CEPR Discussion Papers

From Centre for Economic Policy Research
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2342: How Should Monetary Policy Be Conducted In An Era Of Price Stability?

Lars Svensson

2341: Targeting Nominal Income Growth or Inflation?

Henrik Jensen

2340: Is The Use Of The WTO Dispute Settlement System Biased?

Henrik Horn, Petros C Mavroidis and Håkan Nordström

2339: A Measure of Comovement for Economic Variables: Theory and Empirics

Christophe Croux, Mario Forni and Lucrezia Reichlin

2338: The Generalized Dynamic Factor Model: Identification and Estimation

Mario Forni, Marc Hallin, Marco Lippi and Lucrezia Reichlin

2337: Importance of International Linkages for Local Know-How Flows: Some Econometric Evidence From Belgium

Bruno Cassiman and Reinhilde Veugelers

2336: A Political Economy Model of Infrastructure Allocation: An Empirical Assessment

Olivier Cadot, Lars-Hendrik Röller and Andreas Stephan

2335: Network Effects, Standardization, and the Internet: What Have We Learned From The DVD Vs. DIVX Battle?

David Dranove and Neil Gandal

2334: Quantifying the Half-Life of Deviations from PPP: The Role of Economic Priors

Lutz Kilian and Tao Zha

2333: Monetary Policy Misspecification in VAR Models

Fabio Canova and Joaquim Pina

2332: Returns to Human Capital Under the Communist Wage Grid and During the Transition to a Market Economy

Daniel Münich, Jan Svejnar and Katherine Terrell

2331: The Cost of Recessions Revisited: A Reverse-Liquidationist View

Ricardo Caballero and Mohamad Hammour

2330: R&D Cooperation and Spillovers: Some Empirical Evidence

Bruno Cassiman and Reinhilde Veugelers

2329: One Money, One Market: Estimating the Effect of Common Currencies on Trade

Andrew Rose

2328: Monetary Policy Committees: Individual and Collective Reputations

Anne Sibert

2327: Option Pricing and Foreign Investment under Political Risk

Joseph A Cherian and Enrico Perotti

2326: Privacy, Time Consistent Optimal Labour Income Taxation and Education Policy

Kai Konrad

2325: Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank

Xavier Freixas, Bruno Parigi and Jean Rochet

2324: Inflation Targets and Debt Accumulation in a Monetary Union

Roel Beetsma and Lans Bovenberg

2323: Swedish Multinationals and Competition from High- and Low-Wage Locations

Henrik Braconier and Karolina Ekholm

2322: Location Choice and Price Discrimination in a Duopoly

Tommaso Valletti

2321: Inequality of Earnings

Dennis Snower

2320: Undertakings and Antidumping Jumping FDI in Europe

Rene Belderbos, Hylke Vandenbussche and Reinhilde Veugelers

2319: The Endogenous Determination of Minimum Wage

Gil Epstein and Shmuel Nitzan

2318: Immigrant Participation in Social Assistance Programs: Evidence from German Guestworkers

Regina Riphahn

2317: Convertible Securities and Venture Capital Finance

Klaus Schmidt

2316: Monetary Policy and Multiple Equilibria

Jess Benhabib, Stephanie Schmitt-Grohe and Martín Uribe

2315: Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption

Stephanie Schmitt-Grohe

2314: The Perils of Taylor Rules

Jess Benhabib, Stephanie Schmitt-Grohe and Martín Uribe

2313: Are Austrian Returns to Education Falling Over Time?

Josef Fersterer and Rudolf Winter-Ebmer

2312: Geography of the Family

Kai Konrad, Harald Künemund, Kjell Lommerud and Julio Robledo

2311: Market Discipline and Financial Safety Net Design

Asli Demirguc-Kunt and Harry Huizinga

2310: What's Behind Mercosur's CET?

Marcelo Olarreaga, Isidro Soloaga and L. Winters

2309: Urban Unemployment, Agglomeration and Transportation Policies

Yves Zenou

2308: Price Competition and Market Structure: The Impact of Cartel Policy on Concentration in the UK

George Symeonidis

2307: From Physical to Human Capital Accumulation: Inequality in the Process of Development

Oded Galor and Omer Moav

2306: Revisiting the Case for a Populist Central Banker

Francesco Lippi

2305: Geographical Disadvantage: A Heckscher-Ohlin-Von Thunen model of International Specialization

Nuno Limão and Anthony Venables

2304: Will the Euro Create a Bonanza for Africa?

Daniel Cohen and Nicolai Kristensen

2303: The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets

Carlo Favero, Luca Flabbi and Francesco Giavazzi

2302: The Equilibrium Ownership of an International Oligopoly

Henrik Horn and Lars Persson

2301: In Which Industries Is Collusion More Likely?

George Symeonidis

2300: Inequality, Property Rights Protection, and Economic Growth in Transition Economies: Theory and Russian Evidence

Konstantin Sonin

2299: Asymmetric Regionalism in Sub-Saharan Africa: Where Do We Stand?

