CEPR Discussion Papers

From Centre for Economic Policy Research
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3948: Careerist Judges

Gilat Levy

3947: It Takes Two: An Explanation of the Democratic Peace

Gilat Levy and Ronny Razin

3946: Does 'Non-Committed' Government Always Generate Lower Social Welfare then its 'Committed' Counter-Part

Kresimir Zigic

3945: Bureaucracy as a Mechanism to Generate Information

Luigi Zingales and Walter Novaes

3944: Accession to the WTO and EU Enlargement: What Potential for Trade Increase?

Mathilde Maurel and Oxana Koukhartchouk

3943: Efficient Pricing of Large Value Interbank Payment Systems

Jean Rochet and Cornelia Holthausen

3942: Foreclosure with Incomplete Information

Lucy White

3941: Overconfidence and Trading Volume

Martin Weber and Markus Glaser

3940: A Product Market Theory of Worker Training

Hans Gersbach and Armin Schmutzler

3939: Government Finance in the Wake of Currency Crises

Martin Eichenbaum, Sergio Rebelo and Craig Burnside

3938: Understanding the Opportunistic Approach to Disinflation

A. Patrick Minford and Naveen Srinivasan

3937: Francs or Ranks? Earnings Mobility in France, 1967-1999

Gary Fields, Mosche Buchinsky, Francis Kramarz and Fougère, Denis

3936: Wages and International Trade

Francis Kramarz

3935: Surviving a Standards War: Lessons Learned from the Life and Death of DIVX

Neil Gandal and David Dranove

3934: Taylor Rules and the Predictability of Interest Rates

Anders Vredin, Söderlind, Paul and Söderström, Ulf

3933: Fiscal Policy and Monetary Integration in Europe

Galí, Jordi and Roberto Perotti

3932: Globalization and Dirty Industries: Do Pollution Havens Matter?

Jaime de Melo and Jean-Marie Grether

3931: How Binding are Legal Limits? Transitions from Temporary to Permanent Work in Spain

Barbara Petrongolo and Güell, Maia

3930: Reconciling Stability and Growth: Smart Pacts and Structural Reforms

Roel Beetsma and Xavier Debrun

3928: Backward-Looking Interest Rate Rules, Interest Rate Smoothing and Macroeconomic Instability

Jess Benhabib, Martín Uribe and Schmitt-Grohé, Stephanie

3927: Asset Prices and Business Cycles with Costly External Finance

Amir Yaron, João Gomes and Lu Zhang

3926: The Effects of Employment Protection: Learning from Variable Enforcement

Juan F Jimeno and Tito Boeri

3925: Policy Interaction, Expectation and Liquidity Trap

Seppo Honkapohja and George Evans

3924: Families as Shocks

Luis Cubeddu

3923: Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem

Edward Driffill and Zeno Rotondi

3922: Job Search with Nonparticipation

Bas van der Klaauw and Paul Frijters

3921: The Effect of Financial Rewards on Students' Achievements: Evidence from a Randomized Experiment

Hessel Oosterbeek, Bas van der Klaauw and Edwin Leuven

3920: Optimal State-Contingent Regulation under Limited Liability

Robert Gary-Bobo and Yossi Spiegel

3919: Business Cycles with Free Entry Ruled by Animal Spirits

Teresa Lloyd-Braga and Rodolphe Dos Santos Ferreira

3918: The Central Banker as a Risk Manager: Quantifying and Forecasting Inflation Risks

Lutz Kilian and Simone Manganelli

3917: Loan Pricing Under Basel Capital Requirements

Rafael Repullo and Javier Suarez

3916: Incentives and Invention in Universities

Mark Schankerman and Saul Lach

3915: Financial Distress and Bank Restructuring of Small to Medium Size UK Companies

