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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193: Hegemonic Stability Theories of the International Monetary System

Barry Eichengreen

192: Government Deficits and Speculation

Seppo Honkapohja and Urho Lempinen

191: The Effects of Housing Distortions on Unemployment

Paul Ashton, A. Patrick Minford and Michael Peel

190: International Policy Cooperation and Model Uncertainty

Gerald Holtham and Andrew Hughes Hallett

189: Forward Foreign Exchange Rates, Expected Spot Rates, and Premia: A Signal-Extraction Approach

Christian Wolff

188: Exchange Rates, Innovations and Forecasting

Christian Wolff

187: Forward Exchange Rates and Expected Future Spot Rates

Christian Wolff

186: A Quarterly Model of the Labour Market in Interwar Britain

Timothy Hatton

185: An Intertemporal Version of Mundell's Two-Country Flexible Exchange Rates Model with Disequilibrium Microfoundations: Is Policy Interdependence Inevitable?

Neil Rankin

184: Competitiveness, Oil Prices and Government Expenditure in the United Kingdom Business Cycle

George Alogoskoufis

183: Monetary Policy and the International Implications of the Phillips Curve in an Open Economy

George Alogoskoufis

182: Public Ownership: Concepts and Applications

Colin Mayer

181: New Issues in Corporate Finance

Colin Mayer

180: Vehicle Currencies, Bank Debt and the Asset Market Approach to Exchange Rate Determination: The US Dollar, 1980-1985

Stephen H Thomas and Michael Wickens

179: Demographic Change, Economic Growth and Social Welfare in Europe

John Ermisch and Heather Joshi

178: Monetary Discipline, Germany, and the European Monetary System

Jacques Melitz

177: Sterling Misalignment and British Trade Performance

Charles Bean

176: Cable and Satellite - The Market for Programmes

Cento G Veljanovski

175: Commercial Broadcasting in the UK - Over-Regulation and Misregulation?

Cento G Veljanovski

174: Road User Charges in Britain

David M Newbery

173: Modelling Energy Demand and Household Welfare Using Micro-Data

Paul Baker, Richard Blundell and John Micklewright

172: A Two-Country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Michael Artis and Saziye Gazioglu

171: The Effects of the Tax-Benefit System on UK Unemployment: A Microeconomic Analysis

Michael Beenstock

170: Regret and Jubilation in Union Wage Bargaining

Michael Beenstock

169: International Policy Coordination in Interdependent Monetary Economies

Frederick (Rick) van der Ploeg

168: Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy

Theo van de Klundert and Frederick (Rick) van der Ploeg

167: Monetary and Fiscal Policy in an Optimizing Model with Capital Accumulation and Finite Lives

Giancarlo Marini and Frederick (Rick) van der Ploeg

166: 'Locomotive' and Other Channels of Transmission under Flexible Exchange Rates

Jorge Braga de Macedo

165: The Balance of Payments of Oil Importing Countries: An Aggregate Econometric Analysis

Michael Beenstock

164: An Aggregate Model of Output, Inflation and Interest Rates for Industrialised Countries

Michael Beenstock

163: Portugal and Europe: The Longest Transition

Jorge Braga de Macedo

162: Currency Inconvertibility, Trade Taxes and Smuggling

Jorge Braga de Macedo

161: Smugglers' Blues at the Central Bank: Lessons from Sudan

Jorge Braga de Macedo and William Branson

160: Patterns of World Trade in Manufactures: Does Trade Policy Matter?

L. Winters

159: Macroeconomic Policy Games with Incomplete Information: Some Extensions

Edward Driffill

158: Explaining Changes in the Union Mark-up for Male Manual Workers in Great Britain, 1953-83

Michael Beenstock and Chris Whitbread

157: Family Responsibilities and Pay Differentials: Evidence from Men and Women Born in 1946

Heather Joshi and Marie-Louise Newell

156: Pay Differences Between Men and Women: Longitudinal Evidence from the 1946 Birth Cohort

Heather Joshi and Marie-Louise Newell

155: Myopia, the 'Dividend Puzzle', and Share Prices

Stephen Nickell and Sushil Wadhwani

154: Dynamic Specification, the Long Run and the Estimation of Transformed Regression Models

Trevor Breusch and Michael Wickens

153: Budget Deficits, Interest Rates and the Incentive Effects of Income Tax Cuts

Charles Bean and Sweder van Wijnbergen

152: The Price, Output and Exchange Rate-Overshooting Effects of Monetary, Fiscal and Exchange Intervention Policy in a Two-Country Disequilibrium Model

Neil Rankin

151: Macroeconomic Policy Design with Incomplete Information: A New Argument for Coordinating Economic Policies

Andrew Hughes Hallett

150: Econometric Approaches to the Specification of Life-Cycle Labour Supply and Commodity Demand Behaviour

Richard Blundell

149: Unemployment and Female Labour Supply

Richard Blundell, John Ham and Costas Meghir

148: Theoretical and Empirical Determinants of International Labour Mobility: A Greek-German Perspective

Nicholas Glytsos and Louka Tarsitsa Katseli

147: Long-Term Unemployment, Excess Demand and the Wage Equation in Britain, 1925-39

Nicholas Crafts

146: Endogenous Market Thinness and Stock Price Volatility

Marco Pagano

145: From Labour History to the History of Industrial Relations

Jonathan Zeitlin

144: Market Size, the Informational Content of Stock Prices and Risk: A Multiasset Model and some Evidence

Marco Pagano

143: Government Deficits, Private Investment and the Current Account: An Intertemporal Disequilibrium Analysis

Sweder van Wijnbergen

142: Trading Volume and Asset Liquidity

Marco Pagano

141: How Should Control Theory be Used by a Time-Consistent Government?

