CEPR Discussion Papers

From Centre for Economic Policy Research
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3445: The Case Against Board Veto in Corporate Takeovers

Lucian Bebchuk

3444: Firm Size Distribution: Testing the 'Independent Submarkets Model' in the Italian Motor Insurance Industry

Luigi Buzzacchi and Tommaso Valletti

3443: Ticket Pricing Under Demand Uncertainty

Pascal Courty

3442: Validating Monetary DSGE Models through VARs

Fabio Canova

3441: Insurance and Information: Firms as a Commitment Device

C. N. Teulings and Lans Bovenberg

3440: Current Accounts in the Long and Short Run

Jaume Ventura and Aart Kraay

3439: Assessing the Political Sustainability of Parametric Social Security Reforms: The Case of Italy

Vincenzo Galasso and Marcello D'Amato

3438: Anticipated Ramsey Reforms and the Uniform Taxation Principle: The Role of International Financial Markets

Martín Uribe and Schmitt-Grohé, Stephanie

3437: The Optimal Mix of Taxes on Money, Consumption and Income

Pedro Teles and Fiorella De Fiore

3436: Common Currencies versus Monetary Independence

Thomas Cooley and Vincenzo Quadrini

3435: On the Stability of the Two-Sector Neoclassical Growth Model with Externalities

Berthold Herrendorf and Akos Valentinyi

3434: Monetary Policy, Expectations and Commitment

Seppo Honkapohja and George Evans

3433: Shadow Activity and Unemployment in a Depressed Labour Market

Tito Boeri and Pietro Garibaldi

3432: The Generalized Dynamic Factor Model: One-Sided Estimation and Forecasting

Marco Lippi, Lucrezia Reichlin, Marc Hallin and Mario Forni

3431: Incomplete Pass-Through and the Welfare Effects of Exchange Rate Variability

Alan Sutherland

3430: A Pure Theory of Job Security and Labour Income Risk

Giuseppe Bertola

3429: Optimal Project Rejection and New Firm Start-Ups

Bruno Cassiman and Masako Ueda

3428: Optimal Contracting in Agency with Verifiable Ex Post Information

Anke Kessler, Lülfesmann, Christoph and Patrick Schmitz

3427: Estimates of Real Economic Activity in Switzerland, 1885-1930

Stefan Gerlach and Petra Gerlach-Kristen

3426: How do European Monetary and Fiscal Authorities Behave?

Carlo Favero

3425: Monopoly Power and the Firm's Valuation: A Dynamic Analysis of Short versus Long-Term Policies

Suleyman Basak and Anna Pavlova

3424: Can Productivity Growth Explain NAIRU? Long-run Evidence from Britain, 1871-1999

Timothy Hatton

3423: Fair Wages in a New Keynesian Model of the Business Cycle

Jean-Pierre Danthine and André Kurmann

3422: Political Foundations of the Resource Curse

Thierry Verdier, James Robinson and Ragnar Torvik

3421: Recent Trends in Occupational Segregation by Gender: A Look Across the Atlantic

Juan Dolado, Juan F Jimeno and Florentino Felgueroso

3420: Foreign Competition and Wage Inequality

J. Peter Neary

3419: Foreign Direct Investment and the Single Market

J. Peter Neary

3418: Information and Control in Alliances and Ventures

Wouter Dessein

3417: Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Economies

Nauro Campos and Yuko Kinoshita

3416: A Theory of Defensive Skill-based Innovation and Globalization

Thierry Verdier

3415: The Role of Non-financial Factors in Internal Credit Ratings

Martin Weber, Jens Grunert and Lars Norden

3414: A Dynamic Model with Import Quota Constraints

Suleyman Basak and Anna Pavlova

3413: A Model of Credit Risk, Optimal Policies and Asset Prices

Suleyman Basak and Alex Shapiro

3412: Labour Mobility of Immigrants: Training, Experience, Language and Opportunities

Zvi Eckstein and Sarit Cohen-Goldner

3411: Banks versus Venture Capital

Masako Ueda

3410: Stock Valuation and Learning about Profitability

Pietro Veronesi and Pástor, Luboš

3409: On the Way of EMU Enlargement towards CEECs: What is the Appropriate Exchange Rate Regime?

Mathilde Maurel

3408: Exchange Rate Regimes and Supply Shocks Asymmetry: The Case of the Accession Countries

Mathilde Maurel, Laurence Boone and Jan Babetski

3407: Intra-national versus International Trade in the European Union: Why do National Borders Matter?

Natalie Chen

3406: Globalization and the demand for skill: An Export Based Channel

Eric Maurin and David Thesmar

3405: Non-Linear Monetary Policy Rules: Some New Evidence for the US

Juan Dolado, María-Dolores, Ramón and Francisco Ruge-Murcia

3404: Why Vote for Losers?

Micael Castanheira

3403: An Evaluation Framework for Alternative VaR Models

Christian Wolff, Dennis Bams and Thorsten Lehnert

3402: 'Footloose' Multinationals?

Eric Strobl and Görg, Holger

3401: Cash Flow Taxes in an Open Economy

Michael Devereux and Stephen Roy Bond

3400: Do Countries Compete over Corporate Tax Rates?

Michael Devereux, Ben Lockwood and Michela Redoano

3399: Sovereign Default By Argentina: 'Slow Motion Train Crash' or Self-Fulfilling Crisis?