Julian Franks and Oren Sussman

3914: The Political Economy of Bank and Equity Dominance

Ernst-Ludwig von Thadden and Enrico Perotti

3913: International Unions

Alberto Alesina, Ignazio Angeloni and Federico Etro

3912: The Dynamics of Local Employment in France

Thierry Magnac, Pierre-Philippe Combes and Jean-Marc Robin

3911: Representative versus Direct Democracy: The Role of Informational Asymmetries

Anke Kessler

3910: The Euro is Good After All: Evidence from Corporate Valuations

Arturo Bris, Yrjö Koskinen and Mattias Nilsson

3909: The Monetary Consequences of A Free Trade Area of the Americas

Barry Eichengreen and Alan Taylor

3908: Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run

Andreas Fischer and Ricarda Demarmels

3907: Delegated Job Design

Hans Hvide and Todd Kaplan

3906: Teen Births Keep American Crime High

Jennifer Hunt

3905: Household Labour Supply and Welfare Participation in Sweden

Lennart Flood, Jorgen Hansen and Roger Wahlberg

3904: On the Trend Recognition and Forecasting Ability of Professional Traders

Martin Weber, Markus Glaser and Thomas Langer

3903: Incentives to Borrow and the Demand for Mortgage Debt: An Analysis of Tax Reforms

Tullio Jappelli and Luigi Pistaferri

3902: The Elusive Gains from International Financial Integration

Olivier Jeanne and Pierre-Olivier Gourinchas

3901: Insisting on a Non-negative Price: Oligopoly, Uncertainty, Welfare and Multiple Equilibria

Johan Lagerlof

3900: The Price of Future Liquidity: Time-Varying Liquidity in the US Treasury Market

David Goldreich, Bernd Hanke and Purnendu Nath

3899: Taylor Rules in Practice: How Central Banks can Intercept Sunspot Expectations

Mark Weder

3898: Money and the Transmission Mechanism in the Optimizing IS-LM Specification

Edward Nelson

3897: The Future of Monetary Aggregates in Monetary Policy Analysis

Edward Nelson

3896: The Macroeconomics of Early Retirement

Vincenzo Galasso and J. Ignacio Conde-Ruiz

3895: The Zero-Interest Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan

Günter Coenen and Volker Wieland

3894: Exchange Rate Pass-Through in Candidate Countries

Fabrizio Coricelli, Bostjan Jazbec and Igor Masten

3893: Leading Indicators for Euro Area Inflation and GDP Growth

Anindya Banerjee, Massimiliano Marcellino and Igor Masten

3892: Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero

Günter Coenen, Athanasios Orphanides and Volker Wieland

3891: The Determinants of Employee Crime in the UK

Robert Witt and Neil Rickman

3890: Are Household Portfolios Efficient? An Analysis Conditional on Housing

Guglielmo Weber

3889: Cross-Country Determinants of Mergers and Acquisitions

Paolo Volpin and Stefano Rossi

3888: Strategic Choice of Financing Systems in Regulated and Interconnected Industries

Jerome Pouyet and Anna Bassanini

3887: Monetary-Fiscal Mix and Inflation Performance: Evidence from the US

Carlo Favero and Tommaso Monacelli

3886: Citizen Candidacy with Asymmetric Information

Wilfried Sand-Zantman and Georges Casamatta

3885: On the Influence of Extreme Parties in Electoral Competition with Policy-Motivated Candidates

Georges Casamatta and Philippe De Donder

3884: Are we Better Off if our Politicians Have More Information?

