CEPR Discussion Papers

From Centre for Economic Policy Research
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2242: The European Business Cycle

Michael Artis, Hans-Martin Krolzig and Juan Toro

2241: On the Real Effects of Monetary Policy: A Central Banker's View

Javier Valles and José Viñals

2240: Imperfect Labour Contracts and International Trade

Gene Grossman

2239: Breaking Down Married Female Non-Employment in France

Guy Laroque and Bernard Salanié

2238: Optimal Bail-Out, Conditionality and Creative Ambiguity

Xavier Freixas

2237: On Rush and Procrastination

Isabelle Brocas and Juan D. Carrillo

2236: Labour Markets and Monetary Union: A Strategic Analysis

Alex Cukierman and Francesco Lippi

2235: Political Economics and Public Finance

Torsten Persson and Guido Tabellini

2234: Complementarity, Growth and Trade

Seppo Honkapohja and Arja Turunen-Red

2233: Finance, Investment and Growth

Wendy Carlin and Colin Mayer

2232: Financial Super-Markets: Size Matters for Asset Trade

Philippe Martin and Helene Rey

2231: The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries

Philip Lane and Gian Maria Milesi-Ferretti

2230: How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?

Yin-Wong Cheung, Menzie Chinn and Ian Marsh

2229: The Credit Squeeze During Russia's Early Transition: A Bank-Based View

Koen Schoors

2228: Composition of Foreign Direct Investment and Protection of Intellectual Property Rights in Transition Economies

Beata Javorcik

2227: Restructuring as a Signal: A Simple Formalization

Emilio Colombo

2226: International Trade and Currency Exchange

Helene Rey

2225: The Determinants of Cross-Border Equity Flows

Richard Portes and Helene Rey

2224: Dynamism and Inertia on the Russian Labour Market: A Model of Segmentation

Irena Grosfeld, Stanislav Kolenikov, Elena Paltseva, Claudia Sénik-Leygonie and Thierry Verdier

2223: Consumption, Aggregate Wealth and Expected Stock Returns

Martin Lettau and Sydney Ludvigson

2222: Competition for Listings

Thierry Foucault and Christine A Parlour

2221: Anonymous Banking and Financial Repression: How Does China's Reform Limit Government Predation without Reducing Its Revenue?

Chong-En Bai, David Daokui Li, Yingyi Qian and Yijiang Wang

2220: Tax Competition and Economic Geography

Fredrik Andersson and Rikard Forslid

2219: An Independent Central Bank Faced With Elected Governments

Maria Demertzis and Andrew Hughes Hallett

2218: Strategic Monetary Policy with Non-Atomistic Wage Setters: A Case for Non-Neutrality

Francesco Lippi

2217: European Labour Markets and the Euro: How Much Flexibility Do We Really Need?

Michael Burda

2216: Unemployment and Labour Market Reform: A Contract Theoretic Approach

Hans Peter Grüner

2215: Nominal Contracts and Monetary Targets

A. Patrick Minford, Eric Nowell and Bruce Webb

2214: The Competition Between Competition Rules

Hans-Werner Sinn

2213: Entry Mistakes, Entrepreneurial Boldness and Optimism

Isabelle Brocas and Juan D. Carrillo

2212: Normative Aspects of Fiscal Policy in an Economic Union: a Review

Tryphon Kollintzas, Apostolis Philippopoulos and Vanghelis Vassilatos

2211: What Determines Firm Size?

Krishna Kumar, Raghuram Rajan and Luigi Zingales

2210: Currency Spillovers and Tri-Polarity: A Simultaneous Model of the US Dollar, German Mark and Japanese Yen

Ronald MacDonald and Ian Marsh

2209: On the Age at Marriage: Theory and Evidence from Jews and Moslems in Israel

Leif Danziger and Shoshana Neuman

2208: Comparison of Bootstrap Confidence Intervals for Impulse Responses of German Monetary Systems

Alexander Benkwitz, Helmut Lütkepohl and Juergen Wolters

2207: Flexible Integration as an Efficient Decision-Making Rule

Mika Widgrén

2206: Fiscal Forecasting: the Track Record of the IMF, OECD, and EC

Michael Artis and Massimiliano Marcellino

2205: The Fallacy of the Fiscal Theory of the Price Level

Willem Buiter

2204: Red Barons or Robber Barons? Governance and Financing in Russian FIG

Stanislav Gelfer and Enrico Perotti

2203: Liquidity Traps: How to Avoid Them and How to Escape Them

Willem Buiter and Nikolaos Panigirtzoglou

2202: Positive Arithmetic of the Welfare State

J. Ignacio Conde-Ruiz and Vincenzo Galasso

2201: Testing for Convergence Clubs in Income per-capita: A Predictive Density Approach

Fabio Canova

2200: Training, Rent-Sharing and Unions

Alison Booth, Marco Francesconi and Gylfi Zoega

2199: Capital, Wages and Growth: Theory and Evidence

Douglas Almond, Antonio Ciccone and Giovanni Peri

2198: Does the P* Model Provide Any Rationale for Monetary Targeting?

