CEPR Discussion Papers

From Centre for Economic Policy Research
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3144: Macroeconomic Influences on Optimal Asset Allocation

Michael Wickens and Thomas Flavin

3143: Willpower and Personal Rules

Jean Tirole and Bénabou, Roland

3142: The Solow Productivity Paradox in Historical Perspective

Nicholas Crafts

3141: Land Distribution, Incentives and the Choice of Production Techniques in Nicaragua

Oriana Bandiera

3140: Optimal Defaults for Corporate Law Evolution

Lucian Bebchuk and Assaf Hamdani

3139: Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation

KoÄ enda, Evžen

3138: Is the Allocation of Public Capital Across the Spanish Regions too Redistributive?

Angel de La Fuente

3137: Regional Convergence in Spain, 1965-95

Angel de La Fuente

3136: Why are a Third of People Indian and Chinese? Trade, Industrialization and Demographic Transition

Oded Galor and Andrew Mountford

3135: Does Geographical Agglomeration Foster Economic Growth? And Who Gains and Looses From It?

Jacques Thisse and Masahisa Fujita

3134: Information Sharing, Research Co-Ordination and Membership of Research Joint Ventures

David Ulph, Giorgio Barba Navaretti, Patrizia Bussoli and Georg von Graevenitz

3133: International Technology Diffusion

Wolfgang Keller

3132: Handcuffs for the Grabbing Hand? Media Capture and Government Accountability

Timothy Besley and Andrea Prat

3131: Does Tax Competition Raise Voter Welfare?

Timothy Besley and Michael Smart

3130: Capital Redistribution and the Market Allocation of Firm-Ownership

Grüner, Hans Peter and Ruediger Schils

3129: Globalization, Industrial Policy and Clusters

Karen Helene Ulltveit-Moe and Rikard Forslid

3128: Corporate Growth and FDI: Are Multinationals Stimulating Local Industrial Development?

Helen Louri and Georgios Fotopoulos

3127: Free Trade and Protection of Intellectual Property Rights: Can We Have One Without the Other?

Jacques Olivier and Ai Ting Goh

3126: On the (Non) Paradox of (Not) Voting

Micael Castanheira

3125: Commodity Market Integration 1500-2000

Ronald Findlay and Kevin O'Rourke

3124: Civil War, Public Goods and the Social Wealth of Nations

Ravi Kanbur and David Pottebaum

3123: Private States and the Enforcement of Property Rights - Theory and Evidence on the Origins of the Sicilian Mafia

Oriana Bandiera

3122: Banking Passivity and Regulatory Failure in Emerging Markets: Theory and Evidence from the Czech Republic

Gérard Roland and Jan Hanousek

3121: The Predictive Value of Subjective Labour Supply Data: A Dynamic Panel Data Model with Measurement Error

Rob Euwals

3120: A Theory of Currency Denomination of International Trade

Philippe Bacchetta and Eric van Wincoop

3119: Factor Forecasts for the UK

Michael Artis, Anindya Banerjee and Massimiliano Marcellino

3118: International Protection of Intellectual Property

Gene Grossman and Edwin Lai

3117: The Political Economy of International Unions

Alberto Alesina, Ignazio Angeloni and Federico Etro

3116: Is Cannabis a Stepping-Stone for Cocaine?

Jan van Ours

3115: What Does the European Union Do?

Alberto Alesina, Ignazio Angeloni and Ludger Schuknecht

3114: Taste Heterogeneity, Labour Mobility and Economic Geography

Jacques Thisse and Takatoshi Tabuchi

3113: Monetary Policy With Uncertain Central Bank Preferences

Anne Sibert

3112: Executive Compensation in America: Optimal Contracting or Extraction of Rents

