CEPR Discussion Papers

From Centre for Economic Policy Research
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3244: Deposit Insurance and International Bank Deposits

Harry Huizinga and Nicodème, Gaëtan

3243: Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses

Steven Kaplan and Strömberg, Per

3242: The Evolution of the Early Career Gender Wage Gap

Astrid Kunze

3241: A Test Between Unemployment Theories Using Matching Data

Melvyn Coles and Barbara Petrongolo

3240: Overbidding versus Fire-Sales in Bankruptcy Auctions

Bjorn Eckbo and Karin Thorburn

3239: On the Consequences of the US Withdrawal from the Kyoto/Bonn Protocol

Carlo Carraro, Barbara Buchner and Igor Cersosimo

3238: Fiscal Policy: Institutions versus Rules

Charles Wyplosz

3237: Market Entry and Roll-out With Product Differentiation

Paul Levine, Neil Rickman and Dionisia Tzavara

3236: Using Stationarity Tests in Antitrust Market Definition

Mario Forni

3235: Culture, Politics and Innovation: Evidence from the Creameries

Kevin O'Rourke

3234: Family Firms

Andrei Shleifer, Fausto Panunzi and Mike Burkart

3233: Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?

Xavier Vives and Jean Rochet

3232: Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting

Torben M Andersen

3231: The Political Economy of Finance

Marco Pagano and Paolo Volpin

3230: Endogenous Growth Fluctuations in Unionised Economy with Productive Externalities

Leonor Modesto, Teresa Lloyd-Braga and Rui Coimbra

3229: Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy

Paolo Volpin

3228: Traders, Courts and the Home Bias Puzzle

Tanguy van Ypersele and Alessandro Turrini

3227: Explaining Leakage of Public Funds

Jakob Svensson and Ritva Reinikka

3226: Implementing Monetary Cooperation Through Inflation Targeting

Pierpaolo Benigno and Gianluca Benigno

3225: The Dynamic Relationship Between the Federal Funds rate and the Treasury Bill Rate: An Empirical Investigation

Lucio Sarno and Daniel Thornton

3224: Does Market Liberalization Jeopardize Export Quality? Cameroonian Cocoa, 1995-2000

Christopher L. Gilbert and Eric Tollens

3223: The Cost of Heterogeneity in a Monetary Union

Andrew Hughes Hallett and Diana Weymark

3222: The Perception of Foreigners and Jews in Germany - A Structural Analysis of a Large Opinion Survey

Christoph Schmidt and Michael Fertig

3221: The Use of Flow Analysis in Foreign Exchange: Explanatory Analysis

Thomas Gehrig and Lukas Menkhoff

3220: Self-Validating Optimum Currency Areas

Paolo Pesenti and Giancarlo Corsetti

3219: An African Success Story: Botswana

Daron Acemoglu, Simon Johnson and James Robinson

3218: What Drives the Speed of Job Reallocation During Episodes of Massive Adjustment?

Stepan Jurajda and Katherine Terrell

3217: Perceived Income, Promotion and Incentives Effects

Gil Epstein and Melanie Ward-Warmedinger

3216: Information and the Optimal Ownership Structure of Firms

Niko Matouschek

3215: How (Not) to Run Auctions: The European 3G Telecom Auctions

Paul Klemperer

3214: The Biggest Auction Ever: The Sale of the British 3G Telecom Licences

Paul Klemperer and Kenneth Binmore

3213: Technology and Economic Performance in the American Economy

Robert Gordon

3212: Markups, Gaps and the Welfare Costs of Business Fluctuations

Mark Gertler, Galí, Jordi and López-Salido, J David

3211: Technology Shocks and Monetary Policy: Assessing the Fed's Performance

Galí, Jordi, Vallés Liberal, Javier and López-Salido, J David

3210: New Perspectives on Monetary Policy, Inflation and the Business Cycle

Galí, Jordi

3209: How do Firms Redline Workers?

Yves Zenou

3208: Spatial Agglomeration Dynamics

Danny Quah

3207: Technology Dissemination and Economic Growth: Some Lessons for the New Economy

Danny Quah

3206: Are Endowments Fate?

James Robinson and Jeffrey Nugent

3205: The Political Economy of Clientelism

Thierry Verdier and James Robinson

3204: Land Reform and the Political Organization of Agriculture

James Robinson and Jonathan Conning

3203: Venture Capital Contracts and Market Structure

Roman Inderst and Holger Mueller

3202: Wage Premia and Skill Upgrading in Italy: Why Didn't the Hound Bark?

Paolo Manasse, Alessandro Turrini and Luca Stanca

3201: Participation Behaviour of East German Women After German Unification

Rob Euwals and Holger Bonin

3200: Price Regulation, Investment and the Commitment Problem

Paul Levine and Neil Rickman

3199: Cross Country Evidence on the Returns to Education: Patterns and Explanations

Kevin Denny, Colm Harmon and Reamonn Lydon

3198: Sorting and Private Education in Italy

Giuseppe Bertola and Daniele Checchi

3197: From Severance Pay to Self-Insurance: Effects of Severance Payments Savings Accounts in Colombia

Adriana Kugler

3196: Protective or Counter-Productive? European Labour Market Institutions and the Effect of Immigrants on EU Natives

Joshua Angrist and Adriana Kugler

3195: Psychological Traits and Trading Strategies

Bruno Biais, Sébastien Pouget and Denis J. Hilton

3194: How Much Should Central Banks Talk? A New Argument

Grüner, Hans Peter

3193: The Determinants of Privatized Enterprise Performance in Russia

Saul Estrin, Manuela Angelucci, Alan Bevan, Julian A Fennema, Boris Kuznetsov, Giovanni Mangiarotti and Mark Schaffer

3192: Stochastic Capital Depreciation and the Comovement of Hours and Productivity

Andreas Fischer, Michael Dueker and Robert Dittmar

3191: Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms

Oved Yosha, Hedva Ber and Asher Blass

3190: If You're so Smart, Why Aren't You Rich? Wage Inequality with Heterogenous Workers?

