CEPR Discussion Papers

From Centre for Economic Policy Research
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2725: Government versus Private Ownership of Public Goods

Timothy Besley and Maitreesh Ghatak

2724: How Risky is Financial Liberalization in the Developing Countries?

Charles Wyplosz

2723: Exchange Rate Regimes: Some Lessons from Postwar Europe

Charles Wyplosz

2722: Do We Know How Low Inflation Should Be?

Charles Wyplosz

2721: The Political Economy of Government Responsiveness: Theory and Evidence from India

Timothy Besley

2720: Performance Incentives with Award Constraints

Pascal Courty and Gerald Marschke

2719: Working in Public and Private Firms

Rafael Rob and Giacomo Corneo

2718: Equilibrium Exchange Rate Policies: Complicit Renegotiation-Proof Outcomes

Pierre Mella-Barral and Paolo Vitale

2717: Financial Market Imperfections and Home Ownership: A Comparative Study

Tullio Jappelli and Maria Chiuri

2716: Rackets, Regulation and the Rule of Law

Timothy Frye and Ekaterina Zhuravskaya

2715: Soft Budget Constraint Theories: From Centralization to the Market

Eric Maskin and Cheng-Gang Xu

2714: The Political Economy of International Migration in a Ricardo-Viner Model

Jaime de Melo, Müller, Tobias and Jean-Marie Grether

2713: Macroeconomic Effects of Regulation and Deregulation in Goods and Labour Markets

Olivier Blanchard and Francesco Giavazzi

2712: Complementarities in Innovation Policy

Röller, Lars Hendrik and Pierre Mohnen

2711: Modelling Scale-Consistent VaR with the Truncated Lévy Flight

Christian Wolff and Thorsten Lehnert

2710: Estimating the Wage Costs of Inter- and Intra-Sectoral Adjustment

Peter Wright, Michelle Haynes and Richard Upward

2709: Open Covenants, Privately Arrived At

John Fingleton and Michael Raith

2708: Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection

Fausto Panunzi and Mike Burkart

2707: Wages and Productivity Growth in a Dynamic Monopoly

Helmut Bester and Emmanuel Petrakis

2706: Geographic Localization of International Technology Diffusion

Wolfgang Keller

2705: Should Mergers Be Controlled?

Johan Stennek and Sven-Olof Fridolfsson

2704: The EMS Crisis in Retrospect

Barry Eichengreen

2703: Theories of Fairness and Reciprocity - Evidence and Economic Applications

Klaus Schmidt and Ernst Fehr

2702: The Wage Performance of Immigrant Women: Full-Time Jobs, Part-Time Jobs and the Role of Selection

Christoph Schmidt and Christian Dustmann

2701: Das Human Kapital

Oded Galor and Omer Moav

2700: Monopolies Life Cycle, Bureaucratization, and Schumpeterian Growth

Thierry Verdier and David Martimort

2699: Quantity Discounts for Time-Varying Consumers

Eugenio Miravete

2698: Optimal Allocation of Ownership Rights in Dynamic R&D Alliances

Stephanie Rosenkranz and Patrick Schmitz

2697: Quantifying the Effects from Horizontal Mergers in European Competition Policy

Marc Ivaldi and Frank Verboven

2696: Monetary Policy in a Cashless Society

Paul De Grauwe and Claudia Costa Storti

2695: Repeated Expropriation Contests and Foreign Direct Investment

Kai Konrad

2694: Individual Preferences for Political Redistribution

Giacomo Corneo and Grüner, Hans Peter

2693: Equilibrium Welfare and Government Policy with Quasi-Geometric Discounting

Anthony Smith and Burhanettin Kuruscu

2692: Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes

Andrew Rose and Fatás, Antonio

2691: The Feasible Gains from International Risk Sharing

Sylvester Eijffinger and Wolf Wagner

2690: Official Intervention in the Foreign Exchange Market: Is It Effective, and, If So, How Does It Work?

Mark Taylor and Lucio Sarno

2689: Optimal Degrees of Transparency in Monetary Policymaking

Henrik Jensen

2688: Optimal Fiscal and Monetary Policy under Imperfect Competition

Martín Uribe and Stephanie Schmitt-Grohe

2687: The Race To the Bottom, From the Bottom

Ravi Kanbur and Nancy Chau

2686: Debt Overhang and Barter in Russia

Sergei Guriev, Igor Makarov and Mathilde Maurel

2685: A Practitioner's Guide to Lag-Order Selection for Vector Autoregressions

Lutz Kilian and Ventzislav Ivanov

2684: European Inflation Dynamics

Mark Gertler, Galí, Jordi and López-Salido, J David

2683: What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions

Marco Pagano, Röell, Ailsa, Josef Zechner and Otto Randl

2682: The Political Economy of Corporate Governance

Marco Pagano and Paolo Volpin

2681: The Geography of Equity Listing: Why Do Companies List Abroad?

Marco Pagano, Röell, Ailsa and Josef Zechner

2680: Promises, Promises?

