CEPR Discussion Papers

From Centre for Economic Policy Research
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3344: Courts: The Lex Mundi project

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

3343: The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests

Raman Uppal, Piet Sercu and Prakesh Apte

3342: 'Be Nice, Unless it Pays to Fight': A New Theory of Price Determination with Implications for Competition Policy

Jan Boone

3341: Social Networks and Technology Adoption in Northern Mozambique

Oriana Bandiera and Imran Rasul

3340: Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Colin Mayer, Yishay Yafeh and Koen Schoors

3339: The Complexity of Economic Policy: I. Restricted Local Optima in Tax Policy Design

Gilles Saint-Paul

3338: What are the Effects of Fiscal Policy Shocks?

Harald Uhlig and Andrew Mountford

3337: Exchange Rate Monitoring Bands: Theory and Policy

Marcus Miller and Luisa Corrado

3336: Independence before Conservatism: Transparency, Politics and Central Bank Design

Andrew Hughes Hallett and Diana Weymark

3335: Trapped, Delayed and Handicapped

Sällström, Susanna and Anna Sjögren

3334: The Macroeconomics of Labour and Credit Market Imperfections

Philippe Weil and Etienne Wasmer

3333: Global versus Local Competition

Konrad Stahl

3332: Uncertainty and Consumer Durables Adjustment

Luigi Guiso, Giuseppe Bertola and Luigi Pistaferri

3331: Credit Ratings as Coordination Mechanism

Arnoud Boot and Todd Milbourn

3330: Aggregate Risk, Political Constraints and Social Security Design

Vincenzo Galasso and Marcello D'Amato

3329: Pricing Credit Derivatives with Rating Transitions

Sanjiv Das, Viral Acharya and Rangarajan K Sundaram

3328: Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy

Viral Acharya and Jennifer Carpenter

3327: Revisiting Oligopolistic Reaction: Are FDI Decisions Strategic Complements?

Thierry Mayer, Keith Head and John Ries

3326: International Rent Sharing in Multinational Firms

Jozef Konings, Matthew Slaughter and John Budd

3325: Multinational Companies and Indigenous Development: An Empirical Analysis

Eric Strobl and Görg, Holger

3324: Spatial Mismatch and Skill Accumulation

Gianmarco Ottaviano and Philippe Monfort

3323: Firms Agglomeration and Unions

Pierre Picard and Eric Toulemonde

3322: Neoclassical Growth and Commodity Trade

Marco Maffezzoli and Cuñat, Alejandro

3321: Weightless Machines and Costless Knowledge: An Empirical Analysis of Trade and Technology Diffusion

Giorgio Barba Navaretti and Isidro Soloaga

3320: The Behaviour of Relative Prices in the European Union: A Sectoral Analysis

Natalie Chen

3319: Enterprise Restructuring in Transition: A Quantitative Survey

Simeon Djankov and Peter Murrell

3318: The CEEC10's Real Convergence Prospects

Martin Wagner and Jaroslava Hlouskova

3317: Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs

Danny Quah

3316: One Third of the World's Growth and Inequality

Danny Quah

3315: Distributional Conflict in Organisations

Roman Inderst, Holger Mueller and Wärneryd, Karl

3314: IPO Pricing in the dot-com Bubble

Alexander Ljungqvist and William J Wilhelm

3313: Forecast Pooling for Short Time Series of Macroeconomic Variables

Massimiliano Marcellino

3312: Instability and Non-Linearity in the EMU

Massimiliano Marcellino

3311: The Effect of Benefit Sanctions on the Duration of Unemployment

Jan van Ours, Zweimüller, Josef and Rafael Lalive

3310: Some Contagion, Some Interdependence: More Pitfalls in Tests of Financial Contagion

Giancarlo Corsetti, Marcello Pericoli and Massimo Sbracia

3309: Active Agents, Passive Principals: Does High-Powered CEO Compensation Really Improve Incentives

Clara Raposo and James Dow

3308: A Pint a Day Raises a Man's Pay; But Smoking Blows that Gain Away

Jan van Ours

3307: Does Local Financial Development Matter?

Luigi Guiso, Luigi Zingales and Paola Sapienza

3306: Risk Aversion and Optimal Portfolio Policies in Partial and General Equilibrium Economies

Raman Uppal and Leonid Kogan

3305: Systemic Risk and International Portfolio Choice

Raman Uppal and Sanjiv Das

3304: Model Misspecification and Under-Diversification

Raman Uppal and Tan Wang

3303: On Robust Constitution Design

Robert Gary-Bobo and Emmanuelle Auriol

3302: A Structural Econometric Model of Price Discrimination in the Mortgage Lending Industry

Robert Gary-Bobo and Sophie Larribeau

3301: Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

Stijn Claessens, Sergio Schmukler and Daniela Klingebiel

3300: Structural Change and the Kaldor Facts of Economic Growth

Zweimüller, Josef and Reto Foellmi

3299: Back to Kyoto? US Participation and the Linkage Between R&D and Climate Cooperation

Carlo Carraro, Barbara Buchner, Igor Cersosimo and Carmen Marchiori

3298: Disentangling Treatment Effects of Polish Active Labour Market Policies: Evidence from Matched Samples

Christoph Schmidt, Jochen Kluve and Hartmut Lehmann

3297: Will HIPC Matter? The Debt Game and Donor Behaviour in Africa

Nancy Birdsall, Ishac Diwan and Stijn Claessens

3296: One Money, but Many Fiscal Policies in Europe: What Are the Consequences?

