CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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804: Financial Openness and the Effectiveness of Capital Controls in Greece

Nicos Christodoulakis and Nikos Karamouzis

803: On the Political Economy of Labour Market Flexibility

Gilles Saint-Paul

802: Equilibrium Locations of Vertically Linked Industries

Anthony Venables

801: Unemployment, Real Wages and Union Membership

Christoph Schmidt and Klaus Zimmermann

800: Modelling Exits from Unemployment in Eastern Germany: A Matching Function Approach

Michael Burda

794: Convergence in Growth Rates: A Quantitative Assessment of the Role of Capital Mobility and International Taxation

Assaf Razin and Chi-Wa Yuen

793: The Political Economy of Capital Controls

Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti

792: On the Feasibility of a One- or Multi-Speed European Monetary Union

Alberto Alesina and Vittorio Grilli

791: Public Debt in the USA: How Much, How Bad and Who Pays?

Willem Buiter

790: The Determinants of Realignment Expectations Under the EMS - Some Empirical Regularities

Zhaohui Chen and Alberto Giovannini

789: Lobbying Incentives and the Pattern of Protection in Rich and Poor Countries

Kym Anderson

788: Liquidity Effects and the Determinants of Short-term Interest Rates in Italy (1991-92)

Ignazio Angeloni and Alessandro Prati

787: Signalling Debt Sustainability

Francesco Drudi and Alessandro Prati

786: Domestic Distortions and International Trade

James Anderson and J. Peter Neary

785: Green Policies in a Small Open Economy

Lans Bovenberg and Frederick (Rick) van der Ploeg

784: The Output Decline in Central and Eastern Europe: A Classical Explanation

Peter Bofinger

783: Revenue-sharing Subsidies as Employment Policy: Reducing the Cost of Stimulating East German Employment

Dennis Snower

782: Detrending and Business Cycle Facts

Fabio Canova

781: Sources and Propagation of International Business Cycles: Common Shocks or Transmission?

Fabio Canova

780: Two Notes on Economic Growth and the Solow Model

Daniel Cohen

779: Trade as an Engine of Political Change. A Parable

Alessandra Casella

778: Growth and External Debt

Daniel Cohen

777: German and American Wage and Price Dynamics: Differences and Common Themes

Wolfgang Franz and Robert Gordon

776: Competition Through Fares and Fare Accesses on the Air Transport Market

Martino Ajmone Marsan and Fiorella Kostoris Padoa Schioppa

775: Diffusion of Technical Change and the Decomposition of Output into Trend and Cycle

Marco Lippi and Lucrezia Reichlin

774: The Political Economy of the Exchange Rate Mechanism

A. Patrick Minford

773: The Term Structure of Forward Exchange Premia and the Forecastability of Spot Exchange Rates: Correcting the Errors

Richard Clarida and Mark Taylor

772: Factors and Effects of Trade Reorientation in Hungary

László Halpern

771: A Model of UK Emigration, 1870-1913

Timothy Hatton

770: The Economics of the International Arms Trade

Paul Levine, Somnath Sen and Ronald Smith

769: Migration Theory and Evidence: An Assessment

Subrata Ghatak and Paul Levine

768: Optimal Tax Policy, Government Myopia and Insolvency

Paul Levine and Joseph Pearlman

767: Time-inconsistency, Democracy and Optimal Contingent Rules

A. Patrick Minford

766: International Trade, Factor Mobility and Trade Costs

Victor D Norman and Anthony Venables

765: The Hazards of Doing a PhD: An Analysis of Completion and Withdrawal Rates of British PhDs in the 1980s

Alison Booth and Stephen E Satchell

764: The Determinants of East-West German Migration: Some First Results

Michael Burda

763: The Earnings Dynamics of Immigrant Labour

Christoph Schmidt

762: Apprenticeships and Job Tenure: A Competing Risks Model with Time-varying Covariates

Alison Booth and Stephen E Satchell

761: Delegation in International Monetary Policy Games

Juan Dolado, Mark Griffiths and Atilano Jorge Padilla

760: Convergence in Growth Rates: The Role of Capital Mobility and International Taxation

Assaf Razin and Chi-Wa Yuen

759: Currency Substitution

Alberto Giovannini and Bart Turtelboom

758: Macroeconomic Equilibrium and Reform in a Transitional Economy

Huw Dixon

757: Other People's Money: The Microfoundations of Optimal Currency Areas

A. Patrick Minford

756: Information, Forecasts and Measurement of the Business Cycle

George Evans and Lucrezia Reichlin

754: Who Are the Insiders? Wage Setting in Spanish Manufacturing Firms

Samuel Bentolila and Juan Dolado

753: Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basel-Nyborg

Edward H Gardner and William Perraudin

752: Central Banking as a Political Principal-Agent Problem

Michele Fratianni, Juergen von Hagen and Christopher Waller

751: Multiple Equilibria in a Growth Model with Monopolistic Competition

Jordi Galí

750: `Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht

Willem Buiter, Giancarlo Corsetti and Nouriel Roubini

749: Regional Versus Multilateral Liberalization of Trade in Services

Bernard Hoekman

748: Holes and Loopholes in Integration Agreements: History and Prospects

Bernard Hoekman and Michael P Leidy

747: What to Expect from Regional and Multilateral Trade Negotiations: A Public Choice Perspective

Bernard Hoekman and Michael P Leidy

746: Unemployment, Labour Market Institutions and Structural Change in Eastern Europe

Michael Burda

745: Environmental Policy, Public Finance and the Labour Market in a Second-best World

Lans Bovenberg and Frederick (Rick) van der Ploeg

744: Country Characteristics and the Choice of the Exchange Rate Regime: Are Mini-skirts Followed by Maxis?