Lucian Bebchuk, Jesse Fried and David I Walker

3111: Breakdown of Will and the Value of Information

Achim Wambach and Astrid Kuehn

3110: Financing Decisions of Firms and Central Bank Policy

Jacques Olivier and Ai Ting Goh

3109: Taking the Bite Out of Fiscal Competition

Jacques Thisse, Moshe Justman and Tanguy van Ypersele

3108: EuroCOIN: A Real Time Coincident Indicator of the Euro Area Business Cycle

Marco Lippi, Lucrezia Reichlin, Marc Hallin, Mario Forni, Filippo Altissimo, Riccardo Cristadoro, Giovanni Veronese and Antonio Bassanetti

3107: Self-Enforcing Intergenerational Transfers and the Provision of Education

Dan Anderberg and Alessandro Balestrino

3106: Wealth Distribution and Interest Rates: Empirical Evidence for the US

Grüner, Hans Peter

3105: Measuring and Modelling Variation in the Risk-Return Trade-off

Martin Lettau and Sydney Ludvigson

3104: Understanding Trend and Cycle in Asset Values: Bulls, Bears and the Wealth Effect on Consumption

Martin Lettau and Sydney Ludvigson

3103: Time-Varying Risk Premia and the Cost of Capital: An Alternative Implication of the Q Theory of Investment

Martin Lettau and Sydney Ludvigson

3102: Time-Varying Market Integration and Expected Returns in Emerging Markets

Frank de Jong and Frans de Roon

3101: On the 'Conquest' of Inflation

Francesco Lippi and Andrea Gerali

3100: The Phillips Curves Across the Atlantic: It is the Price Curves that Differ

Daniel Cohen and Emmanuel Farhi

3099: Redistribution and Education Subsidies are Siamese Twins

Lans Bovenberg and Bas Jacobs

3098: Large Datasets, Small Models and Monetary Policy in Europe

Carlo Favero and Massimiliano Marcellino

3097: A Core Inflation Index for the Euro Area

Lucrezia Reichlin, Mario Forni, Riccardo Cristadoro and Giovanni Veronese

3096: Closing Small Open Economy Models

Martín Uribe and Schmitt-Grohé, Stephanie

3095: Trade and Productivity

Antonio Ciccone and Francisco Alcalá

3094: The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools

Bronwyn Hall, Manuel Trajtenberg and Adam Jaffe

3093: Enforcing Intellectual Property Rights

Mark Schankerman and Jean Lanjouw

3092: A Corporate Balance Sheet Approach to Currency Crises

Philippe Bacchetta, Philippe Aghion and Abhijit Banerjee

3091: An Econometric Analysis of the Mental-Health Effects of Major Events in the Life of Elderly Individuals

Gerard van den Berg, Maarten Lindeboom and France Portrait

3090: The Overnight Interbank Market: Evidence from the G7 and the Euro Zone

Giuseppe Bertola, Alessandro Prati and Leonardo Bartolini

3089: Tax Rates and Tax Evasion: Evidence from 'Missing Imports' in China

Shang-Jin Wei and Raymond Fisman

3088: Globalization and Inequality: Evidence from within China

Shang-Jin Wei and Yi Wu

3087: Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe: Just Do It

Marc Flandreau and Mathilde Maurel

3086: Portfolio Diversification: Alive and Well in Euroland!

Jean-Pierre Danthine and Kpate Adjaoute

3085: A Transaction Level Study of the Effects of Central Bank Intervention of Exchange Rates

Paolo Vitale and Richard Payne

3084: Taxation if Capital is Not Perfectly Mobile: Tax Competition versus Tax Exportation