Harald Uhlig

3295: Financial Development, Property Rights and Growth

Stijn Claessens and Luc Laeven

3294: Commercial Policy Variability, Bindings and Market Access

Joseph Francois and Will Martin

3293: Time Based Competition and Innovation

David Thesmar

3292: Regulating Insider Trading when Investment Matters

Xavier Vives and Luis Medrano

3291: Currency Attacks with Multiple Equilibria and Imperfect Information: The Role of Wage-setters

Gianluca Femminis

3290: Optimal Social Security Design

David Miles and James Sefton

3289: The Choice of Exchange Rate Regimes: An Empirical Analysis for Transition Economies

Juergen von Hagen and Jizhong Zhou

3288: The Microstructure of Stock Markets

Bruno Biais, Larry Glosten and Chester S Spatt

3287: Informational Cascades and Decision to Migrate

Gil Epstein

3286: National Minimum Wages, Capital Mobility and Global Economic Growth

Andreas Irmen and Berthold Wigger

3285: Factor Models in Large Cross-Sections of Time Series

Lucrezia Reichlin

3284: Complementarity in the Innovation Strategy: Internal R&D, External Technology Acquisition and Cooperation

Reinhilde Veugelers and Bruno Cassiman

3283: G-7 Inflation Forecasts

Fabio Canova

3282: Should Smart Investors Buy Funds with High Returns in the Past?

Harald Uhlig and Frederic Palomino

3281: The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond

Mark Taylor, Richard Clarida, Lucio Sarno and Giorgio Valente

3280: Equity Block Transfers in Transition Economies: Evidence from Poland

Grzegorz Trojanowski

3279: Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles

Robert Kollmann

3278: Credibility and Flexibility with Monetary Policy Committees

Anne Sibert and Ilian Mihov

3277: The Case for Restricting Fiscal Policy Discretion

Fatás, Antonio and Ilian Mihov

3276: Externalities and the Allocation of Decision Rights in the Theory of the Firm

Helmut Bester

3275: The Intergenerational State: Education and Pensions

Michele Boldrin and Ana Montes

3274: Perfectly Competitive Innovation

Michele Boldrin and David Levine

3273: The Case Against Intellectual Property

Michele Boldrin and David Levine

3272: Contractual Incompleteness and the Nature of Market Interactions

Ernst Fehr, Armin Falk and Martin Brown

3271: Unforeseen Contingencies

Luca Anderlini, Leonardo Felli and Nabil I. Al-Najjar

3270: Governance and Growth

Mark Gradstein

3269: Price Discrimination in Oligopoly: Evidence from Swedish Newspapers

Marcus Asplund, Rickard Eriksson and Niklas Strand

3268: Financial Globalization and Real Regionalization

Jonathan Heathcote and Fabrizio Perri

3267: Did Sunspot Forces Cause the Great Depression?

Mark Weder and Sharon Harrison

3266: Do the 'Three-Point Victory' and 'Golden Goal' Rules Make Soccer More Exciting? A Theoretical Analysis of a Simple Game

Juan D. Carrillo and Isabelle Brocas

3265: Factor Based Index Tracking

Massimiliano Marcellino and Francesco Corielli

3264: Fixed-Term Contracts and the Duration Distribution of Unemployment

Güell, Maia

3263: Start-ups, Venture Capitalists and the Capital Gains Tax

Søren Nielsen and Christian Keuschnigg

3262: Factor Saving Innovation

Michele Boldrin and David Levine

3261: Economic Backwardness in Political Perspective

Daron Acemoglu and James Robinson

3260: Can Labour Regulation Hinder Economic Performance? Evidence from India

Timothy Besley

3259: Trade Openness and Investment Instability

Assaf Razin, Efraim Sadka and Tarek Coury

3258: Stable Coalitions

Carlo Carraro and Carmen Marchiori

3257: With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression

Hans-Joachim Voth

3256: Transparency, Prices and Welfare with Imperfect Substitutes

Jan Boone and Jan Potters

3255: Merger Activity and Executive Pay

Peter Wright, Steve Thompson and Sourafel Girma

3254: Why was Stock Market Volatility so High During the Great Depression? Evidence from 10 Countries During the Interwar Period

Hans-Joachim Voth

3253: Is the International Convergence of Capital Adequacy Regulation Desirable?

Viral Acharya

3252: The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios

Anthony Saunders, Viral Acharya and Iftekhar Hasan

3251: Suspense

Pascal Courty, Hao Li and William Chan

3250: Economic Growth in an Interdependent World Economy

Roger Farmer and Amartya Lahiri

3249: Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

Mark Taylor, David Peel and Lucio Sarno

3248: Innovating Firms and Aggregate Innovation

Tor Klette and Samuel Kortum

3247: Evaluating Tax Policy for Location Decisions

Michael Devereux and Rachel Griffith

3246: Growth in Transition: What We Know, What We Don't and What We Should

Nauro Campos and Fabrizio Coricelli

3245: A Two-Country Model of Endogenous Growth

Roger Farmer and Amartya Lahiri