Seppo Honkapohja and Pentti Pikkarainen

743: Privatization, Risk-Taking, and the Communist Firm

Dominique Demougin and Hans-Werner Sinn

742: Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates

Lars Svensson

741: Does Inequality Cause Inflation? The Political Economy of Inflation, Taxation and Government Debt

Roel Beetsma and Frederick (Rick) van der Ploeg

740: Market Stabilization and the Reform of the Common Agricultural Policy

Ronald W. Anderson

739: Illusive Persistence in German Unemployment

Rolf Tschernig and Klaus Zimmermann

738: Enterprise Reform in Eastern Europe

Sweder van Wijnbergen

737: The Advantage to Hiding One's Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market

Utpal Bhattacharya and Paul Weller

736: The Competitiveness of Hungarian Industry

Paul Hare, Gordon Hughes, Thomas Michael and Tamas Revesz

735: Instability of the Velocity of Money: A New Approach Based on the Evolutionary Spectrum

Michael Artis, Robin Bladen-Hovell and Dilip M Nachane

734: After the Honeymoon: On the Economics and the Politics of Economic Transformation

Charles Wyplosz

733: Commodity Tax Competition Under Destination and Origin Principles

Ben Lockwood

732: Inefficient Diversification in Multimarket Oligopoly with Diseconomies of Scope

Huw Dixon

731: Who Benefits from Antidumping Legislation?

Nicolas Schmitt and Jacques Thisse

730: Eastern Germany Since Unification: Wage Subsidies Remain a Better Way

David Begg and Richard Portes

729: Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton-Woods Float: An Impulse-Response Analysis

Tamim Bayoumi and Barry Eichengreen

728: Federal Fiscal Constitutions. Part I: Risk Sharing and Moral Hazard

Torsten Persson and Guido Tabellini

727: Mass Migration, Unions, and Fiscal Migration Policy

Anette Gehrig, Christoph Schmidt and Klaus Zimmermann

726: A Simple Model of Money and Taxes and an Illustration with Brazilian Data

Alberto Giovannini and Bart Turtelboom

725: Exchange Rate Bands and Optimal Monetary Accommodation Under a Dirty Float

Roel Beetsma and Frederick (Rick) van der Ploeg

724: The Implications of Space for Competition

Suzanne Scotchmer and Jacques Thisse

722: Economic and Monetary Union in Europe

Charles Bean

721: Arbitration in International Trade

Alessandra Casella

720: Understanding the High Interest Rates on Italian Government Securities

Alberto Giovannini and Gustavo Piga

719: Monetary Union, Money Demand and Money Supply: A Review of the German Monetary Union

Juergen von Hagen

718: Why Have a Target Zone?

Paul Krugman and Marcus Miller

717: Estimates of Bilateral Trade Elasticities and Their Implications for the Modelling of `1992'

Paul Brenton and L. Winters

716: A Primer on the MFA Maze

Jaime de Melo and Riccardo Faini

715: The New Regionalism: A Country Perspective

Jaime de Melo, Arvind Panagariya and Dani Rodrik

714: Endogenous Growth, Human Capital, and Industry Wages

Rudolf Winter-Ebmer

713: Why Do Market Shares Matter?: An Information-Based Theory

Ramon Caminal and Xavier Vives

712: The Union Wage Effect in Late Nineteenth Century Britain

Roy Bailey, George Boyer and Timothy Hatton

711: Macroeconomic Shocks, the ERM, and Tri-Polarity

Tamim Bayoumi and Mark Taylor

710: Was the Thatcher Experiment Worth it? British Economic Growth in a European Context

Nicholas Crafts

709: Productivity Growth and the Structure of the Business Cycle

Gilles Saint-Paul

708: Manufacturing and the Convergence Hypothesis: What the Long Run Data Show

Stephen Broadberry

707: Macroeconomic Import Functions with Imperfect Competition. An Application to the EC Trade

Joaquim Oliveira-Martins and Joel Toujas-Bernate

706: Ageing, Migration and Labour Mobility

Rainer Winkelmann and Klaus Zimmermann

705: Making Sense of the Soviet Trade Shock in Eastern Europe: A Framework and Some Estimates

Dani Rodrik

704: Competition When Consumers Have Switching Costs: An Overview

Paul Klemperer

703: Deregulation of the European Banking Industry (1980-1991)

Jordi Gual and Damien Neven

702: Monetary Policy and Reputational Equilibria: A Resolution of the Non-Uniqueness Problem

Ali al-Nowaihi and Paul Levine

701: Fiscal and Monetary Policy Under EMU: Credible Inflation Targets or Unpleasant Monetary Arithmetic?

Paul Levine and Joseph Pearlman

700: Restructuring Enterprises in Eastern Europe

Wendy Carlin and Colin Mayer

699: Earnings Uncertainty and Precautionary Saving

Luigi Guiso, Tullio Jappelli and Daniele Terlizzese

698: Target Zone Models with Price Inertia: Some Testable Implications

Alan Sutherland