Daniel Cohen and Philippe Michel

140: Economics of the Family: Applications to Divorce and Remarriage

John Ermisch

139: East-West Trade, Embargoes and Expectations

Alasdair Smith

138: Is Time-Inconsistent Behaviour Really Possible?

Andrew Hughes Hallett

137: Strategic Investment, Multinational Corporations and Trade Policy

Alasdair Smith

136: The Economic Consequences of the Franc Poincare

Barry Eichengreen and Charles Wyplosz

135: The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility

Francesco Giavazzi and Marco Pagano

134: Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe

Robert Gordon

133: Efficiency Wages Versus Insiders and Outsiders

Assar Lindbeck and Dennis Snower

132: Structural Adjustment, Macroeconomic Adjustment and Poverty: A Methodology for Analysis

Ravi Kanbur

131: Between Fordism and Flexibility: The Automobile Industry and its Workers - Past, Present and Future

Steven Tolliday and Jonathan Zeitlin

130: The Anatomy of Financial Crises

Barry Eichengreen and Richard Portes

129: Fiscal Prerequisites for a Viable Managed Exchange Rate Regime: A Non-Technical Eclectic Introduction

Willem Buiter

128: Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

Willem Buiter

127: The Econometric Analysis of Risk Terms

Adrian Pagan and Aman Ullah

126: Granger Causality and Policy Ineffectiveness: A Rejoinder

Willem Buiter

125: A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy

Willem Buiter

124: The Consistency of Optimal Policy in Stochastic Rational Expectations Models

David Backus and Edward Driffill

123: Monetary Policy Interactions under Managed Exchange Rates

Francesco Giavazzi and Alberto Giovannini

122: Policy Design and Operation in a Macroeconomic Model with a Managed Exchange Rate under Different Expectational Regimes

Nicos Christodoulakis, David Vines and Martin Weale

120: Trade Policy with Increasing Returns and Imperfect Competition: Contradictory Results from Competing Assumptions

James Markusen and Anthony Venables

119: When International Policy Coordination Matters: An Empirical Analysis

Matthew Canzoneri and A. Patrick Minford

118: Industrial Countries' Agricultural Policy: How, What and Why?

L. Winters

117: Protection, Economic War and Structural Change: The 1930s in Ireland

J. Peter Neary and Cormac O'Gráda

116: Impacts of Policy Actions on the Family and Household

John Ermisch

115: Capital Accumulation, Inflation and Long-Run Conflict in International Objectives

Frederick (Rick) van der Ploeg

114: Union Activity and Economic Resilience

Assar Lindbeck and Dennis Snower

113: Female Labour Force Participation: The Enigma of the Interwar Period

Timothy Hatton

112: Habits, Rationality and Myopia in the Life-Cycle Consumption Function

John Muellbauer

111: The Estimation of Linear Models with Future Rational Expectations by Efficient and Instrumental Variable Methods

Michael Wickens

110: Britain in Europe: A Survey of Quantitative Trade Studies

L. Winters

109: Energy Policy Issues after Privatisation

David M Newbery

108: The Impact of Interdependence on Economic Policy Design: The Case of the US, EEC and Japan

Andrew Hughes Hallett

107: Currency Substitution in a Two-Asset Two-Country Model: A Simulation Approach

Michael Artis and Saziye Gazioglu

106: The Determinants of the Money Multiplier in the United Kingdom

Michael Beenstock and Kam-Fai Chan

105: The Market for Labour in Interwar Britain

Michael Beenstock and Peter J Warburton

104: Rational Expectations and Monetary Policy

A. Patrick Minford

103: Counterfeit Product Trade

Gene Grossman

102: The Sustainability of Optimal Cooperative Macroeconomic Policies in a Two-Country World

David Currie and Paul Levine

101: The Privatisation of British Gas and the Possible Consequences for the European Gas Market

David M Newbery

100: Finance, Trade and Development: Issues in Transatlantic Cooperation

Richard Portes

99: Occupational Pension Funds: Getting the Long-Run Answers Right

Leslie Hannah

98: Commodity Market Stabilisation and `North-South' Income Transfers: An Empirical Investigation

Andrew Hughes Hallett

97: The Prospect of a Depreciating Dollar and Possible Tension Inside the EMS

Jacques Melitz

96: The Dynamic Stability of the European Monetary System

Jacques Melitz and Philippe Michel

95: Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks

Willem Buiter

94: Credibility and Time Inconsistency in a Stochastic World

David Currie and Paul Levine

93: Macroeconomic Responses by Developing Countries to Changes in External Economic Conditions

Willem Buiter