CEPR Discussion Papers

From Centre for Economic Policy Research
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2354: A Theory of Central Bank Accountability

Eric Schaling, Sylvester Eijffinger and Marco Hoeberichts

2353: Central Bank Independence: An Update of Theory and Evidence

Jakob de Haan, Sylvester Eijffinger and Helge Berger

2352: Sorting and Long-Run Inequality

Richard Rogerson and Fernández, Raquel

2351: Optimal Debt Contracts and Moral Hazard Along the Business Cycle

Pietro Reichlin and Paolo Siconolfi

2350: The Determinants of Host Country Spillovers from Foreign Direct Investment

Blomström, Magnus, Ari Kokko and Steven Globerman

2349: Leniency Programs and Cartel Prosecution

Michele Polo and Massimo Motta

2348: Is Tax Policy Coordination Necessary?

Apostolis Philippopoulos, Tryphon Kollintzas and Vanghelis Vassilatos

2347: Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal

Helen Louri and Natália Barbosa

2346: A Time Varying Parameter Model to Test for Predictability and Integration in Stock Markets of Transition Economies

Michael Rockinger and Giovanni Urga

2345: Consumption Over the Life-Cycle

Pierre-Olivier Gourinchas and Jonathan Parker

2344: Optimal Capital Allocation Using RAROC And EVA

Josef Zechner and Neal Stoughton

2343: Would Collective Action Clauses Raise Borrowing Costs?

Barry Eichengreen and Ashoka Mody

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, Hakan Nordstrom and Petros C. Mavroidis

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

Lucrezia Reichlin, Mario Forni and Christophe Croux

2338: The Generalized Dynamic Factor Model: Identification and Estimation

Marco Lippi, Lucrezia Reichlin, Marc Hallin and Mario Forni

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

Reinhilde Veugelers and Bruno Cassiman

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

Röller, Lars Hendrik, Olivier Cadot and Andreas Stephan

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

Neil Gandal and David Dranove

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

Münich, Daniel, 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

Reinhilde Veugelers and Bruno Cassiman

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

Enrico Perotti and Joseph A Cherian

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, Jean Rochet and Bruno Parigi

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

Karolina Ekholm and Henrik Braconier

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

Reinhilde Veugelers, Hylke Vandenbussche and Rene Belderbos

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, Martín Uribe and Stephanie Schmitt-Grohe

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

Stephanie Schmitt-Grohe

2314: The Perils of Taylor Rules

Jess Benhabib, Martín Uribe and Stephanie Schmitt-Grohe

2313: Are Austrian Returns to Education Falling Over Time?

Rudolf Winter-Ebmer and Josef Fersterer

2312: Geography of the Family

Kjell Lommerud, Kai Konrad, Julio Robledo and Künemund, Harald

2311: Market Discipline and Financial Safety Net Design

Harry Huizinga and Demirgüç-Kunt, Asli

2310: What's Behind Mercosur's CET?

L. Winters, Marcelo Olarreaga and Isidro Soloaga

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

Anthony Venables and Nuno Limão

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

Francesco Giavazzi, Carlo Favero and Luca Flabbi

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?

Jaime de Melo, Olivier Cadot 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, Peter C Schotman and Ronald Mahieu

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

Oved Yosha and Sørensen, Bent E

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

Paul Levine, Joseph Pearlman and Michael Chui

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

Oved Yosha and Sørensen, Bent E

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

Guido Friebel, Emmanuelle Auriol and Lambros Pechlivanos

2280: Incomplete Contracts and Industrial Organization

Elhanan Helpman and Gene Grossman

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

Marco Pagano and Davide Lombardo

2275: Legal Determinants of the Return on Equity

Marco Pagano and Davide Lombardo

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

Jane Rapson, Paul Levine and Neil Rickman

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

Kimberley Scharf and Ignatius Horstmann

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

Achim Wambach and Roman Inderst

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

Röell, Ailsa, Thierry Foucault and Sandås, Patrik

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

Fatás, Antonio 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

Diego Puga and Henry Overman