Olivier Cadot, Jaime de Melo and Marcelo Olarreaga

2298: Global Financial Markets and Financial Stability: Europe's Role

Richard Portes

2297: Information and Geography: Evidence from the German Stock Market

Harald Hau

2296: Price Discovery on Foreign Exchange Markets

Frank de Jong, Ronald Mahieu and Peter C Schotman

2295: Risk Sharing and Industrial Specialization: Regional and International Evidence

Bent Sorensen and Oved Yosha

2294: Cross-Country Growth Comparison: Theory to Empirics

Danny Quah

2293: Internet Cluster Emergence

Danny Quah

2292: UK Phillips Curves and Monetary Policy

Andrew Haldane and Danny Quah

2291: Winners and Losers in a North-South Model of Growth, Innovation and Product Cycles

Michael Chui, Paul Levine and Joseph Pearlman

2290: On the Distribution of Income and Worker Assignment under Intra-Firm Spillovers, with an Application to Ideas And Networks

Gilles Saint-Paul

2289: Information Spillover and Factor Adjustment

Luigi Guiso and Fabiano Schivardi

2288: Deregulation, Integration and Market Structure in European Banking

Jordi Gual

2287: The Dynamics of International Specialization

Stephen Redding

2286: Output Fluctuations and Fiscal Policy: US State and Local Governments 1978-1994

Bent Sorensen and Oved Yosha

2285: Limited Macroeconomic Convergence in Transition Countries

Evžen Kočenda

2284: Licensing the Market for Technology

Ashish Arora and Andrea Fosfuri

2283: Foreign Direct Investment and Spillovers through Backward Linkages

Niko Matouschek

2282: Financial Integration and Asset Returns

Philippe Martin and Helene Rey

2281: Teamwork Management in an Era of Diminishing Commitment

Emmanuelle Auriol, Guido Friebel and Lambros Pechlivanos

2280: Incomplete Contracts and Industrial Organization

Gene Grossman and Elhanan Helpman

2279: Innovation, Demand and Knowledge Spillovers: Theory and Evidence From European Regions

Laura Bottazzi

2278: Democratization or Repression?

Daron Acemoglu and James Robinson

2277: A Theory of Political Transitions

Daron Acemoglu and James Robinson

2276: Law and Equity Markets: A Simple Model

Davide Lombardo and Marco Pagano

2275: Legal Determinants of the Return on Equity

Davide Lombardo and Marco Pagano

2274: Delegation and the Ratchet Effect: Should Regulators Be Pro-Industry?

David Currie, Paul Levine and Neil Rickman

2273: The New Federalism: Distributional Conflict, Voluntarism and Segregation

Ignatius Horstmann and Kimberley Scharf

2272: Monopolistic Competition, Dynamic Inefficiency and Asset Bubbles

Gianluca Femminis

2271: The Taylor Rule and Interest Rates in the EMU Area

Stefan Gerlach and Gert Schnabel

2270: Procurement Favouritism and Technology Adoption

Fernando Branco

2269: Competitive Insurance Markets Under Adverse Selection and Capacity Constraints

Roman Inderst and Achim Wambach

2268: The Duration of Unemployment in Russia

Louise Grogan and Gerard van den Berg

2267: Co-Fluctuations

Jean Imbs

2266: Re-Employment Probabilities and Returns to Matching

Barbara Petrongolo

2265: Imperfect Market Monitoring and SOES Trading

Thierry Foucault, Ailsa A Röell and Patrik Sandas

2264: On The Optimality of Risk-Sharing in Growth Models: The Role of Education

Gianluca Femminis

2263: A Comparative Look at Labour Mobility in the Czech Republic: Where Have All the Workers Gone?

Vit Sorm and Katherine Terrell

2262: Trade, Wages, and Superstars

Paolo Manasse and Alessandro Turrini

2261: Gross Job Flows and Firm Growth in Transition Countries: Evidence Using Firm Level Data on Five Countries

Giulia Faggio and Jozef Konings

2260: Unionisation and Foreign Direct Investment

Dermot Leahy and Catia Montagna

2259: Government Size and Automatic Stabilizers: International and Intranational Evidence

Antonio Fatas and Ilian Mihov

2258: Barter in Russia: Liquidity Shortage Versus Lack of Restructuring

Sophie Brana and Mathilde Maurel

2257: Objectivity, Proximity and Adaptability in Corporate Governance

Arnoud Boot and Jonathon Macey

2256: Diversity and Specialization in Cities: Why, Where and When Does It Matter?

Gilles Duranton and Diego Puga

2255: Unemployment Clusters Across European Regions and Countries

Henry Overman and Diego Puga

2254: Ten Years of Transformation: Macroeconomic Lessons

Charles Wyplosz

2253: Financial Restraints and Liberalization in Postwar Europe

Charles Wyplosz

2252: Towards A More Perfect EMU

Charles Wyplosz

2251: Insider Trading, Investment and Liquidity

Sudipto Bhattacharya and Giovanna Nicodano

2250: Fiscal Policy, Profits and Investment

Alberto Alesina, Silvia Ardagna, Roberto Perotti and Fabio Schiantarelli

2249: Does More Intense Competition Lead to Higher Growth?

Mark Dutz and Aydin Hayri

2248: Moving the Escudo into the Euro

Jorge Braga de Macedo, Luis Nunes and Francisco Covas

2247: A U-Shaped Europe? A Simulation Study of Industrial Location

Rikard Forslid, Jan I. Haaland and Karen Helene Ulltveit-Moe

2246: Inflation Dynamics: A Structural Economic Analysis

Jordi Galí and Mark Gertler

2245: Disorganization and Financial Collapse

Dalia Marin and Monika Schnitzer

2244: Public Training and Outflows from Unemployment: An Augmented Matching Function Approach on Polish Regional Data

Patrick Puhani

2243: Privatization, Political Risk and Stock Market Development

Enrico Perotti and Pieter van Oijen