CEPR Discussion Papers

From Centre for Economic Policy Research
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2943: Uncovered Interest Parity in Crisis: The Interest Rate Defence in the 1990s

Robert Flood and Andrew Rose

2942: Optimal Fiscal and Monetary Policy Under Sticky Prices

Martín Uribe and Schmitt-Grohé, Stephanie

2941: Flexible Inflation Targeting under a Non-Linear Phillipscurve

Sylvester Eijffinger and Willem Verhagen

2940: Consumption Dynamics and Real Exchange Rate

Morten Ravn

2939: Rent Sharing in Wage Determination: Evidence from Italy

Chiara Strozzi and Barbara Pistoresi

2938: The Importance of Being Small. Or When Countries are Areas and not Points

Jacques Thisse and Joe Tharakan

2937: Time-Consistent Protection with Learning by Doing

Eugenio Miravete

2936: Borrower Poaching and Information Display in Credit Markets

Hans Degryse and Jan Bouckaert

2935: Internal Capital Markets, Cross-Subsidization and Product Market Competition

Giacinta Cestone and Chiara Fumagalli

2934: Knowledge Spillovers and the Growth of Local Industries

Mario Forni and Sergio Paba

2933: Last Bank Standing: What Do I Gain if You Fail?

Enrico Perotti and Javier Suarez

2932: Growing into Trouble: Indonesia After 1966

Jonathan Temple

2931: UK Monetary Policy 1972-97: A Guide Using Taylor Rules

Edward Nelson

2930: The Aging Population and the Size of the Welfare State

Assaf Razin, Efraim Sadka and Phillip Swagel

2929: Nominal Debt and the Dynamics of Currency Crises

Giancarlo Corsetti and Bartosz Maćkowiak

2928: Free Trade versus Strategic Trade as a Choice Between Two 'Second-best' Policies: A Symmetric versus Asymmetric Information Ana

Kresimir Zigic and Delia Ionascu

2927: Wage Growth, Productivity Growth, and the Evolution of Employment

Martin Hellwig and Andreas Irmen

2926: Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market

Frank Verboven and Pinelopi Goldberg

2925: Appropriating the Commons - A Theoretical Explanation

Ernst Fehr, Armin Falk and Urs Fischbacher

2924: Public Education and the Melting Pot

Moshe Justman and Mark Gradstein

2923: The Liquidity Trap in an Open Economy

Willem Buiter

2922: Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information

Piero Gottardi and Rohit Rahi

2921: Firm Interdependence In Foreign Production: Leading UK Firms in 1986 and 1993

Stephen Pavelin

2920: Financing and Corporate Growth under Repeated Moral Hazard

Ronald Anderson and Kjell Nyborg

2919: Price Dispersion and Learning in a Dynamic Differentiated-Goods Duopoly

Sven Rady and R Keller

2918: On the Fiscal Implications of Twin Crises

Martin Eichenbaum, Sergio Rebelo and Craig Burnside

2917: Predetermined Prices and the Persistent Effects of Money on Output

Michael Devereux and James Yetman

2916: Asset Market Linkages in Crisis Periods

Casper de Vries, Philipp Hartmann and Stefan Straetmans

2915: Screening Cycles

Thomas Gehrig and ,

2914: Ex Ante Costs of Violating Absolute Priority in Bankruptcy

Lucian Bebchuk

2913: Purchasing Power Parity and the Real Exchange Rate

Mark Taylor and Lucio Sarno

2912: Can Vocational Education Improve the Wages of Minorities and Disadvantaged Groups? The Case of Israel

Shoshana Neuman and Adrian Ziderman

2911: Information Sharing in Banking: A Collusive Device?

Thomas Gehrig and ,

2910: When Does Capital Account Liberalization Help More Than it Hurts?

Barry Eichengreen, Charles Wyplosz and Carlos Arteta

2909: Risk and Intermediation in a Dual Financial Market Model

Pietro Reichlin and Gaetano Bloise

2908: Buyers' Coordination and Entry

Massimo Motta and Chiara Fumagalli

2907: Foreign Direct Investment, Agglomerations and Demonstration Effects: An Empirical Investigation

Frank Barry, Eric Strobl and Görg, Holger

2906: Credit, the Stock Market and Oil: Forecasting US GDP

John Muellbauer and Luca Nunziata

2905: The Survival of the Welfare State

Fabrizio Zilibotti, John Hassler, Kjetil Storesletten and Rodríguez Mora, José V

2904: The Adoption of Labour Standards Conventions: Who, When and Why?

Ravi Kanbur and Nancy Chau

2903: Dissimilation? The Educational Attainment of Second Generation Immigrants

Regina Riphahn

2902: How Does Imperfect Competition in the Labour Market Affect Unemployment Policies?

Yves Zenou and Xavier Wauthy

2901: Dollarization, Bailouts and the Stability of the Banking System

Douglas Gale and Xavier Vives

2900: International Risk-Sharing and the Exchange Rate: Re-evaluating the Case for Flexible Exchange Rates

Michael Devereux

2899: Incentives in Dynamic Duopoly

Xavier Vives and Byoung Jun

2898: Ownership and Control of German Corporations

Julian Franks and Colin Mayer

2897: Education, Distributive Justice and Adverse Selection

Robert Gary-Bobo, Marc Fleurbaey and Denis Maguain

2896: Economies of Scale in European Manufacturing Revisited

Karen Helene Ulltveit-Moe, Frode Steen and Espen Henriksen

2895: Mass Privatisation and Partial State Ownership of Firms in Transition Economics

