CEPR Discussion Papers

From Centre for Economic Policy Research
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2254: Ten Years of Transformation: Macroeconomic Lessons

Charles Wyplosz

2253: Financial Restraints and Liberalization in Postwar Europe

Charles Wyplosz

2252: Towards A More Perfect EMU

Charles Wyplosz

2251: Insider Trading, Investment and Liquidity

Sudipto Bhattacharya and Giovanna Nicodano

2250: Fiscal Policy, Profits and Investment

Alberto Alesina, Fabio Schiantarelli, Roberto Perotti and Silvia Ardagna

2249: Does More Intense Competition Lead to Higher Growth?

Aydin Hayri and Mark Dutz

2248: Moving the Escudo into the Euro

Jorge Braga de Macedo, Francisco Covas and Luis Nunes

2247: A U-Shaped Europe? A Simulation Study of Industrial Location

Jan I. Haaland, Karen Helene Ulltveit-Moe and Rikard Forslid

2246: Inflation Dynamics: A Structural Economic Analysis

Mark Gertler and Galí, Jordi

2245: Disorganization and Financial Collapse

Dalia Marin and Monika Schnitzer

2244: Public Training and Outflows from Unemployment: An Augmented Matching Function Approach on Polish Regional Data

Patrick Puhani

2243: Privatization, Political Risk and Stock Market Development

Enrico Perotti and Pieter van Oijen

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

Viñals, José and Vallés Liberal, Javier

2240: Imperfect Labour Contracts and International Trade

Gene Grossman

2239: Breaking Down Married Female Non-Employment in France

Guy Laroque and Salanié, Bernard

2238: Optimal Bail-Out, Conditionality and Creative Ambiguity

Xavier Freixas

2237: On Rush and Procrastination

Juan D. Carrillo and Isabelle Brocas

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

Colin Mayer and Wendy Carlin

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

Gian Maria Milesi-Ferretti and Philip Lane

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

Ian Marsh, Menzie Chinn and Yin-Wong Cheung

2229: The Credit Squeeze During Russia’s Early Transition

Koen Schoors

2228: Composition of Foreign Direct Investment

Beata Javorcik

2227: Restructuring as a Signal

Emilio Colombo

2226: International Trade and Currency Exchange

Helene Rey

2225: The Determinants of Cross-Border Equity Flows

Helene Rey and Richard Portes

2224: Dynamism and Inertia on the Russian Labour Market

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

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

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

2220: Tax Competition and Economic Geography

Rikard Forslid and Fredrik Andersson

2219: An Independent Central Bank Faced With Elected Governments

Andrew Hughes Hallett and Maria Demertzis

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

Grüner, Hans Peter

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

Juan D. Carrillo and Isabelle Brocas

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

Apostolis Philippopoulos, Tryphon Kollintzas and Vanghelis Vassilatos

2211: What Determines Firm Size?

Raghuram Rajan, Luigi Zingales and Krishna Kumar

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

Shoshana Neuman and Leif Danziger

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

Juergen Wolters, Lütkepohl, Helmut and Alexander Benkwitz

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?

Enrico Perotti and Stanislav Gelfer

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

Willem Buiter and Nikolaos Panigirtzoglou

2202: Positive Arithmetic of the Welfare State

Vincenzo Galasso and J. Ignacio Conde-Ruiz

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

Fabio Canova

2200: Training, Rent-Sharing and Unions

Alison Booth, Gylfi Zoega and Marco Francesconi

2199: Capital, Wages and Growth: Theory and Evidence

Antonio Ciccone, Giovanni Peri and Douglas Almond

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

Lars Svensson and Jon Faust

2194: Foreign Direct Investment and Spillovers through Workers' Mobility

Massimo Motta, Andrea Fosfuri and Rønde, Thomas

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

Juan Dolado and María-Dolores, Ramón

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

Grüner, Hans Peter

2191: How Regions Converge

Wilbur Coleman and Francesco Caselli

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

Luis Corchon and Faulí-Oller, Ramon

2189: Renegotiation Before Contract Execution

Achim Wambach

2188: Competing for Capital in a 'Lumpy' World

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

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

Jonathan Haskel and Holger Wolf

2186: Social Conflict and Growth in Euroland

Paul De Grauwe and Frauke Skudelny

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

Jacques Thisse and Gianmarco Ottaviano

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

Marco Pagano and Tullio Jappelli

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

L. Winters and Isidro Soloaga

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

Maria Vassalou and Jimmy Liew

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

L. Winters and Won Chang

2178: Modelling and Identifying Central Banks' Preferences

Riccardo Rovelli and Carlo Favero

2177: Minimum Wages and On-the-Job Training

Jorn-Steffen Pischke and Daron Acemoglu

2176: Who Determines Mexican Trade Policy?

Jaime de Melo, Marcelo Olarreaga and Jean-Marie Grether

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

Martin Eichenbaum, Sergio Rebelo and Craig Burnside

2170: Currency Crises: A Perspective on Recent Theoretical Developments

Olivier Jeanne

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

Magnus Dahlquist and Ravi Bansal

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

Eric Schaling, Sylvester Eijffinger 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

Söderlind, Paul, Magnus Dahlquist and Engström, Stefan

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

Jan Michael Hoem, Fürnkranz-Prskawetz, Alexia and Gerda Neyer

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

Longin, François

2160: Bookbuilding and Strategic Allocation

Francesca Cornelli and David Goldreich

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

Francis Kramarz, John Abowd and David Margolis

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

Francis Kramarz and Crepón, Bruno

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

Yves Zenou and Etienne Wasmer

2156: The Politics of Cooptation

Michael Spagat and Graziella Bertocchi

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

Richard Baldwin, Rikard Forslid and Henrik Braconier