CEPR Discussion Papers

From Centre for Economic Policy Research
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3545: Towards a Theory of Current Accounts

Jaume Ventura

3544: The Role of Background Factors for Reading Literacy: Straight National scores in the Pisa 2000 Study

Christoph Schmidt and Michael Fertig

3543: The European Employment Experience

Thomas Sargent and Lars Ljungqvist

3542: Regional Specialization and Transport Costs

Jacques Thisse and Takatoshi Tabuchi

3541: A Brazilian Debt-Crisis Model

Assaf Razin and Efraim Sadka

3540: Dynamic General Equilibrium Analysis: The Open Economy Dimension

Philip Lane and Giovanni Ganelli

3539: A Gravity Model of International Lending: Trade, Default and Credit

Andrew Rose and Mark Spiegel

3538: Do We Really Know that the WTO Increases Trade?

Andrew Rose

3537: Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth

Daron Acemoglu, Simon Johnson and James A. Robinson

3536: In-Kind Finance

Tore Ellingsen and Mike Burkart

3535: Does Competition Solve the Hold-up Problem?

Kevin Roberts and Leonardo Felli

3534: Technological Change, Organizational Change, and Job Turnover

Thomas Bauer and Stefan Bender

3533: Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics

Maurice Obstfeld

3532: Importing Equality? The Impact of Globalization on Gender Discrimination

Elizabeth Brainerd and Sandra Black

3531: So Many Rocket Scientists, so Few Marketing Clerks: Occupational Mobility in Times of Rapid Technological Change

Nauro Campos and Aurelijus Dabusinskas

3530: International Business Cycles: The Quantitative Role of Transportation Costs

Morten Ravn and Elisabetta Mazzenga

3529: Forecasting EMU Macroeconomic Variables

Massimiliano Marcellino

3528: Why are Poor Countries Poor? A Message of Hope which Involves the Resolution of a Becker/Lucas Paradox

Daniel Cohen and Marcelo Soto

3527: Enclaves, Language and the Location Choice of Migrants

Ira Gang, Thomas Bauer and Gil Epstein

3526: Power Inside the Firm and the Market: a General Equilibrium Approach

Dalia Marin and Thierry Verdier

3525: In Search of the Holy Grail: Policy Convergence, Experimentation and Economic Performance

Dani Rodrik and Sharun Mukand

3524: Feasible Globalizations

Dani Rodrik

3523: Factor Price Equalization in the UK?

Andrew Bernard, Stephen Redding, Helen Simpson and Peter Schott

3522: Globalization and Cooperative Relations

Giancarlo Spagnolo

3521: Europe's 'New' Stock Markets

Laura Bottazzi and Marco Da Rin

3520: Consumption and Habits: Evidence from Panel Data

López-Salido, J David, Raquel Carrasco and Jose Labeaga

3519: When Economic Reform Goes Wrong: Cashews in Mozambique

Dani Rodrik, Margaret McMillan and Karen Horn Welch

3518: Understanding Bilateral Exchange Rate Volatility

Philip Lane and Michael Devereux

3517: Human Capital and the Future of Transition Economies

Michael Spagat

3516: Knowledge Creation and Control in Organizations

Diego Puga and Daniel Trefler

3515: Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?

Dalia Marin, Andzelika Lorentowicz and Alexander Raubold

3514: Firms' Decisions on Where to Incorporate

Lucian Bebchuk and Alma Cohen

3513: Business Creation and the Stock Market

Javier Suarez and Claudio Michelacci

3512: Unemployment Compensation Finance and Labour Market Rigidity

Pierre Cahuc and Franck Malherbet

3511: On the Efficiency of Job Search with Social Networks

Pierre Cahuc and Francois Fontaine

3510: Equalizing Wage Differences and Bargaining Power: Evidence from a Panel of French Firms

Pierre Cahuc, Dominique Goux, Christian Gianella and Andre Zylberberg

3509: Pensions and Savings in a Monetary Union: an Analysis of Capital Flows

Alain Jousten and Florence Legros

3508: Storable Votes

Alessandra Casella

3507: Expected Returns and Expected Dividend Growth

Martin Lettau and Sydney Ludvigson

3506: News-Magazine Monetarism

Edward Nelson

3505: Herd Effects or Migration Networks? The Location Choice of Mexican Immigrants in the US

Ira Gang, Thomas Bauer and Gil Epstein

3504: Relative Performance, Risk and Entry in the Mutual Fund Industry

Lóránth, Gyöngyi and Emanuela Sciubba

3503: Foreign Ownership, Returns to Scale and Productivity: Evidence from UK Manufacturing Establishments

Sourafel Girma and Görg, Holger

3502: Entry in Telecommunication: Customer Loyalty, Price Sensitivity and Access Prices

Sørgard, Lars and Kjell Lommerud

3501: The Portfolio Implications of Home Ownership

Piet Eichholtz, Kees Koedijk and Frans de Roon

3500: Has Distance Died? Evidence from a Panel Gravity Model

Patrick Guillaumont, Jaime de Melo, Jean Brun and Carrère, Céline

3499: Corporate Liquidity

Henri Servaes, Jan Mahrt-Smith and Amy Dittmar

3498: Political Institutions and Policy Choices: Evidence from the United States

Timothy Besley and Anne Case

3497: Job Creation and Job Destruction in a Regulated Labour Market: The Case of Austria