Johan Lagerlof

3883: Freidman's Money Supply Rule versus Optimal Interest Rate Policy

Seppo Honkapohja and George Evans

3882: The New Comparative Economics

Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer

3881: Tax Incentives to Saving and Borrowing

Tullio Jappelli and Luigi Pistaferri

3880: The Political Economy of European Merger Control: Evidence Using Stock Market Data

Damien Neven, Röller, Lars-Hendrik and Tomaso Duso

3879: The Effectiveness of Structural Policy in the European Union: An Empirical Analysis for the EU-15 during the Period 1995-2001

Sylvester Eijffinger and Maaike Beugelsdijk

3878: An Equilibrium Approach to International Merger Policy

Luis Cabral

3877: Trade, Wages and the Political Economy of Trade Protection: Evidence from the Colombian Trade Reforms

Pinelopi Goldberg and Nina Pavcnik

3876: Airbus versus Boeing Revisited: International Competition in the Aircraft Market

Douglas Irwin and Nina Pavcnik

3875: The Role of Human Capital Investments in the Location Decisions of Firms

Niko Matouschek and Frederic Robert-Nicoud

3874: The Response of the Informal Sector to Trade Liberalization

Pinelopi Goldberg and Nina Pavcnik

3873: How do Firms Agglomerate? A Study of FDI in France

Jean-Louis Mucchielli, Thierry Mayer and Matthieu Crozet

3872: Information Diffusion in International Markets

Marcelo Olarreaga, Alejandro Izquierdo and Jacques Morisset

3871: Employment Protection and Globalization in Dynamic Oligopoly

Dermot Leahy, Gerda Dewit and Catia Montagna

3870: Fatal Attraction

Ronald MacDonald, Tamim Bayoumi, Manmohan Kumar and Giorgio Fazio

3869: Deflation: Prevention and Cure

Willem Buiter

3868: Portfolio Choice with Internal Habit Formation: A Life-Cycle Model with Uninsurable Labour Income Risk

Alexander Michaelides and Francisco Gomes

3867: Learning and Syndication in Venture Capital Investments

Carole Haritchabalet and Catherine Casamatta

3866: Endogenous Policy Leads to Inefficient Risk-Sharing

Marco Celentani, Klaus Desmet and J. Ignacio Conde-Ruiz

3865: Banks and Markets: the Changing Character of European Finance

Raghuram Rajan and Luigi Zingales

3864: Entrepreneurs and New Ideas

Enrico Perotti and Bruno Biais

3863: Education, Growth and Income Inequality

C. N. Teulings and Thijs van Rens

3862: Paying for Performance: The Effect of Teachers' Financial Incentives on Students' Scholastic Outcomes

Victor Lavy

3861: How Large are Search Frictions?

C. N. Teulings and Pieter Gautier

3860: Is Strong Reciprocity a Maladaption? On the Evolutionary Foundations of Human Altruism

Ernst Fehr and Joseph Henrich

3859: The Wrong Kind of Transparency

Andrea Prat

3858: A Nationwide Laboratory Examining Trust and Trustworthiness by Integrating Behavioural Experiments into Representative Surveys

Ernst Fehr, Gert Wagner, Urs Fischbacher, Bernhard von Rosenbladt and Jürgen Schupp

3857: Decentralization and Political Institutions

Ekaterina Zhuravskaya and Ruben Enikolopov

3856: Prisoners' Other Dilemma

Giancarlo Spagnolo and Matthias Blonski

3855: Opportunistic Political Cycles: Test in a Young Democracy Setting

Ekaterina Zhuravskaya, Akhmed Akhmedov and Alexey Ravichev

3854: Monopoly Rights can Reduce Income Big Time

Berthold Herrendorf and Arilton Teixeira

3853: What are Falling Transport Costs doing to Spatial Concentration Across US Counties?

Marcel Fafchamps and Klaus Desmet

3852: Optimal Financial Market Integration and Security Design

Alberto Bisin and Viral Acharya

3851: Regulation and Investment

Alberto Alesina, Fabio Schiantarelli, Silvia Ardagna and Giuseppe Nicoletti

3850: Optimal Public Policy for Venture Capital Backed Innovation

Christian Keuschnigg

3849: Icelandic Fisheries Management: Fees versus Quotas

Martin Weitzman and Thorvaldur Gylfason

3848: Aggregate Growth and the Efficiency of Labour Reallocation

Simon Burgess and Daniel Mawson