CEPR Discussion Papers

From Centre for Economic Policy Research
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3747: An Information-Based Trade-off Between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency and

Assaf Razin and Itay Goldstein

3746: Price Dispersions in Monetary Unions: The Role of Fiscal Shocks

Fabio Canova and Evi Pappa

3745: The Bank's Market Power and the Interest Rate Elasticity of Demand for Housing: An Econometric Study of Discrimination on Frenc

Robert Gary-Bobo and Sophie Larribeau

3744: Regional Policies and EU Enlargement

Michele Boldrin and Fabio Canova

3743: Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk

Viral Acharya and Tanju Yorulmazer

3742: Crises and Punishment: Moral Hazard and the Pre-1914 International Financial Architecture

Marc Flandreau

3741: Export versus FDI

Elhanan Helpman, Marc Melitz and Stephen Yeaple

3740: Spatial Mismatch: From the Hypothesis to the Theories

Yves Zenou, Harris Selod and Laurent Gobillon

3739: Distance, Skill Deepening and Development: Will Peripheral Countries Ever Get Rich?

Stephen Redding and Peter Schott

3738: Indirect Network Effects and Adoption Externalities

Neil Gandal, Jeffrey Church and David Krause

3737: Managerial Incentives and the International Organization of Production

Elhanan Helpman and Gene Grossman

3736: Working-Time Regulation, Firm Heterogeneity, and Efficiency

Javier Ortega

3735: Exchange Rates, Equity Prices and Capital Flows

Helene Rey and Harald Hau

3734: Learning by Doing and Multiproduction Effects Over the Life Cycle: Evidence from the Semiconductor Industry

Ralph Siebert

3733: Voting with your Children: A Positive Analysis of Child Labour Laws

Fabrizio Zilibotti and Matthias Doepke

3732: Strategy Dynamics through a Demand-Based Lens: The Evolution of Market Boundaries, Resource Rents and Competitive Positions

Peter Zemsky and Ron Adner

3731: Spatial Mismatch, Search Effort and Urban Spatial Structure

Yves Zenou and Tony Smith

3730: Optimal Fiscal and Monetary Policy: Equivalence Results

Isabel Correia, Pedro Teles and Juan Pablo Nicolini

3729: Coordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures

Marcus Miller and Sayantan Ghosal

3728: Heckscher-Ohlin Business Cycles

Marco Maffezzoli and Cuñat, Alejandro

3727: Environmental Policy and Capital Movements: The Role of Government Commitment

Renström, Thomas I and Laura Marsiliani

3726: More Evidence on the Dollar Risk Premium in the Foreign Exchange Market

Christian Wolff, Dennis Bams and Kim Walkowiak

3725: Exchange Rate Dynamics, Learning and Misperception

Aaron Tornell and Pierre-Olivier Gourinchas

3724: Employment Consequences of Restrictive Permanent Contracts: Evidence from Spanish Labour Market Reforms

Juan F Jimeno, Adriana Kugler and Virginia Hernanz

3723: The Law of Primogeniture and the Transition from Landed Aristocracy to Industrial Democracy

Graziella Bertocchi

3722: Search Intensity, Cost of Living and Local Labour Markets in Britain

Yves Zenou and Eleonora Patacchini

3721: Capital Requirements, Market Power and Risk-Taking in Banking

Rafael Repullo

3720: Formula Approaches for Market Access Negotiations

Joseph Francois and Will Martin

3719: Relaxing the Restrictions on the Temporary Movements of Natural Persons: A Simulation Analysis

L. Winters and Terrie Walmsley

3718: From Farmers to Merchants: A Human Capital Interpretation of Jewish Economic History

Zvi Eckstein and Maristella Botticini

3717: Judging Fund Managers by the Company They Keep

Joshua Coval, Pástor, Luboš and Randolph Cohen

3716: Some Observations on the Great Depression in Germany

Mark Weder

3715: PPP Strikes Back: Aggregation and the Real Exchange Rate

Morten Ravn, Helene Rey, Jean Imbs and Haroon Mumtaz

3714: The Choice of Exchange Rate Regime and Speculative Attacks

Alex Cukierman, Yossi Spiegel and Itay Goldstein

3713: Optimal and Time-Consistent Monetary and Fiscal Policy with Heterogeneous Agents

Stefania Albanesi

3712: The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth

Daron Acemoglu, Simon Johnson and James Robinson

3711: North-South and South-South Trade-Related Technology Diffusion: An Industry Level Analysis

Maurice Schiff, Marcelo Olarreaga and Yanling Wang

3710: Macroeconomics of International Price Discrimination

Giancarlo Corsetti and Luca Dedola

3709: The Economic Value of Flexibility When There is Disagreement

Anjan Thakor and Arnoud Boot

3708: Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Anjan Thakor and Arnoud Boot

3707: Departure from Free Trade: A Survey

Arye Hillman

3706: Optimal Control and Filtering in Linear Forward-looking Economies: A Toolkit

Francesco Lippi and Andrea Gerali

3705: Kin Groups and Reciprocity: A Model of Credit Transactions in Ghana

Eliana La Ferrara

3704: Temporary Shocks and Unavoidable Transitions to a High-Unemployment Regime

Wouter Den Haan

3703: The Effect of Privatization and Competitive Pressure on Firms' Price-Cost Margins: Micro Evidence from Emerging Economies

Jozef Konings, Patrick Van Cayseele and Frédéric Warzynski

3702: Why do Consumer Prices React Less than Import Prices to Exchange Rates?

