CEPR Discussion Papers

From Centre for Economic Policy Research
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1842: Independently Blue? Accountability and Independence in the New European Central Bank

Maria Demertzis and Andrew Hughes Hallett

1841: Public Policies, Regional Inequalities and Growth

Philippe Martin

1840: Unemployment Duration, Benefit Duration and the Business Cycle

Manuel Arellano, Samuel Bentolila and Olympia Bover

1839: How Efficient are Firms in Transition Countries? Firm-Level Evidence from Bulgaria and Romania

Jozef Konings and Alexander Repkin

1838: From Federalism, Chinese Style, to Privatization, Chinese Style

Cao Yuanzheng,, Yingyi Qian and Barry Weingast

1837: Channelling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment

Assaf Razin, Efraim Sadka and Chi-Wa Yuen

1836: Fiscal Solvency and Fiscal Forecasting in Europe

Michael Artis and Massimiliano Marcellino

1835: Enterprise Investment During the Transition: Evidence from Czech Panel Data

Lubomir Lizal and Jan Svejnar

1834: The Risk of Deflation in the Future EMU: Lessons of the 1990s

Paul De Grauwe

1833: The Structure of Wages and Investment in General Training

Daron Acemoglu and Jorn-Steffen Pischke

1832: A Quantative Analysis of Swedish Fertility Dynamics: 1751-1990

Zvi Eckstein, Pedro Solbes Mira and Kenneth Wolpin

1831: Notes on 'A Code for Fiscal Stability'

Willem Buiter

1830: An Economic Model of Household Income Dynamics, with an Application to Poverty Dynamics among American Women

Simon Burgess and Carol Propper

1829: Regional Redistribution and Stabilization by the Centre in Canada, France, the United Kingdom and the United States: New Estimates Based on Panel Data Econometrics

Jacques Melitz and Frédéric Zumer

1828: Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises

Barry Eichengreen and Andrew Rose

1827: IQ, Social Mobility and Growth

John Hassler and José Vicente Rodríguez Mora

1826: How Labour Market Flexibility Affects Unemployment: Long-Term Implications of the Chain Reaction Theory

Marika Karanassou and Dennis Snower

1825: The Division of Labour Within Firms

Assar Lindbeck and Dennis Snower

1824: Threat of a Capital Levy, Expected Devaluation and Interest Rates in Inter-War France

Pierre Sicsic

1823: Extracting Expectations about 1992 UK Monetary Policy from Option Prices

Paul Söderlind

1822: Economic Geography and the Fiscal Effects of Regional Integration

Rodney Ludema and Ian Wooton

1821: Monetary Policy and Inflation: From Theory to Practice

José Viñals

1820: Sovereign Liquidity Crises: the Strategic Case for a Payments Standstill

Marcus Miller and Lei Zhang

1819: Non-Falsified Expectations and General Equilibrium Asset Pricing: The Power of the Peso

Jean-Pierre Danthine and John B Donaldson

1818: Product Market Integration and Wages: Evidence from a Cross-Section of Manufacturing Establishments in the United Kingdom

Edward Driffill, Meloria Meschi and Alistair Mitchell Ulph

1817: Order Flow Composition and Trading Costs in Dynamic Limit Order Markets

Thierry Foucault

1816: The Importance of Networks in the Market for University Graduates in Japan: A Longitudinal Analysis of Hiring Patterns

Marcus Rebick

1815: The King Never Emigrates: Political Culture and the Reluctant International Movement of People

Gil Epstein, Arye Hillman and Heinrich Ursprung

1814: Competition in Electricity Supply: Will '1998' be Worth it?

