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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697: National Insurance Against Unevenly Distributed Shocks in a European Monetary Union

Jacques Melitz and Silvia Vori

696: Taxes and Subsidies in the Transforming Hungarian Economy

Tamas Revesz and Erno Zalai

695: Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe

David Begg and Richard Portes

694: Wage Bargaining Structure, Employment and Economic Integration

Jean-Pierre Danthine and Jennifer Hunt

693: Ageing and Unemployment

Christoph Schmidt

692: The Debt Crisis: A Post Mortem

Daniel Cohen

691: Tests of the `Convergence Hypothesis': A Critical Note

Daniel Cohen

690: A Model of Labour Demand with Linear Adjustment Costs

Samuel Bentolila and Gilles Saint-Paul

689: Are the Unemployed Unemployable?

Gilles Saint-Paul

688: Risk-Taking, Global Diversification, and Growth

Maurice Obstfeld

687: Foreign Direct Investment and Trade Interlinkages in the 1990s: Experience and Prospects of Developing Countries

Louka Tarsitsa Katseli

686: Some Lessons from Economic Transformation in East Germany

Peter Bofinger and Ivan Cernohorsky

685: Bargaining with a Composite Player: An Application to the Uruguay Round of GATT Negotiations

Giorgio Basevi, Flavio Delbono and Marco Mariotti

684: Evaluating the Minimum Asset Tax on Corporations: An Option Pricing Approach

Antonio Estache and Sweder van Wijnbergen

683: A New Approach to Evaluating Trade Policy

James Anderson and J. Peter Neary

682: Tax Smoothing Discretion Versus Balanced Budget Rules in the Presence of Politically Motivated Fiscal Deficits: The Design of Optimal Fiscal Rules for Europe after 1992

Giancarlo Corsetti and Nouriel Roubini

681: Stylized Facts of Business Cycles in the G7 from a Real Business Cycles Perspective

Riccardo Fiorito and Tryphon Kollintzas

680: Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt

Willem Buiter and Kenneth Kletzer

679: Integration, Trade Policy and European Footwear Trade

L. Winters

678: European Trade and Welfare after `1992'

L. Winters

677: The Integration of Financial Services and Economic Welfare after `1992'

Cillian Ryan

676: Foreign Trade in Eastern Europe's Transition: Early Results

Dani Rodrik

675: Pharmaceuticals - Who's Afraid of `1992'?

Gernot Klepper

674: Finance and Development: The Case of Southern Italy

Riccardo Faini, Curzio Giannini and Fulvio Ingrosso

673: Tying, Risk-Sharing, and `Lock-In': An Investigation of Countertrade Contracts

Dalia Marin

672: `1992': Trade and Welfare; A General Equilibrium Model

Michael Gasiorek, Alasdair Smith and Anthony Venables

671: Demand and Supply Factors in the Determination of NIE Exports: A Simultaneous Error-Correction Model for Hong Kong Exports

Vito Muscatelli, T G Srinivasan and David Vines

670: The High Unemployment Trap

Gilles Saint-Paul

669: Global Production Effects of European Integration

Jan I. Haaland and Victor D Norman

668: Should We Worry About the Fiscal Numerology of Maastricht?

Willem Buiter

667: Growth in Open Economies

Sergio Rebelo

666: Conceptual and Political Economy Issues in Liberalizing International Transactions in Services

Bernard Hoekman

665: Organizational Prospects, Influence Costs, and Ownership Changes

Margaret Meyer, Paul Milgrom and John Roberts

664: Market Concentration and Competition in Eastern Europe

Paul A Kattuman and David M Newbery

663: Measuring the Aggregate Price Level: Implications for Economic Performance and Policy

Robert Gordon

662: Saving, Growth and Liquidity Constraints

Tullio Jappelli and Marco Pagano

661: Bretton Woods and its Precursors: Rules versus Discretion in the History of International Monetary Regimes

Alberto Giovannini

660: Real Exchange Rates Within and Between Currency Areas: How Far Away is EMU?

Manfred J.M. Neumann and Juergen von Hagen

659: Creation of A Free Trade Area. Czechoslovakia - Hungary - Poland: Consequences for the Polish Economy

Józef Biskup, Marian Guzek and Elzbieta Kawecka-Wyrzykowska

658: Inflation Convergence During the Transition to EMU

Paul De Grauwe

657: Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime: Theory and UK Evidence

George Alogoskoufis, Ben Lockwood and Apostolis Philippopoulos

656: The Price of EMU Revisited

Andrew Hughes Hallett, A. Patrick Minford and Anupam Rastogi

655: Market Socialism and the Managerial Labour Market

Gérard Roland and Khalid Sekkat

654: A Multilateral Payments Union for the Commonwealth of Independent States: Why and How?

Peter Bofinger and Daniel Gros

653: Industrial Policy and Restructuring in Eastern Europe

Paul Hare and Gordon Hughes

652: Trade Unions, Wages and Structural Adjustment in the New German States

Michael Burda and Michael Funke

651: Models of Economic Integration and Localized Growth

Giuseppe Bertola

650: Problems of Post-CMEA Trade and Payments

Dariusz Rosati

649: Counter-Inflationary Policy in the Framework of the EMS

Michael Artis

648: The Adjustment Mechanism

Maurice Obstfeld

647: The Adjustment Towards National Solvency in Developing Countries: An Application to India

Subrata Ghatak and Paul Levine

646: Is There a Conflict Between EC Enlargement and European Monetary Unification?

