CEPR Discussion Papers

From Centre for Economic Policy Research
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2142: Noise Trading and Exchange Rate Regimes

Olivier Jeanne and Andrew Rose

2141: Wage Competition with Heterogeneous Workers and Firms

Jonathan Hamilton, Jacques Thisse and Yves Zenou

2140: Is the Kuznets Curve Still Alive? Evidence from Italy's Household Budgets, 1881-1961

Nicola Rossi, Gianni Toniolo and Giovanni Vecchi

2139: The Science of Monetary Policy: A New Keynesian Perspective

Richard Clarida, Jordi Galí and Mark Gertler

2138: UDROP: A Small Contribution to the New International Financial Architecture

Willem Buiter and Anne Sibert

2137: What are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure

Harald Uhlig

2136: Assessing the Political Viability of Labour Market Reform: The Case of Employment Protection

Gilles Saint-Paul

2135: Twin Peaks in Regional Unemployment and Returns to Scale in Job-Matching in the Czech Republic

Stefan Profit

2134: Does Market Organization Speed Up Market Stabilization? First Lessons From the Budapest and Warsaw Stock Exchanges

Ania Zalewska

2133: The Theory of Access Pricing: an Overview for Infrastructure Regulators

Antonio Estache and Tommaso Valletti

2132: Declining Employment Assimilation of Immigrants in Sweden: Observed or Unobserved Characteristics?

Pieter Bevelander

2131: The Enterprise Isolation Programme in Romania

Simeon Djankov

2130: Agency Costs, Firm Behaviour and the Nature of Competition

Philippe Aghion, Mathias Dewatripont and Patrick Rey

2129: Identifying the Effect of Unemployment on Crime

Steven Raphael and Rudolf Winter-Ebmer

2128: Competition, Financial Discipline and Growth

Philippe Aghion, Mathias Dewatripont and Patrick Rey

2127: Employment and Distributional Effects of Restricting Working Time

Ramon Marimon and Fabrizio Zilibotti

2126: Equilibrium Unemployment Insurance

John Hassler, José Vicente Rodríguez Mora, Kjetil Storesletten and Fabrizio Zilibotti

2125: The Tobacco Deal

Jeremy I. Bulow and Paul Klemperer

2124: EMU and European Stock Market Integration

Gikas Hardouvelis, Dimitrios Malliaropoulos and Richard Priestley

2123: Do International Investment Income Flows Smooth Income?

Philip Lane

2122: Inefficient Redistribution

Daron Acemoglu and James Robinson

2121: Estimates of the Returns to Scale for US Manufacturing

Sumru Altug and Alpay Filiztekin

2120: How Sure Are We About PPP? Panel Evidence with the Null of Stationary Real Exchange Rates

Biing-Shen Kuo and Anne Mikkola

2119: An Optimal Currency Area Perspective of the EU Enlargement to the CEECs

Laurence Boone and Mathilde Maurel

2118: Comparative Advantage and the Location of Production

Rikard Forslid and Ian Wooton

2117: The Double Dividend Issue: Modelling Strategies and Empirical Findings

Francesco Bosello, Carlo Carraro and Marzio Galeotti

2116: Structural Convergence Under Reversible and Irreversible Monetary Unification

Roel Beetsma and Henrik Jensen

2115: The New Open Economy Macroeconomics: a Survey

Philip Lane

2114: Welfare Differentials Across French and US Labour Markets

Daniel Cohen

2113: The Redistributive Effects of the EU Budget: an Analysis and Some Reflections on the Agenda 2000 Negotiations

Angel de La Fuente and Rafael Domenech

2112: Competition, Complementarity and Contagion in East Asia

Ishac Diwan and Bernard Hoekman

2111: Inflation and Welfare: Comment on Robert Lucas

Hans-Werner Sinn

2110: On Intrabrand and Interbrand Competition: The Strategic Role of Fees and Royalties

Kamal Saggi and Nikolaos Vettas

2109: The Political Economy of Employment Protection

Gilles Saint-Paul

2108: Regional Aspects of Unemployment in Europe and in Italy

Fiorella Kostoris Padoa Schioppa

2107: Estimating the Effects of Tax Reform in Differentiated Product Oligopolistic Markets

Chaim Fershtman, Neil Gandal and Sarit Markovich

2106: Post-Unification Wage Growth in East Germany

Jennifer Hunt

2105: Why do Firms Hide? Bribes and Unofficial Activity After Communism

Simon Johnson, John McMillan and Christopher Woodruff

2104: Stochastic Shocks and Incentives for (Dis)Integration

Jan Fidrmuc

2103: Short-Termism as Optimal Investment Policy

Sandro Brusco

2102: Agglomeration with Human and Physical Capital: an Analytically Solvable Case

Rikard Forslid

2101: Cooperation Among Competitors: The Economics of Credit Card Associations

Jean Rochet and Jean Tirole

2100: Discrimination in the Swiss Labour Market: an Empirical Analysis

Stefan M. Golder and Thomas Straubhaar

2099: Should Firms be Required to Pay for Vocational Training?