Richard Green and Tanga McDaniel

1813: A geometry of Specialization

Joseph Francois and Douglas Nelson

1812: A Theory of Fairness, Competition and Cooperation

Ernst Fehr and Klaus Schmidt

1811: Herd Effects and Migration

Gil Epstein and Arye Hillman

1810: Keeping Up With the Joneses: Competition and the Evolution of Collusion in an Oligopolistic Economy

Huw Dixon

1809: Winning the War, Losing the Peace? Britain's Post-War Recovery in a West German Mirror

Barry Eichengreen and Albrecht Ritschl

1808: Risk, Resources and Education

Robert K von Weizsäcker and Berthold Wigger

1807: The Extra Burden of Moslem Wives: Clues from Israeli Women's Labour Supply

Shoshana Grossbard and Shoshana Neuman

1806: Corporate Governance

Luigi Zingales

1805: The Transition in East Germany: When is a Ten Point Fall in the Gender Wage Gap Bad News?

Jennifer Hunt

1804: A Red Letter Day?

Rüdiger Dornbusch, Carlo Favero and Francesco Giavazzi

1803: Global Income Divergence, Trade and Industrialization: The Geography of Growth Take-Offs

Richard Baldwin, Philippe Martin and Gianmarco Ottaviano

1802: Persistence and Mobility in International Trade

James Proudman and Stephen Redding

1801: The Cost of Diversity: The Diversification Discount and Inefficient Investment

Raghuram Rajan, Henri Servaes and Luigi Zingales

1800: Monetary Union: The Ins and Outs of Strategic Delegation

Paul Levine and Joseph Pearlman

1799: The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs and Fiscal Theories of the Price Level

Willem Buiter

1798: Reform Without Losers: An Interpretation of China's Dual-Track Approach to Transition

Lawrence J Lau, Yingyi Qian and Gérard Roland

1797: Why did the West Extend the Franchise? Democracy, Inequality and Growth in Historical Perspective

Daron Acemoglu and James Robinson

1796: Creating Illegal Immigrants

Gil Epstein, Arye Hillman and Avi Weiss

1795: Idiosyncratic Risk and Volatility Bounds, or, Can Models with Idiosyncratic Risk Solve the Equity Premium Puzzle?

Martin Lettau

1794: Convergence Equations and Income Dynamics: The Sources of OECD Convergence, 1970-95

Angel de La Fuente

1793: Strategic Quality Choice with Minimum Quality Standards

Stefan Lutz, Thomas Lyon and John Maxwell

1792: The Design of Optimal Education Policies

Gianni De Fraja

1791: Migration to Switzerland: Some New Evidence

Stefan M. Golder and Thomas Straubhaar

1790: Earnings Management to Exceed Thresholds

Francois Degeorge, U Patel and Richard Zeckhauser

1789: Where Did all the Growth Go? External Shocks, Social Conflict and Growth Collapses

Dani Rodrik

1788: Capacity and Product Market Competition: Measuring Market Power in a 'Fat-Cat' Industry

Lars-Hendrik Röller and Robin Siekles

1787: The Political Economy of Inflation and Central Bank Independence

Berthold Herrendorf and Manfred J.M. Neumann

1786: Eastern Enlargement of the EU: How much is it Worth for Austria?

Christian Keuschnigg and Wilhelm K. Kohler

1785: Monitoring the Monitors: Amakudari and the Ex-Post Monitoring of Private Banks

Wolter Hassink and Adrian Rixtel

1784: Free Trade Vs. Strategic Trade: A Peek into Pandora's Box

Gene Grossman and Giovanni Maggi

1783: Stochastic Process Switching and Stage III of EMU

Paul De Grauwe, Hans Dewachter and Dirk Veestraeten

1782: Agglomeration and Economic Development: Import Substitution Vs. Trade Liberalization