Lars Svensson

2197: Monetary Policy Issues for the Eurosystem

Lars Svensson

2196: Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

Lars Svensson

2195: The Equilibrium Degree of Transparency and Control in Monetary Policy

Jon Faust and Lars Svensson

2194: Foreign Direct Investment and Spillovers through Workers' Mobility

Andrea Fosfuri, Massimo Motta and Thomas Rønde

2193: An Empirical Study of the Cyclical Effects of Monetary Policy in Spain (1977-1997)

Juan Dolado and Ramón Maria-Dolores

2192: On the Role of Conflicting National Interests in the ECB Council

Hans Peter Grüner

2191: How Regions Converge

Francesco Caselli and Wilbur Coleman

2190: To Merge or Not To Merge: That is the Question

Luis Corchon and Ramon Faulí-Oller

2189: Renegotiation Before Contract Execution

Achim Wambach

2188: Competing for Capital in a 'Lumpy' World

Hans Jarle Kind, Guttorm Schjelderup and Karen Helene Ulltveit-Moe

2187: Why Does the 'Law of One Price' Fail? A Case Study

Jonathan Haskel and Holger C Wolf

2186: Social Conflict and Growth in Euroland

Paul De Grauwe and Frauke Skudelny

2185: Integration, Agglomeration and the Political Economics of Factor Mobility

Gianmarco Ottaviano and Jacques Thisse

2184: Information Sharing, Lending and Defaults: Cross-Country Evidence

Tullio Jappelli and Marco Pagano

2183: Regionalism in the Nineties: What Effect on Trade?

Isidro Soloaga and L. Winters

2182: Determinants of Non-Employment and Unemployment Durations in East Germany

Jennifer Hunt

2181: The EMU and the NAMU: What is the Case for North American Monetary Union?

Willem Buiter

2180: Can Book-to-Market, Size and Momentum Be Risk Factors That Predict Economic Growth

Jimmy Liew and Maria Vassalou

2179: How Regional Blocs Affect Excluded Countries: The Price Effects of MERCOSUR

Won Chang and L. Winters

2178: Modelling and Identifying Central Banks' Preferences

Carlo Favero and Riccardo Rovelli

2177: Minimum Wages and On-the-Job Training

Daron Acemoglu and Jorn-Steffen Pischke

2176: Who Determines Mexican Trade Policy?

Jaime de Melo, Jean-Marie Grether and Marcelo Olarreaga

2175: The Crisis of Germany's Pension Insurance System and How It Can Be Resolved

Hans-Werner Sinn

2174: EU Enlargement, Migration and Lessons from German Unification

Hans-Werner Sinn

2173: The Market for Protection and the Origin of the State

Kai Konrad and Stergios Skaperdas

2172: Does Tax Smoothing Imply Smooth Taxes?

Andrew Scott

2171: Hedging and Financial Fragility in Fixed Exchange Rate Regimes

Craig Burnside, Martin Eichenbaum and Sergio Rebelo

2170: Currency Crises: A Perspective on Recent Theoretical Developments

Olivier Jeanne

2169: The Forward Premium Puzzle: Different Tales from Developed and Emerging Economies

Ravi Bansal and Magnus Dahlquist

2168: A Theory of Interest Rate Stepping: Inflation Targeting in a Dynamic Menu Cost Model

Sylvester Eijffinger, Eric Schaling and Willem Verhagen

2167: Risk Sharing and Moral Hazard with a Stability Pact

Roel Beetsma and Henrik Jensen

2166: Performance and Characteristics of Swedish Mutual Funds 1993-97

Magnus Dahlquist, Stefan Engstrom and Paul Söderlind

2165: Location as a Signal of Quality

Nikolaos Vettas

2164: Search Unemployment with Advance Notice

Pietro Garibaldi

2163: Auction Theory: a Guide to the Literature

Paul Klemperer

2162: Third Births in Austria: the Effect of Public Policies, Educational Attainment and Labour-Force Attachment

Alexia Fürnkranz-Prskawetz, Jan Michael Hoem and Gerda Neyer

2161: From Value at Risk to Stress Testing: The Extreme Value Approach

François Longin

2160: Bookbuilding and Strategic Allocation

Francesca Cornelli and David Goldreich

2159: Minimum Wages and Employment in France and the United States

John Abowd, Francis Kramarz and David Margolis

2158: Working 40 Hours or Not Working 39: Lessons from the 1981 Mandatory Reduction of Weekly Working Hours

Bruno Crépon and Francis Kramarz

2157: Does Space Affect Search? A Theory of Local Unemployment

Etienne Wasmer and Yves Zenou

2156: The Politics of Cooptation

Graziella Bertocchi and Michael Spagat

2155: Multinationals, Endogenous Growth and Technological Spillovers: Theory and Evidence

Richard Baldwin, Henrik Braconier and Rikard Forslid

2154: Interregional and International Risk Sharing and Lessons for EMU

Jacques Melitz and Frédéric Zumer

2153: Coping with Technological Progress: The Role of Ability in Making Inequality so Persistent

Yona Rubinstein and Daniel Tsiddon

2152: Campaign Advertising and Voter Welfare

Andrea Prat

2151: Monopolistic Competition, Multiproduct Firms and Optimum Product Diversity

Gianmarco Ottaviano and Jacques Thisse

2150: The Persistence of Capital Inflows and the Behaviour of Stock Prices in East Asia Emerging Markets: Some Empirical Evidence

Lucio Sarno and Mark Taylor

2149: A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis

Gregor Irwin and David Vines

2148: Consumption Insurance or Consumption Mobility

Tullio Jappelli and Luigi Pistaferri

2147: Seebohm Rowntree and the Post-War Poverty Puzzle

Roy Bailey and Timothy Hatton

2146: Models of Technology Diffusion

Paul Geroski

2145: Ownership Concentration and Corporate Performance in the Czech Republic

Stijn Claessens and Simeon Djankov

2144: Trade in Financial Services: Procompetitive Effects and Growth Performance

Joseph Francois and Ludger Schuknecht

2143: Trade Policy and Economic Growth: A Sceptic's Guide to the Cross-National Evidence

Francisco Rodríguez and Dani Rodrik