Mathias Dewatripont and Juan D. Carrillo

2679: Joint Ownership and Incomplete Contracts: The Case of Perfectly Substitutable Investments

Stephanie Rosenkranz and Patrick Schmitz

2678: Allocative and Productive Efficiency in REE with Asymmetric Information

Xavier Vives and Simon Messner

2677: Relative Wages and Trade-Induced Changes in Technology

Karen Helene Ulltveit-Moe and Karolina Ekholm

2676: Investment Incentives in Procurement Auctions

Estelle Cantillon and Leandro Arozamena

2675: The Effect of Bidders' Asymmetries on Expected Revenues

Estelle Cantillon

2674: The Economics of Human Cloning

Gilles Saint-Paul

2673: Diversity in Organizations

Antonio S. Mello and Martin Ruckes

2672: Arbitrage with Inelastic Liquidity Demand and Financial Constraints

Antonio S. Mello and Mukarram Attari

2671: Credibility, Transparency and Asymmetric Information in Monetary Policy

Andrew Hughes Hallett and Nicola Viegi

2670: On the Identification of Relative Wage Rigidity Dynamics: A Proposal for a Methodology on Cross-Section Data and Empirical Evidence for Poland in Transition

Patrick Puhani

2669: Market Structure, Trade Liberalization, and the GATS

Ian Wooton and Joseph Francois

2668: Gaps and Triangles

Isabel Correia, Pedro Teles and Bernardino Adao

2667: Market Mechanisms for Policy Decisions

Alessandra Casella

2666: Direct Effects of Base Money on Aggregate Demand: Theory and Evidence

Edward Nelson

2665: Determinacy with Capital Adjustment Costs and Sector-Specific Externalities

Berthold Herrendorf and Akos Valentinyi

2664: Time Consistency When Open Market Operations are the Monetary Policy Instrument: Is There Really a Deflation Bias?

Neil Rankin

2663: Good, Bad or Ugly? On the Effects of Fiscal Rules with Creative Accounting

Gian Maria Milesi-Ferretti

2662: Regional Risksharing and Redistribution in the German Federation

Juergen von Hagen and Ralf Hepp

2661: Budget Processes: Theory and Experimental Evidence

Juergen von Hagen, Claudia Keser, Roy Gardner and Karl-Martin Ehrhart

2660: Multinational Firms: Easy Come, Easy Go?

Jan I. Haaland and Ian Wooton

2659: Currency Unions and International Integration

Andrew Rose and Charles Engel

2658: Nonlinear Mean-Reversion in Real Exchange Rates: Towards a Solution to the Purchasing Power Parity Puzzles

Mark Taylor, David Peel and Lucio Sarno

2657: Globalization and Human Capital Formation

Kai Konrad and Fredrik Andersson

2656: Personal and Corporate Saving in South Africa

John Muellbauer and Janine Aron

2655: How is the Debt Managed? Learning from Fiscal Stabilizations

Francesco Giavazzi, Alessandro Missale and Pierpaolo Benigno

2654: Back to the Future: the Growth Prospects of Transition Economies Reconsidered

Nauro Campos

2653: Political Instability and Growth in Dictatorships

Kenneth Simons, Michael Spagat and Jody Overland

2652: Government Guarantees, Investment And Vulnerability To Financial Crises

David Vines and Gregor Irwin

2651: Consumption-Savings Decisions with Quasi-Geometric Discounting

Anthony Smith

2650: Modelling the Dynamics of Industry Populations

Paul Geroski and Mariana Mazzucato

2649: Exploring the Niche Overlaps Between Organizational Ecology and Industrial Economics

Paul Geroski

2648: Impeded Industrial Restructuring: The Growth Penalty

David Audretsch and Roy Thurik

2647: Downstream Competition, Foreclosure, and Vertical Integration

Gilles Chemla

2646: Who Trusts Others?

Alberto Alesina and Eliana La Ferrara

2645: Skills, Agglomeration and Segmentation

Alessandro Turrini and Tomoya Mori

2644: Capital Mobility, the Real Exchange Rate, and the Rate of Return to Capital in the Presence of Non-Traded Goods

Konstantine Gatsios

2643: Managerial Compensation and the Market Reaction to Bank Loans

Javier Suarez and Andres Almazan

2642: Stages of Diversification

Jean Imbs and Romain Wacziarg

2641: Disintegration and Trade

Jan Fidrmuc and Jarko Fidrmuc

2640: Did the EMS Reduce the Cost of Capital?

Enrique Sentana

2639: A Model of Takeovers of Foreign Banks

Rafael Repullo

2638: The Determinants of Foreign Direct Investment in Transition Economies

Alan Bevan and Saul Estrin

2637: Beyond The Design Of Monetary Policy Alone: Fiscal Commitment, Macro Coordination, And Structural Adjustment

David Begg

2636: Competition

Jan Boone

2635: Estimating Demand for Local Telephone Service with Asymmetric Information and Optional Calling Plans

Eugenio Miravete

2634: Systemic Risk: A Survey

Olivier de Bandt and Philipp Hartmann

2633: Why was the Euro Weak? Markets and Policies

Daniel Cohen and Olivier Loisel

2632: The HIPC Initiative: True and False Promises

Daniel Cohen

2631: An Estimate of the Effect of Currency Unions on Trade and Output

Jeffrey Frankel and Andrew Rose

2630: Agglomeration, Integration and Tax Harmonization

Paul Krugman and Richard Baldwin

2629: EC Regionalism at the Turn of the Millennium: Towards a New Paradigm?

Andre Sapir

2628: What Matters Most: Teaching or Research? Empirical Evidence on the Remuneration of British Academics

Melanie Ward-Warmedinger and Rob Euwals

2627: Personal Redistribution and the Regional Allocation of Public Investment

Ramon Caminal

2626: Tax Policy, Venture Capital and Entrepreneurship

Søren Nielsen and Christian Keuschnigg