strömberg, Per and Frederic Martel

4160: Strategic Asset Allocation in a Continuous Time VAR Model

John Campbell, Luis Viceira, Jorge Rodriguez and George Chacko

4159: Inequality and Political Consensus

Grüner, Hans Peter

4158: What Happened to Asian Exports During the Crisis?

Antonio Spilimbergo and Rupa Duttagupta

4157: Does Prestige Matter More than Profits? Evidence from Entrepreneurial Choice

Mariassunta Giannetti and Andrei Simonov

4156: Self-Selection of Migrant Workers: Migration Premium and (no) Returns to Skills

Eran Yashiv

4155: Price Discrimination in Markets for Experts' Services

Rudolf Kerschbamer and Uwe Dulleck

4154: Wage Bargaining with On-The-Job Search: Theory and Evidence

Pierre Cahuc, Jean-Marc Robin and Fabien Postel-Vinay

4153: Efficiency Wages, Urban Unemployment and Housing Consumption

Yves Zenou

4152: Globalization and the Evolution of the Supply Chain: Who Gains and Who Loses?

Jacques Thisse and Masahisa Fujita

4151: Signalling and Commitment: Monetary versus Inflation Targeting

Hans Gersbach and Volker Hahn

4150: Why the Apple Doesn't Fall: Understanding Intergenerational Transmission of Human Capital

Kjell G Salvanes, Sandra Black and Paul Devereux

4149: Does Responsive Pricing Increase Efficiency? Evidence from Pricing Experiments in an Internet Café

Pascal Courty and Mario Pagliero