CEPR Discussion Papers

From Centre for Economic Policy Research
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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

2154: Interregional and International Risk Sharing and Lessons for EMU

Jacques Melitz and Frederic Zumer

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

Daniel Tsiddon and Yona Rubinstein

2152: Campaign Advertising and Voter Welfare

Andrea Prat

2151: Monopolistic Competition, Multiproduct Firms and Optimum Product Diversity

Jacques Thisse and Gianmarco Ottaviano

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

Mark Taylor and Lucio Sarno

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

David Vines and Gregor Irwin

2148: Consumption Insurance or Consumption Mobility

Tullio Jappelli and Luigi Pistaferri

2147: Seebohm Rowntree and the Post-War Poverty Puzzle

Timothy Hatton and Roy Bailey

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

Dani Rodrik and Rodríguez, Francisco

2142: Noise Trading and Exchange Rate Regimes

Andrew Rose and Olivier Jeanne

2141: Wage Competition with Heterogeneous Workers and Firms

Jacques Thisse, Jonathan Hamilton and Yves Zenou

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

Gianni Toniolo, Nicola Rossi and Giovanni Vecchi

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

Mark Gertler, Richard Clarida and Galí, Jordi

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?

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

Patrick Rey, Mathias Dewatripont and Philippe Aghion

2129: Identifying the Effect of Unemployment on Crime

Rudolf Winter-Ebmer and Steven Raphael

2128: Competition, Financial Discipline and Growth

Patrick Rey, Mathias Dewatripont and Philippe Aghion

2127: Employment and Distributional Effects of Restricting Working Time

Ramon Marimon and Fabrizio Zilibotti

2126: Equilibrium Unemployment Insurance

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

2125: The Tobacco Deal

Jeremy Bulow and Paul Klemperer

2124: EMU and European Stock Market Integration

Gikas Hardouvelis, Richard Priestley and Dimitrios Malliaropoulos

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

Alpay Filiztekin and Sumru Altug

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

Anne Mikkola and Biing-Shen Kuo

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

Ian Wooton and Rikard Forslid

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

Carlo Carraro, Marzio Galeotti and Francesco Bosello

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

2111: Inflation and Welfare: Comment on Robert Lucas

Hans-Werner Sinn

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

Nikolaos Vettas and Kamal Saggi

2109: The Political Economy of Employment Protection

Gilles Saint-Paul