Sylvester Eijffinger and Wolf Wagner

3083: The 'New Keynesian' Phillips Curve: Closed Economy versus Open Economy

Assaf Razin and Chi-Wa Yuen

3082: Optimal Unemployment Insurance with Monitoring and Sanctions

Bertil Holmlund, Jan van Ours, Jan Boone and Peter Fredriksson

3081: The Microstructure of the Euro Money Market

Philipp Hartmann, Michele Manna and Andres Manzanares

3080: Informational Externalities, Herding and Incentives

Xavier Vives and Lluís Bru

3079: Globalization in History: A Geographical Perspective

Anthony Venables and Nicholas Crafts

3078: TFP Growth in British and German Manufacturing, 1950-96

Nicholas Crafts and Terence Mills

3077: Core, Periphery, Exchange Rate Regimes and Globalization

Michael Bordo and Marc Flandreau

3076: Screening Risk Averse Agents Under Moral Hazard

Bruno Jullien, Salanié, François and Salanié, Bernard

3075: The Political Economy of Education and Development in an Open Economy

François Bourguignon and Thierry Verdier

3074: Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade

Stefan Gerlach and Jeffery D. Amato

3073: Takeover Bids versus Proxy Fights in Contests for Corporate Control

Oliver Hart and Lucian Bebchuk

3072: Strange Bids: Bidding Behaviour in the United Kingdom's Third Generation Spectrum Auction

Christian Dustmann and Börgers, Tilman

3071: Consumer Credit: Evidence from Italian Micro Data

Guglielmo Weber, Stefan Hochguertel and Rob Alessie

3070: A Multivariate Model of Strategic Asset Allocation

John Campbell, Luis Viceira and Yeung Lewis Chan

3069: Growth Effects of Non-Proprietary Innovation

Gilles Saint-Paul

3068: Educational Attainment, Labour Market Institutions and the Structure of Production

Stephen Nickell, Stephen Redding and Joanna Swaffield

3067: The Great Demand Depression

Mark Weder

3066: International Portfolio Choice: Liquidity Constraints and the Home Equity Bias Puzzle

Alexander Michaelides

3065: Asset Pricing with Idiosyncratic Risk and Overlapping Generations

Amir Yaron, Kjetil Storesletten and Chris Telmer

3064: Managed Floating: Understanding the New International Monetary Order

Peter Bofinger and Wollmershäuser, Timo

3063: Regional Tax Coordination and Foreign Direct Investment

Ian Wooton and Andreas Haufler

3062: The Cost of Capital in International Financial Markets: Local or Global

,, Kees Koedijk, Peter C Schotman and Mathijs van Dijk

3061: Strategic Advantage and the Optimal Exercise of Entry Options

Enrico Perotti and Silvia Rossetto

3060: Forecast Evaluation with Shared Data Sets

Halbert White, Allan Timmermann and Ryan Sullivan

3059: Cheap Children and the Persistence of Poverty

Omer Moav

3058: An Investment-Growth Asset Pricing Model

Maria Vassalou, Qing Li and Yuhang Xing

3057: News Related to Future GDP Growth as a Risk Factor in Equity Returns

Maria Vassalou

3056: Do We Need Multi-Country Models to Explain Exchange Rate, Interest Rate and Bond Return Dynamics?

Robert Hodrick and Maria Vassalou

3055: Confidence Building in Emerging Stock Markets

Enrico Perotti and Luc Laeven

3054: Cost of Delay, Deadlines and Endogenous Price Leadership

Tuvana Pastine and Ivan Pastine

3053: Hot Markets, Investor Sentiment and IPO Pricing

Alexander Ljungqvist, Vikram Nanda and Rajdeep Singh

3052: Foreign Direct Investment in Central and Eastern Europe: Employment Effects in the EU

Karolina Ekholm and Henrik Braconier

3051: How Do Layoff Costs Affect Employment?

Lars Ljungqvist

3050: Investment in the Absence of Property Rights: The Role of Incumbency Advantages

Kai Konrad

3049: Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs

Denis Gromb and Dimitri Vayanos

3048: GMM Estimation of Empirical Growth Models

Stephen Roy Bond, Anke Hoeffler and Jonathan Temple

3047: What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?

Edward Nelson

3046: Rich Nations, Poor Nations: How Much can Multiple Equilibria Explain?

Jonathan Temple and Bryan Graham

3045: On the Evolution of the Firm Size Distribution: Facts and Theory

Luis Cabral and José Mata