Alison Booth and Gylfi Zoega

3189: Introductory Offers in a Model of Strategic Competition

Thomas Gehrig and ,

3188: How Transparent are Central Banks?

Sylvester Eijffinger and Petra Geraats

3187: Interpreting the Term Structure of Interbank Rates in Hong Kong

Stefan Gerlach

3186: Higher Education Levels, Firm's Outside Options and the Wage Structure

Etienne Wasmer and Rosén, Åsa

3185: Psychological Foundations of Incentives

Ernst Fehr and Armin Falk

3184: Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries

Willem Buiter and Clemens Grafe

3183: Economic Reform in Europe: Integrating and Liberalizing the Market for Services

David M Newbery

3182: Anti-Competitive Financial Contracting: The Design of Financial Claims

Giacinta Cestone and Lucy White

3181: Evaluating Style Analysis

Theo Nijman, Jenke ter Horst and Frans de Roon

3180: Platform Divergence, Political Efficiency and the Median Voter Theorem

Micael Castanheira and Juan D. Carrillo

3179: Low Returns in R&D Due to Lack of Entrepreneurial Skills

Claudio Michelacci

3178: Why Are Rates of Inflation So Low After large Devaluations

Martin Eichenbaum, Sergio Rebelo and Ariel Burstein

3177: Private Benefits of Control: An International Comparison

Luigi Zingales and Isaac Dyck

3176: Estimating Urban Road Congestion Charges

David M Newbery and Georgina Santos

3175: Discrimination and Nepotism: The Efficiency of the Anonymity Rule

Chaim Fershtman, Frank Verboven and Uri Gneezy

3174: Endogenous Lobbying

Leonardo Felli and Antonio Merlo

3173: Stock Market Quality in the Prescence of a Traded Option

Kees Koedijk, Cyriel de Jong and Charles Schnitzlein

3172: Increased Correlation in Bear markets: A Downside Risk Perspective

Paul Kofman, Kees Koedijk and Rachel Campbell

3171: China, GMOs and World Trade in Agricultural and Textile Products

Kym Anderson and Shunli Yao

3170: How Can South Asia and Sub-Saharan Africa Gain from the Next WTO Round

Kym Anderson and Shunli Yao

3169: Globalization of the Worlds Wine Markets

Kym Anderson and David Norman

3168: What Do State-Owned Firms Maximize? Evidence from the Italian Banks

Paola Sapienza

3167: Who Must Pay Bribes and How Much?

Jakob Svensson

3166: Investment Liberalization - Who Benefits from Cross Border Mergers

Lars Persson and Norbäck, Pehr-Johan

3165: Outsourcing in a Global Economy

Elhanan Helpman and Gene Grossman

3164: An Empirical Investigation of Gaming Responses to Explicit Performance Incentives

Pascal Courty and Gerald Marschke

3163: The Incentives for Takeover in Oligopoly

Christian Wey and Roman Inderst

3162: Innovation and Market Structure: An Empirical Evaluation of the 'Bounds Approach' in the Chemical Industry

Georges Siotis and Marín Uribe, Pedro Luis

3161: Hedonic House Prices Without Characteristics: The Case of New Multiunit Housing

Olympia Bover and Pilar Velilla Lucini

3160: Dealer Pricing of Consumer Credit

Giuseppe Bertola, Stefan Hochguertel and Winfried Koeniger

3159: Fixing Swiss Potholes: The Importance of Improvements

Andreas Fischer and Michael Dueker

3158: Immigration and Heterogeneous Labour in Western Germany: A Labour Market Classification Based on Nonparametric Estimation

Patrick Puhani and Fröhlich, Markus

3157: One Reason Countries Pay Their Debts: Renegotiation and International Trade

Andrew Rose

3156: Giving Up the Swiss Franc: Some Consideration on Seigniorage Flows Under EMU

Andreas Fischer, Thomas Jordan and Caesar Lack

3155: Preferences for Redistribution in the Land of Opportunities

Alberto Alesina and Eliana La Ferrara

3154: Business Cycles With Heterogenous Agents

Roger Farmer

3153: External Wealth, the Trade Balance and the Real Exchange Rate

Gian Maria Milesi-Ferretti and Philip Lane

3152: Multinational Investment, Industry Risk and Policy Competition

Jan I. Haaland and Ian Wooton

3151: Multinational Knowledge Spillovers with Centralized versus Decentralized R&D: A Game Theoretic Approach

Reinhilde Veugelers and Francesca Sanna-Randaccio

3150: Some Evolutionary Foundations for Price Level Rigidity

Gilles Saint-Paul

3149: Self Control in Peer Groups

Jean Tirole, Bénabou, Roland and Marco Battaglini

3148: Macroeconomic Sources of FOREX Risk

Michael Wickens and Peter Smith

3147: Reciprocity and the Political Economy of Harmonization and Mutual Recognition of Regulatory Measures

Thierry Verdier and Akiko Suwa-Eisenmann

3146: Do Financial Variables Help Forecasting Inflation and Real Activity in the Euro Area?

Marco Lippi, Lucrezia Reichlin, Marc Hallin and Mario Forni

3145: An Evaluation of International Asset Pricing Models

Magnus Dahlquist and Torbjorn Sallstrom