CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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1754: The Winner's Curse and the Failure of the Law of Demand

Jeremy 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

Mark Gertler, Richard Clarida and Galí, Jordi

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

Hans-Werner Sinn and Holger Feist

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

Xavier Vives and Ramon Caminal

1743: Measuring Monetary Policy with VAR Models: An Evaluation

Carlo Favero and Fabio Bagliano

1742: Debt Contracts, Collapse and Regulation as Competition Phenomena

Hans Gersbach and Harald Uhlig

1741: The Emergence of the Euro as an International Currency

George Alogoskoufis, Helene Rey and Richard Portes

1740: Pitfalls in the Theory of International Trade Policy: Concertina Reforms of Tariffs and Subsidies to HIgh-Technology Industries

J. Peter Neary

1739: The Political Economy of EC Regionalism

Andre Sapir

1738: Venture Capital Financing, Moral Hazard and Learning

Ulrich Hege and Dirk Bergemann

1737: Comparative Politics and Public Finance

Torsten Persson, Guido Tabellini and Gérard Roland

1736: After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry

John Earle and Saul Estrin

1735: Stage Financing and the Role of Convertible Debt

Francesca Cornelli and Oved Yosha

1734: The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal For a Partial Transition to a Funded System

Hans-Werner Sinn

1733: Identifying Monetary Policy Shocks in Japan

Etsuro Shioji

1732: A Strategy for Launching the Euro

Maurice Obstfeld

1731: Monetary Regimes and Labour Market Reform

Alan Sutherland and Anne Sibert

1730: The Behaviour of Real Exchange Rates During the Post-Bretton Woods Period

Mark Taylor and Lucio Sarno

1729: Entry Mistakes

Luis Cabral

1728: Transition Issues for the European Monetary Union

Willem Buiter and Anne Sibert

1727: Consumption and Credit Constraints: International evidence

Philippe Bacchetta and Stefan Gerlach

1726: Wage and Investment Behaviour in Transition: Evidence from a Polish Panel Data Set

Irena Grosfeld and Nivet, Jean-François

1725: Can Competition in the Credit Market be Excessive?

Carmen Matutes and Ramon Caminal

1724: Unemployment and the 'Labour-Management Conspiracy'

Larry Karp and Thierry Paul

1723: Competition Law in Post-Central Planning Bulgaria

Simeon Djankov

1722: Adversarial and Inquisitorial Procedures in Arbitration

Hyun Song Shin

1721: Determinants of Intra-Industry Trade between East and West Europe

Simeon Djankov and Chonira Aturupane

1720: Monetary Union, Entry Conditions and Economic Reform

Alan Sutherland, Anne Sibert and Gulcin Ozkan

1719: Shareholders and Stakeholders: Human Capital and Industry Equilibrium

Marcus Miller and Roberto Ippolito

1718: Do Services Differ From Manufacturing? The Post-Entry Performance of Firms in Dutch Services

David Audretsch, Roy Thurik and Luuk Klomp

1717: Minimum Price Variations, Time Priority and Quote Dynamics

Tito Cordella and Thierry Foucault

1716: The Behaviour of the Real Exchange Rate: A Re-examination Using Finite Sample Approach

Anne Mikkola and Biing-Shen Kuo

1715: 'I Vont To Be Alone' Transitions to Independent Living, Marriage and Divorce Among Young Americans

Simon Burgess, Carol Propper and Arnstein Aassve

1714: Jobs, Workers and Changes in Earnings Dispersion

Simon Burgess, Julia Lane and David Stevens

1713: The Reallocation of Labour and the Lifecycle of Firms

Simon Burgess, Julia Lane and David Stevens

1712: Job Tenure and Labour Market Regulation: A Comparison of Britain and Italy using Micro Data

Simon Burgess, Hedley Rees and Lia Pacelli

1711: A Disaggregate Analysis of the Evolution of Job Tenure in Britain, 1975-93

Simon Burgess and Hedley Rees

1710: Sources of Growth: the Entrepreneurial versus the Managed Economy

David Audretsch and Roy Thurik

1709: Culture, Discrimination and Individual Productivity: Regional Evidence from Personnel Data in a Large Italian Firm

Andrea Ichino and ,

1708: The Labour Market and Corporate Structure

Daron Acemoglu and Andrew Newman

1707: Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality

Daron Acemoglu

1706: Wages and the Bargaining Regime in a Corporatist Setting: The Netherlands

Joop Hartog, C. N. Teulings and Edwin Leuven

1705: Protection and Trade in Services: A Survey

Carlos Primo Braga

1704: Miniblocs and Fringe Currencies of the EMU

Patrick Honohan

1703: Determinants of Korean Trade Flows and their Geographical Destination

Gian Maria Milesi-Ferretti and Lorenzo Giorgianni

1702: Business Cycles and Compositional Variation in US Unemployment

Jan van Ours, Jaap Abbring and Gerard van den Berg

1701: Debt Relief

Aydin Hayri

1700: Tariffs and Growth in the Late Nineteenth Century

Kevin O'Rourke

1699: Agglomeration in the Global Economy: A Survey of the 'New Economic Geography'