Margaret Stevens

2098: Returns to Mobility in the Transition to a Market Economy

Tito Boeri and Christopher Flinn

2097: Venture Capital Finance: A Security Design Approach

Rafael Repullo and Javier Suarez

2096: Developing Country Agriculture and the New Trade Agenda

Kym Anderson and Bernard Hoekman

2095: Deep Integration, Non-Discrimination and Euro-Mediterranean Free Trade

Bernard Hoekman and Denise Konan

2094: The Weightless Economy in Economic Development

Danny Quah

2093: Transmission Rights and Market Power on Electric Power Networks I: Financial Rights

Paul Joskow and Jean Tirole

2092: The Growth of Firms in Theory and in Practice

Paul Geroski

2091: Trade, Technology and UK Wage Inequality

Jonathan Haskel and Matthew Slaughter

2090: Equal Opportunities in Education: Market Equilibrium and Public Policy

Gianni De Fraja

2089: Green Tax Reform and Competitiveness

Erkki Koskela, Ronnie Schöb and Hans-Werner Sinn

2088: Least Squares Predictions and Mean-Variance Analysis

Enrique Sentana

2087: Transmission Rights and Market Power on Electric Power Networks. II: Physical Rights

Paul Joskow and Jean Tirole

2086: Corporate Governance

Jean Tirole

2085: The Core-Periphery Model With Forward-Looking Expectations

Richard Baldwin

2084: Self-Employment and Windfall Gains in Britain: Evidence From Panel Data

Mark Taylor

2083: Capital Markets and the Instability of Open Economies

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

2082: From Malthusian Stagnation to Modern Growth

Oded Galor and David Weil

2081: Contract Enforcement in Transition

Simon Johnson, John McMillan and Christopher Woodruff

2080: Output and Exports in Transition Economies: A Labour Management Model

Saul Estrin and Paul Hare

2079: Measuring Monetary Policy in Open Economies

Fabio Bagliano, Carlo Favero and Francesco Franco

2078: The Dynamics of Technological Adoption in Hardware/Software Systems: The Case of Compact Disc Players

Neil Gandal, Archy Kirkwood MP and Rafael Rob

2077: Wages, Experience and Seniority

Christian Dustmann and Costas Meghir

2076: Maximum Sustainable Government Debt in the Overlapping Generations Model

Neil Rankin and Barbara Roffia

2075: Coordination, Cooperation, Contagion and Currency Crises

Olivier Loisel and Philippe Martin

2074: Should Monetary Policy be Adjusted Frequently?

Sylvester Eijffinger and Harry Huizinga

2073: The Aftermath of the 1992 ERM Break-up: Was There a Macroeconomic Free Lunch?

Robert Gordon

2072: What Determines the Economic Geography of Europe?

Jan I. Haaland, Hans Jarle Kind and Karen Helene Ulltveit-Moe

2071: Fickle Investors: an Impediment to Growth?

Andrew Scott and Harald Uhlig

2070: Golden Cages for Showy Birds: Optimal Switching Costs in Labour Markets

Roberto Burguet, Ramon Caminal and Carmen Matutes

2069: The Markets for Gasoline and Diesel Cars in Europe

Frank Verboven

2068: EMU in Reality: The Effect of a Common Monetary Policy on Economies with Different Transmission Mechanisms

Andrew Hughes Hallett and Laura Piscitelli

2067: The European Central Bank: Decision Rules and Macroeconomic Performance

Yunus Aksoy, Paul De Grauwe and Hans Dewachter

2066: Risk Taking and Optimal Contracts for Money Managers

Frederic Palomino and Andrea Prat

2065: Time-series and Cross-section Information in Affine Term Structure Models

Frank de Jong

2064: Targeting Social Assistance in a Transition Economy: the Mahallas in Uzbekistan

Aline Coudouel, Sheila Marnie and John Micklewright

2063: The Informational Value of Job Search Data and the Dynamics of Search Behaviour: Evidence from Hungary

John Micklewright and Gyula Nagy

2062: Asymmetries in Housing and Financial Market Institutions and EMU

Duncan Maclennan, John Muellbauer and Mark Stephens

2061: Living Standards and Incentives in Transition: the Implications of Unemployment Insurance Exhaustion in Hungary

John Micklewright and Gyula Nagy

2060: Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel

Rafael Repullo and Javier Suarez

2059: Active Labour Market Policies in Poland: Human Capital Enhancement, Stigmatization or Benefit Churning?

Jochen Kluve, Hartmut Lehmann and Christoph Schmidt

2058: EMU and the External Value of the Euro

Maria Demertzis and Andrew Hughes Hallett

2057: Persistence and the German Unemployment Problem: Empirical Evidence on German Labour Market Flows

Christoph Schmidt

2056: Does Science Make a Difference? Investment, Finance and Corporate Governance in German Industries

David Audretsch and Jürgen G Weigand

2055: English-Language Dominance, Literature and Welfare

Jacques Melitz

2054: The Diffusion of Mobile Telecommunications Services in the European Union

Harald Gruber and Frank Verboven

2053: New Developments in Models of Search in the Labour Market

Dale Mortensen and Christopher Pissarides

2052: Competition, Entry, and the Social Returns to Infrastructure in Transition Economies

Philippe Aghion and Mark Schankerman

2051: The Size and Scope of Government: Comparative Politics With Rational Politicians

Torsten Persson and Guido Tabellini

2050: Private Transfers, Borrowing Constraints and the Timing of Homeownership

Luigi Guiso and Tullio Jappelli

2049: Inside versus Outside Financing and Product Market Competition

Monika Schnitzer and Achim Wambach

2048: Technology, Transfer and Spillovers: Does Local Participation With Multinationals Matter?

Magnus Blomström and Fredrik Sjöholm

2047: Portuguese Migrants in the German Labour Market: Performance and Self-Selection

Thomas Bauer, Pedro Pereira, Michael Vogler and Klaus Zimmermann

2046: Distributive Politics and the Costs of Centralization

Ben Lockwood

2045: Bank Competition and Enterprise restructuring in Transition Economies

Monika Schnitzer

2044: The Mercantilist Index of Trade Policy

James Anderson and J. Peter Neary

2043: What Determines Earnings and Employment Risk

Luigi Guiso, Tullio Jappelli and Luigi Pistaferri