Diego Puga and Anthony Venables

1781: Sustainability of Public Finances

Roberto Perotti, Rolf Strauch and Juergen von Hagen

1780: Strategic Creditor Passivity, Regulation and Bank Bailouts

Janet Mitchell

1779: Productivity Growth, Consumer Confidence and the Business Cycle

Jean-Pierre Danthine, John B Donaldson and Thore Johnsen

1778: Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry

Luigi Zingales

1777: Power in a Theory of the Firm

Raghuram Rajan and Luigi Zingales

1776: Democracies Pay Higher Wages

Dani Rodrik

1775: New Men and New Women? A Comparison of Paid Work Propensities from a Panel Data Perspective

Alison Booth, Stephen Jenkins and Carlos García-Serrano

1774: Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems

John Hassler and Assar Lindbeck

1773: The Real Exchange Rate in Transition Economies

Clemens Grafe and Charles Wyplosz

1772: Is the Price Level Determined by the Needs of Fiscal Solvency?

Matthew Canzoneri, Robert Cumby and Behzad Diba

1771: The British Beveridge Curve: A Tale of Ten Regions

Howard Wall and Gylfi Zoega

1770: Competition and Firm Performance in Transition Economies: Evidence from Firm Level Surveys in Slovenia, Hungary and Romania

Jozef Konings

1769: Unemployment versus Mismatch of Talents: Reconsidering Unemployment Benefits

Ramon Marimon and Fabrizio Zilibotti

1768: Strategic Behaviour and Price Discovery

Luis Medrano and Xavier Vives

1767: Wage and Pension Pressure on the Polish Budget

Alain de Crombrugghe

1766: Fiscal Norming of Wages to Promote Employment with Monopoly Unions

Alain de Crombrugghe and Grégory de Walque

1765: The Entry and Exit of Workers and the Growth of Employment: An Analysis of French Establishments

John Abowd, Patrick Corbel and Francis Kramarz

1764: Approval Rules for Sequential Horizontal Mergers

Pedro Barros

1763: Staggered Wages and Disinflation Dynamics: What Can More Microfoundations Tell Us?

Guido Ascari and Neil Rankin

1762: Modelling the Impact of Demographic Change Upon the Economy

David Miles

1761: New Technologies, Wages and Worker Selection

Horst Entorf, Michel Gollac and Francis Kramarz

1760: Commercial Links Between Western Europe and East Asia: Retrospect and Prospects

Kym Anderson and Joseph Francois

1759: Political Economics and Macroeconomic Policy

Torsten Persson and Guido Tabellini

1758: Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States

Frank Smets and Kostas Tsatsaronis

1757: Enterprise Break-ups and Performance During the Transition

Lubomir Lizal, Miroslav Singer and Jan Svejnar

1756: The Sources of Irish Growth

Angel de La Fuente and Xavier Vives

1755: Fiscal Policy and Growth in the OECD

Angel de La Fuente

1754: The Winner's Curse and the Failure of the Law of Demand

Jeremy I. Bulow and Paul Klemperer

1753: Growth and External Debt: A New Perspective on the African and Latin American Tragedies

Daniel Cohen

1752: Exchange Rate Regimes and the Expectations Hypothesis of the Term Structure

Stefan Gerlach and Frank Smets

1751: Financial Asset Prices and Monetary Policy: Theory and Evidence

Frank Smets

1750: Monetary Policy Rules in Practice: Some International Evidence

Richard Clarida, Jordi Galí and Mark Gertler

1749: The Core-Periphery Model and Endogenous Growth

Richard Baldwin and Rikard Forslid

1748: Anonymous Market and Group Ties in International Trade

Alessandra Casella and James Rauch

1747: Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

Holger Feist and Hans-Werner Sinn

1746: The Asymmetric Relation Between Margin Requirements and Stock Market Volatility Across Bull and Bear Markets

Gikas Hardouvelis, Andreas Pericli and Panayiotis Theodossiou

1745: Convergence Clubs and Subsistence Economies

Dan Ben-David

1744: Price Dynamics and Consumer Learning

Ramon Caminal and Xavier Vives

1743: Measuring Monetary Policy with VAR Models: An Evaluation

Fabio Bagliano and Carlo Favero