Marcus Miller and García-Fronti, Javier

3398: Boom-Busts in Asset Prices, Economic Instability and Monetary Policy

Michael Bordo and Olivier Jeanne

3397: Class Size, Education and Wages

Christian Dustmann, Arthur van Soest and Najma Rajah

3396: Welfare Effects of Employment Protection

Jan van Ours, Jan Boone and Michèle Belot

3395: Government Leadership and Central Bank Design

Andrew Hughes Hallett and Diana Weymark

3394: From Malthus to Ohlin: Trade, Growth and Distribution Since 1500

Jeffrey Williamson and Kevin O'Rourke

3393: Unobservable-Components Estimates of Output Gaps in Five Asian Economies

Stefan Gerlach and Matthew Yiu

3392: Money and Inflation in the Euro-Area: A Case for Monetary Indicators?

Lars Svensson and Stefan Gerlach

3391: Electronic Money and the Optimal Size of Monetary Unions

Paul De Grauwe and Claudia Costa Storti

3390: Educational Attainment in the OECD, 1960-95

Angel de La Fuente and Rafael Domenech

3389: Poverty in the Transition: Social Expenditures and the Working-Age Poor

John Micklewright, Jeni Klugman and Gerry Redmond

3388: Waiting for Mr Right: Rising Inequality and Declining Marriage Rates

Eric Gould and M. Daniele Paserman

3387: Art Auctions: A Survey of Empirical Studies

Orley Ashenfelter and Kathryn Graddy

3386: On the Number and Size of Cities

Jacques Thisse, Takatoshi Tabuchi and Dao-Zhi Zeng

3385: Economic Geography and the Role of Profits

Jacques Thisse, Pierre Picard and Eric Toulemonde

3384: Does Inward Foreign Direct Investment Boost the Productivity of Domestic Firms?

Jonathan Haskel, Matthew Slaughter and Sonia Pereira

3383: Why Corporate Taxes May Rise: The Case of Trade Liberalization and Foreign Ownership

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

3382: Heckscher-Ohlin Business Cycles

Marco Maffezzoli and Cuñat, Alejandro

3381: The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity

Marc Melitz

3380: FDI, Infrastructure and the Welfare Effects of Labour Migration

Frank Barry

3379: Testing for Localization Using Micro-Geographic Data

Gilles Duranton and Henry Overman

3378: Financial Globalization and Emerging Markets: With or Without Crash?

Philippe Martin and Helene Rey

3377: Non-Linear Dynamics in Deviations from the Law of One Price: A Broad-Based Empirical Study

Mark Taylor, Lucio Sarno and Ibrahim Chowdhury

3376: The Real Exchange Rate Always Floats

Thorvaldur Gylfason

3375: Trade versus Direct Investment: Modal Neutrality and National Treatment

Kamal Saggi

3373: Work and Television

Giacomo Corneo

3372: Optimal Campaigning in Presidential Elections: The Probability of Being Florida

Strömberg, David

3371: Electoral College, Popular Vote and Regional Information

Grüner, Hans Peter and Martina Behm

3370: Optimal Commitment Policy Under Noisy Information

Kosuke Aoki

3369: Strategic Liquidity Supply and Security Design

Bruno Biais and Thomas Mariotti

3368: The Geography of Intra-Industry Trade: Empirics

Anthony Venables, Patricia Rice and Martin Stewart

3367: Consumption and Savings with Unemployment Risk: Implications for Employment Contracts

Christopher Pissarides

3366: Trade and Industrial Location with Heterogenous Labour

Christopher Pissarides and Mary Amiti

3365: The Inflation Forecast and the Loss Function

Lars Svensson

3364: The Benefits and Costs of Group Affiliation: Evidence from East Asia

Stijn Claessens, Larry Lang and Joseph P.H. Fan

3363: Benefit Entitlement and Unemployment Duration: The Role of Policy Endogeneity

Zweimüller, Josef and Rafael Lalive

3362: Agglomeration and Market Interaction

Jacques Thisse and Masahisa Fujita

3361: Endogenous Firm Objectives

Renström, Thomas I and Erdal Yalcin

3360: The Market for Used Cars: A New Test of the Lemons Model

Winand Emons and George Sheldon

3359: Reputation-Based Pricing and Price Improvements in Dealership Markets

Thierry Foucault and Gabriel Desgranges

3358: Private versus Public Schools in Post-Apartheid South African Cities: Theory and Policy Implications

Yves Zenou and Harris Selod

3357: Affirmative Action and Efficiency in Education

Gianni De Fraja

3356: Economic Development as Self Discovery

Dani Rodrik and Ricardo Hausmann

3355: A Simple Framework for International Monetary Policy Analysis

Mark Gertler, Richard Clarida and Galí, Jordi

3354: Returns to Education: Evidence from UK Twins

Jonathan Haskel, Dorothe Bonjour, Lynn Cherkas and Tim Spector

3353: Momentum and Turnover: Evidence from the German Stock Market

Martin Weber and Markus Glaser

3352: Conditional Political Budget Cycles

Jakob Svensson and Min Shi

3351: A Note on NNS Models: Introducing Physical Capital; Avoiding Rationing

Jean-Pierre Danthine and John B Donaldson

3350: Identifying Human Capital Externalities: Theory with an Application to US Cities

Antonio Ciccone and Giovanni Peri

3349: International Dimensions of Optimal Monetary Policy

Paolo Pesenti and Giancarlo Corsetti

3348: Decentralizing the Stochastic Growth Model

Jean-Pierre Danthine and John B Donaldson

3347: Courts and Banks: Effects of Judicial Enforcement on Credit Markets

Marco Pagano, Tullio Jappelli and Magda Bianco

3346: Monetary Policy and Exchange Rate Volatility in a Small Open Economy

Galí, Jordi and Tommaso Monacelli

3345: Disclosures and Asset Returns

Hyun Song Shin