Tamim Bayoumi and Barry Eichengreen

645: How Long Do Unilateral Target Zones Last?

Bernard Dumas and Lars Svensson

644: Environmental Impacts of a North American Free Trade Agreement

Gene Grossman and Alan Krueger

643: Shocking Aspects of European Monetary Unification

Tamim Bayoumi and Barry Eichengreen

642: Privatization in Hungary: Past, Present and Future

Konstantine Gatsios

641: Towards a European Migration Policy

Thomas Straubhaar and Klaus Zimmermann

639: Fiscal Policy Coordination and EMU: A Dynamic Game Approach

Andrew Brociner and Paul Levine

638: The Marshall Plan: Economic Effects and Implications for Eastern Europe and the Former USSR

Barry Eichengreen and Marc Uzan

637: Biased Contests and Moral Hazard: Implications for Career Profiles

Margaret Meyer

636: Imperfect Competition and Macroeconomics: A Survey

Huw Dixon and Neil Rankin

635: Covered Purchasing Power Parity, Ex-Ante PPP and Risk Aversion

Michael Moore

634: The Marshall Plan: History's Most Successful Structural Adjustment Program

James DeLong and Barry Eichengreen

633: Distributional Conflicts, Power and Multiple Growth Paths

Gilles Saint-Paul and Thierry Verdier

632: Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States

Jeffrey Sachs and Xavier Sala-i-Martin

631: Fiscal Policies and the Choice of Exchange Rate Regime

Vittorio Grilli

630: Public Finance in Models of Economic Growth

Robert Barro and Xavier Sala-i-Martin

629: Monetary Policy in Stage Two of EMU: What Can We Learn From the 1980s?

Michael Artis

628: The Political Economy of Transition in the Soviet Union

Gérard Roland

627: Efficiency in the Peseta Forward Exchange Rate Market

Juan Ayuso, Juan Dolado and Simon Sosvilla-Rivero

626: The `Big Bang' Versus `Slow but Steady': A Comparison of the Hungarian and the Polish Transformations

Istvan Abel and John Bonin

625: Debt Service, Foreign Direct Investment and Transformation to Market: A Simple Model

Istvan Abel and John Bonin

624: Transition Problems in Economic Reform: Agriculture in the Mexico-US Free Trade Agreement

Santiago Levy and Sweder van Wijnbergen

623: East Germany, West Germany, and their Mezzogiorno Problem: An Empirical Investigation

Andrew Hughes Hallett and Yue Ma

622: Polish Agriculture in Transition: Does it Hurt to be Slapped by an Invisible Hand?

Larry Karp and Spiro Stefanou

621: Psychological Barriers in the Foreign Exchange Market

Paul De Grauwe and Danny Decupere

620: Export Supply and Import Demand in Hungary (An Econometric Analysis for 1968-1989)

László Halpern and Istvan P Szekely

619: Household Portfolios in Hungary, 1970-1990

Istvan Abel and Istvan P Szekely

618: From EMS to EMU

Michele Fratianni, Juergen von Hagen and Christopher Waller

617: Common Currency Areas and Currency Unions: An Analysis of the Issues

Paul Masson and Mark Taylor

616: Monetary Policy in Stage Two of EMU

Michael Moore and Thomas O'Connell

615: Labour Mobility and German Integration: Some Vignettes

Michael Burda and Charles Wyplosz

614: Human Capital, Investment and Migration in an Integrated Europe

Michael Burda and Charles Wyplosz

613: Education, Democracy and Growth

Gilles Saint-Paul and Thierry Verdier

612: Privatization in Eastern Europe: Irreversibility and Critical Mass Effects

Gérard Roland and Thierry Verdier

611: Time Varying Devaluation Risk, Interest Rate Differentials and Exchange Rates in Target Zones: Empirical Evidence from the EMS

Axel A Weber

610: The Trading Potential of Eastern Europe

Zhen Kun Wang and L. Winters

609: Monopoly, Tying and Reciprocity: An Application to International Trade

Dalia Marin

608: Macroeconomic Policy and Elections in OECD Democracies

Alberto Alesina, Gerald D Cohen and Nouriel Roubini

607: Investigating Private and Public Savings-Investment Gaps in EC Countries

Fernando Carlos Ballabriga, Juan Dolado and José Viñals

606: Saving and Endogenous Growth: A Survey of Theory and Policy

Willem Buiter

605: A Customs Union with a Continuum of Products

Anthony Venables

604: Options for a New Monetary Framework for the Area of the Soviet Union

Peter Bofinger

603: Financial Reform in Eastern Europe: Progress With the Wrong Model

Jenny Corbett and Colin Mayer

602: The Optimality of Nominal Wage Contracts

Scott Freeman and Guido Tabellini

601: Labour Turnover Costs and Average Labour Demand

Giuseppe Bertola

600: Child Care and Mothers' Lifetime Earnings: Some European Contrasts

Hugh Davies and Heather Joshi

599: Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

Giuseppe Bertola and Allan Drazen

598: Is There an `EMS' Effect in European Labour Markets?

Michael Artis and Paul Ormerod

597: Inflation Convergence with Realignments in a Two-Speed Europe

Luisa Lambertini, Marcus Miller and Alan Sutherland