John Bennett, Saul Estrin and James Maw

2894: Transport Cost Decline and Regional Inequalities: Evidence from France

Pierre-Philippe Combes and Miren Lafourcade

2893: Speculation and the Decision to Abandon a Fixed Exchange Rate Regime

Ivan Pastine

2892: Corporate Finance and the Monetary Transmission Mechanism

Xavier Freixas and Patrick Bolton

2891: Does a Currency Union Affect Trade? The Time Series Evidence

Andrew Rose and Reuven Glick

2890: Science versus Profit in Research: Lessons from the Human Genome Project

Carlo Carraro, Domenico Siniscalco and Pomè, Alessandra

2889: Limit Order Book as a Market for Liquidity

Thierry Foucault, Eugene Kandel and Ohad Kadan

2888: Competition, Corporate Governance: Substitutes or Complements? Evidence from the Warsaw Stock Exchange

Irena Grosfeld and Thierry Tressel

2887: Fifty Years of Regional Inequality in China: A Journey through Revolution, Reform and Openness

Ravi Kanbur and Xiaobo Zhang

2886: Foreign Exchange Intervention, Policy Objectives and Macroeconomic Stability

Paolo Vitale

2885: Chicken and Egg: Competing Matchmakers

Bernard Caillaud and Bruno Jullien

2884: Drawing Lessons From the Boom of Temporary Jobs in Spain

Juan Dolado, Juan F Jimeno and Carlos García-Serrano

2883: Competing with Network Externalities and Price Discrimination

Bruno Jullien

2882: Robustness of Adaptive Expectations as an Equilibrium Selection Device

Timothy Van Zandt and Martin Lettau

2881: How to Sell a (Bankrupt) Company?

Leonardo Felli and Francesca Cornelli

2880: Why do Firms Train? Empirical Evidence on the First Labour Market Outcomes of Graduate Apprentices

Rainer Winkelmann and Rob Euwals

2879: The Union Membership Wage Premium Puzzle: Is There A Free-Rider Problem?

Alison Booth and Mark Bryan

2878: Price Discovery Across the Rhine

Bruno Biais and Isabelle Martinez

2877: Inequality and Happiness: Are Europeans and Americans Different?

Alberto Alesina, Robert MacCulloch and Rafael Di Tella

2876: Income Inequality in France 1901-98

Thomas Piketty

2875: Growth Effects of Education and Social Capital in the OECD Countries

Jonathan Temple

2874: Exchange Rates and Monetary Policy in Emerging Market Economies

Philip Lane and Michael Devereux

2873: Long-Term Capital Movements

Gian Maria Milesi-Ferretti and Philip Lane

2872: Political Institutions and Policy Outcomes: What are the Stylized Facts?

Torsten Persson and Guido Tabellini

2871: On 'Indirect' Trade-Related R&D Spillovers

Maurice Schiff, Marcelo Olarreaga and Olivier Lumenga-Neso

2870: Mode of Foreign Entry, Technology Transfer, and FDI Policy

Aaditya Mattoo, Marcelo Olarreaga and Kamal Saggi

2869: Real Exchange Rate Dynamics in Transition Economies

Fabrizio Coricelli and Bostjan Jazbec

2868: Foreign Direct Investment and Efficiency Benefits: A Conditional Quantile Analysis

Sophia Dimelis and Helen Louri

2867: Consumption Externalities, Coordination and Advertising

Tuvana Pastine and Ivan Pastine

2866: Emerging Market Debt: Measuring Credit Quality and Examining Relative Pricing

Robert Cumby and Tuvana Pastine

2865: Globalization and Inequality: Historical Trends

Kevin O'Rourke

2864: Bilateral Oligopoly

Johan Stennek and Björnerstedt, Jonas

2863: Bookbuilding: How Informative is the Order Book?

Francesca Cornelli and David Goldreich

2862: High Public Debt in Currency Crises: Fundamentals versus Signalling Effects

Alessandro Missale and Pierpaolo Benigno

2861: Structural Change and Europe's Golden Age

Jonathan Temple

2860: Advertising and the Evolution of Market Structure in the US Car Industry

Paul Geroski and Mariana Mazzucato

2859: Economic and Legal Aspects of the Most Favoured Nation Clause

Henrik Horn and Petros C. Mavroidis

2858: On Adjusting the HP-Filter for the Frequency of Observations

Morten Ravn and Harald Uhlig

2857: Issue Unbundling via Citizens' initiatives

Timothy Besley and Stephen Coate

2856: Global Implications of Self-Orientated National Monetary Rules

Kenneth Rogoff and Maurice Obstfeld

2855: IPO Allocations: Discriminatory or Discretionary?

Alexander Ljungqvist and William J Wilhelm

2854: Price Stability with Imperfect Financial Integration

Pierpaolo Benigno

2853: Mark-ups, Entry Regulation and Trade: Does Country Size Matter?

Marcelo Olarreaga and Hiau Looi Kee

2852: Economic Growth in Greece: Past Performance and Future Prospects

Barry Bosworth and Tryphon Kollintzas

2851: Structural Distortions and Decentralized Fiscal Policies in EMU

Roel Beetsma and Lans Bovenberg

2850: Price Wars in Finite Sequential Move Price Competition

Klaus Wallner

2849: Does Macroeconomics Help Us To Understand the Term Structure of Interest Rates?

Carlo Favero

2848: The Real Interest rate Gap as an Inflation Indicator

Katharine Neiss and Edward Nelson

2847: Elections with Contribution-Maximizing Candidates

Mark Gradstein

2846: Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?

Seppo Honkapohja and Kaushik Mitra

2845: Is Wage Compression a Necessary Condition for Firm-Financed General Training?

Alison Booth and Gylfi Zoega

2844: Disentangling the Minimum Wage Puzzle: An Analysis of Job Accessions and Separations from a Longitudinal Matched Employer-Emplo

Ana Rute Cardoso and Pedro Portugal