Philippe Bacchetta and Eric van Wincoop

3701: VARs, Common Factors and the Empirical Validation of Equilibrium Business Cycle Models

Lucrezia Reichlin, Luca Sala and Domenico Giannone

3700: From Parent to Child; Early Labour Market Experiences of Second-Generation Immigrants in the Netherlands

Jan van Ours and Justus Veenman

3699: Specialization, Firms and Markets: The division of Labour Between and Within Law Firms

Thomas N. Hubbard and Luis Garicano

3698: Monetary Policy and the Rule of Law

Sylvester Eijffinger and Patrick Stadhouders

3697: On the Consequences of State Dependent Preferences for the Pricing of Financial Assets

Jean-Pierre Danthine, John B Donaldson, Christos Giannikos and Hany Guirguis

3696: Dating the Euro Area Business Cycle

Michael Artis, Massimiliano Marcellino and Tommaso Proietti

3695: Coordination of Capital Taxation Among Asymmetric Countries

Tanguy van Ypersele and Susana Peralta

3694: Household Stockholding in Europe: Where Do We Stand, and Where Do We Go?

Luigi Guiso, Tullio Jappelli and Michael Haliassos

3693: Are Intellectual Property Rights Unfair?

Gilles Saint-Paul

3692: Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?

Sylvester Eijffinger, Daniele Franco and Marco Buti

3691: The Return of the Long-Run Phillips Curve

Dennis Snower and Liam Graham

3690: Long-Run Inflation-Unemployment Dynamics: The Spanish Phillips Curve and Economic Policy

Dennis Snower, Marika Karanassou and Hector Sala

3689: The ECB's Two Pillars

Stefan Gerlach

3688: Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31

Maurice Obstfeld and Alan Taylor

3687: Recession Aversion, Output and the Kydland-Prescott Barro-Gordon Model

Stefan Gerlach

3686: Credit Risk Analysis and Security Design

Roman Inderst and Holger Mueller

3685: The Shape of Hiring and Separation Costs

Francis Kramarz and Marie-Laure Michaud

3684: Monetary Union, Institutions and Financial Market Integration, Italy 1862-1905

Gianni Toniolo, Giovanni Vecchi and Leandro Conte

3683: Doctors without Borders: The Returns to an Occupational License for Soviet Immigrant Physicians in Israel

Adriana Kugler and Robert Sauer

3682: Employee Referrals and Efficiency Wages

Adriana Kugler

3681: Financial Development and Stock Returns: A Cross-Country Analysis

Harris Dellas and Martin Hess

3680: Technology Shocks and Employment

Harris Dellas and Fabrice Collard

3679: Wage Rigidity and Monetary Union

Harris Dellas and George Tavlas

3678: Entrepreneurship Capital and Economic Performance

David Audretsch and Max Keilbach

3677: On Income Inequality and Green Preferences

Renström, Thomas I and Laura Marsiliani

3676: Liquidity Supply and Demand in Limit Order Markets

Burton Hollifield, Sandås, Patrik, Robert A. Miller and Joshua Slive

3675: Information Revelation and Efficiency in Auctions

Konstantin Sonin and Anna Mikusheva

3674: Time-to-Build and Strategic Investment Under Uncertainty

Peter Zemsky and Goncalo Pacheco de Almeida

3673: The Effect of Structural Fund Spending on the Spanish Regions: An Assessment of the 1994-99 Objective 1 CSF

Angel de La Fuente

3672: Cyclical and Structural Deficits on the Road to Accession: Fiscal Rules for an Enlarged European Union

Fabrizio Coricelli and Valerio Ercolani

3671: In-Sample or Out-of-Sample Tests of Predictability: Which One Should We Use?

Lutz Kilian and Atsushi Inoue

3670: The Variable Value Environment: Auctions and Actions

Konstantin Sonin and Michael Schwarz

3669: Does Subsidized Temporary Employment Get the Unemployed Back to Work? An Econometric Analysis of Two Different Schemes

Michael Lechner, Michael Gerfin and Heidi Stieger

3668: Transparency Gloves for Grabbing Hands? Politics and (Mis)Governance

Mark Gradstein and Tomer Blumkin

3667: Subgame Perfect Punishment for Repeat Offenders

Winand Emons

3666: Partial Insurance, Information, and Consumption Dynamics

Richard Blundell, Ian Preston and Luigi Pistaferri

3665: A Reappraisal of the Inflation-Unemployment Tradeoff

Dennis Snower, Marika Karanassou and Hector Sala

3664: The Failing Firm Defence: Merger Policy and Entry

Helen Weeds and Robin Mason

3663: The Reallocation of Workers and Jobs in Russian Industry: New Evidence on Measures and Determinants

J. David Brown and John Earle

3662: Structural Adjustment and the Sectoral and Geographical Mobility of Labour

Sir David Greenaway, Peter Wright and Richard Upward

3661: Self-Employment and Labour Market Transitions: A Multiple State Model

Maite Martinez-Granado

3660: Good Neighbours / Bad Citizens: Personal Value Priorities of Economists

Neil Gandal and Sonia Roccas

3659: Do WTO Members have More Liberal Trade Policy?

Andrew Rose

3658: Incomplete Wage Posting

Javier Suarez and Claudio Michelacci

3657: Bubbles and Capital Flows

Jaume Ventura

3656: Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

David Audretsch and Erik Lehmann

3655: Cyclical Fluctuations in Workplace Accidents

Jan van Ours and Jan Boone

3654: On Market Forces and Human Evolution

Gilles Saint-Paul

3653: Globalization and Democracy

Carl B Hamilton

3652: Entrepreneurship in Equilibrium

David Scharfstein and Denis Gromb

3651: The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse

Harald Hau

3650: Bertrand and Walras Equilibria Under Moral Hazard

Pierre Chiappori and Alberto Bennardo

3649: Managers, Workers and Corporate Control

Marco Pagano and Paolo Volpin

3648: Scale Effects in Markets with Search

Christopher Pissarides and Barbara Petrongolo