Gianmarco Ottaviano and Diego Puga

1698: Reducing Coal Subsidies and Trade Barriers: Their Contribution to Greenhouse Gas Abatement

Warwick McKibbin and Kym Anderson

1697: Inventories, Production Smoothing and the Shape of the Cost Function

Luigi Guiso, Fabio Schiantarelli, Marzio Galeotti and Brian Sack

1696: High-Tech Firms and Credit Rationing

Luigi Guiso

1695: Hostile Stakes and the Role of Banks in German Corporate Governance

Tim Jenkinson and Alexander Ljungqvist

1694: Thinking Creatively About Markets

Paul Geroski

1693: Beyond Balanced Growth

Sergio Rebelo, Piyabha Kongsamut and Danyang Xie

1692: What Happens When Countries Peg Their Exchange Rates? (The Real Side of Monetary Reforms)

Sergio Rebelo

1691: Are Differences in Firm Size Transitory or Permanent?

Paul Geroski, Giovanni Urga and Hossein Samiei

1690: Regional Integration as Diplomacy

L. Winters and Maurice Schiff

1689: On Identifying the Core of EMU: An Exploration of Some Empirical Criteria

Michael Artis and Wenda Zhang

1688: The Stability Pact: Safeguarding the Credibility of the European Central Bank

Michael Artis and Bernhard Winkler

1687: Unique Equilibrium in a Model of Self-fulfilling Currency Attacks

Hyun Song Shin and Stephen Morris

1686: Poverty and the Welfare State in Inter-war London

Timothy Hatton and Roy Bailey

1685: EMU: Why and How It Might Happen

Charles Wyplosz

1684: Trade and Migration: A Production-Theory Approach

Ulrich Kohli

1683: Heterogeneous Traders and the Unbiasedness Hypothesis: Explaining the Mark/Dollar Bias

Nicos Christodoulakis and Sarantis Kalyvitis

1682: Almost Common Value Auctions: The 'Wallet Game' and its Applications to Takeover Battles and Airwaves Auctions

Paul Klemperer

1681: Unemployment, Growth and Taxation in Industrial Countries

Guido Tabellini and Francesco Daveri

1680: Implications of the Great Depression for the Development of the International Monetary System

Barry Eichengreen and Michael Bordo

1679: The Earnings Distribution and Returns to Education in Ireland, 1987-94

Brian Nolan, Tim Callan and Alan Barrett

1678: Preferences, Consumption Smoothing, and Risk Premia

Harald Uhlig and Martin Lettau

1677: The Indeterminacy of the Euro Conversion Rates. Why it Matters and How it can be Solved

Paul De Grauwe

1676: Extracting Information from Asset Prices: The Methodology of EMU Calculators

Francesco Giavazzi, Guido Tabellini, Carlo Favero and Fabrizio Iacone

1675: Youth Unemployment and Government Policy

Dennis Snower and Mike Orszag

1674: Expanding the Welfare System: A Proposal for Reform

Dennis Snower and Mike Orszag

1673: How Will the Euro behave?

Daniel Cohen

1672: Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited

Maurice Obstfeld and Alan Taylor

1671: R&D Spillovers and the Case for Industrial Policy in an Open Economy

J. Peter Neary and Dermot Leahy

1670: Income and Consumption Smoothing Among US States: Regions or Clubs?

Oved Yosha and Sørensen, Bent E

1669: An Analysis of the 'Stability Pact'

Roel Beetsma and Harald Uhlig

1668: A Mixed Blessing: Natural Resources and Economic Growth

Thorvaldur Gylfason, Gylfi Zoega and Tryggvi Herbertsson

1667: The Comparative Analysis of Settlement Systems

Shuji Kobayakawa

1666: Nominal Contracts as Behaviour Towards Risk

A. Patrick Minford and Eric Nowell

1665: Bank Solvency, Market Structure, and Monitoring Incentives

Carmen Matutes and Ramon Caminal

1664: Fiscal Rules and the Budget Process

Gian Maria Milesi-Ferretti

1663: Evaluating Portfolio Performance with Stochastic Discount Factors

Söderlind, Paul and Magnus Dahlquist

1662: Government Distributional Concerns and Economic Policy During the Transition from Socialism

Roger Gordon and David Li

1661: Were Trade and Factor Mobility Substitutes in History?

Jeffrey Williamson, Kevin O'Rourke and William Collins

1660: Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis

Riccardo Faini, Charles Ettinger and Jaime de Melo

1659: Regional Integration and Foreign Direct Investment

Blomström, Magnus and Ari Kokko

1658: The Economic Institution of International Barter

Dalia Marin and Monika Schnitzer

1657: Taxes and Government Incentives: Eastern Europe vs. China

Roger Gordon and David Li

1656: Regional Integration, Trade, and Migration: Are Demand Linkages Relevant in Europe?

Ian Wooton and Rodney Ludema

1655: Debt Concentration and Bargaining Power: Large Banks, Small Banks, and Secondary Prices

Sule Ozler and Fernández, Raquel