Rudolf Winter-Ebmer, Zweimüller, Josef, Alfred M. Stiglbauer and Florian Stahl

3496: Patching up the Pact

Willem Buiter and Clemens Grafe

3495: Asset Pricing Implications of Firms' Financing Constraints

Amir Yaron, João Gomes and Lu Zhang

3494: Liquidity Risk and Expected Stock Returns

Robert Stambaugh and Pástor, Luboš

3493: Exclusive Dealing and Entry, when Buyers Compete

Massimo Motta and Chiara Fumagalli

3492: Investment Liberalization and International Trade

Katharine Wakelin and Mary Amiti

3491: The Effect of Monetary Unification on Public Debt and its Real Return

Roel Beetsma and Koen Vermeylen

3490: Defining Benchmark Status: An Application using Euro-Area Bonds

Michael Moore, Peter Dunne and Richard Portes

3489: The Locking-in Effect of Subsidized Jobs

Jan van Ours

3488: Donations

Francesca Cornelli and Andrea Buraschi

3487: Moral Hazard and Capital Structure Dynamics

Mathias Dewatripont and Steven Matthews

3486: How Trade Policy Affects Technology Adoption and Productivity

Berthold Herrendorf and Arilton Teixeira

3485: Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment?

Sir David Greenaway and Görg, Holger

3484: Asymmetric Information and Monetary Policy in Common Currency Areas

Paolo Manasse and Laura Bottazzi

3483: Tax Pot Episodes in OECD Countries

Franck Portier and Catherine Bruno-Portier

3482: Equilibrium Cross-Section of Returns

João Gomes, Leonid Kogan and Lu Zhang

3481: Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions

Bjorn Eckbo and Karin Thorburn

3480: Labour Market Institutions and Macroeconomic Shocks

Dennis Snower, Gylfi Zoega and Yu-Fu Chen

3479: Assessing Welfare Accounts

Dennis Snower, Mike Orszag, Fölster, Stefan and Robert Gidehag

3478: Audit Competition in Insurance Oligopolies

Nicolas Boccard

3477: High Skilled Migration and the Exertion of Effort by the Local Population

Gil Epstein, Melanie Ward-Warmedinger and Astrid Kunze

3476: The Great Divide and Beyond - Financial Architecture in Transition

Berglöf, Erik and Patrick Bolton

3475: Financing and Advising: Optimal Financial Contracts with Venture Capitalists

Catherine Casamatta

3474: Entrepreneurial Incentives in Stock Market Economies

Alberto Bisin and Viral Acharya

3473: Endogenous Political Institutions

Alberto Alesina, Philippe Aghion and Francesco Trebbi

3472: Can Insider Power Affect Employment?

Dennis Snower and Pilar Diaz-Vazquez

3471: Do Good Workers Hurt Bad Workers - or is it the Other Way Around?

Espen Moen

3470: Inflation and Inequality

Stefania Albanesi

3469: Assortative Matching in a Non-transferable World

Andrew Newman

3468: Does Poaching Distort Training?

Espen Moen and Rosén, Åsa

3467: Distance to Frontier, Selection, and Economic Growth

Philippe Aghion, Daron Acemoglu and Fabrizio Zilibotti

3466: A Matching Model of Crowding-Out and On-the-Job Search (with an Application to Spain)

Juan Dolado, Juan F Jimeno and Marcel Jansen

3465: How to Win a Decision in a Confederation

Jacques Thisse and Philippe Jehiel

3464: International Asset Allocation with Time-Varying Investment Opportunities

David Blake and Allan Timmermann

3463: Foreign Currency for Long-Term Investors

John Campbell, Luis Viceira and Josh S. White

3462: Venture Capital Meets Contract Theory: Risky Claims or Formal Control?

Giacinta Cestone

3461: Optimal Diversification

João Gomes and Dmitry Livdan

3460: Relational Contracts and Property Rights

Giancarlo Spagnolo and Matthias Blonski

3459: White Elephants

James Robinson and Ragnar Torvik

3458: Monetary Policy and Stagflation in the UK

Edward Nelson and Kalin Nikolov

3457: An Analysis of Shareholder Agreements

Alexander Ljungqvist, Gilles Chemla and Michel Habib

3456: When to Tax Labour?

Renström, Thomas I and Parantap Basu

3455: Market Potential and the Location of Japanese Investment in the European Union

Thierry Mayer and Keith Head

3454: On the Pervasiveness of Home Market Effects

Thierry Mayer, Keith Head and John Ries

3453: On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi

3452: International Evidence on Ethical Mutual Fund Performance and Investment Style

Kees Koedijk, Bob Bauer and Roger Otten

3451: Corporate Leverage and Product Differentiation Strategy

Stefan Arping and Lóránth, Gyöngyi

3450: Market and Technical Risk in R&D

Konrad Stahl, Heiko Gerlach and Rønde, Thomas

3449: The Political Economy of EU Enlargement: Lessons from Switzerland

Jaime de Melo, Müller, Tobias and Florence Miguet Heimlicher

3448: Labour Market Institutions and Demographic Employment Patterns

Giuseppe Bertola, Francine Blau and Lawrence Kahn

3447: How Reform Worked in China

Yingyi Qian

3446: The Optimal Taxation of Unskilled Labour with Job Search and Social Assistance

Lans Bovenberg and Jan Boone