CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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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

1654: Why Firms Form Research Joint Ventures: Theory and Evidence

Mihkel Tombak, Röller, Lars Hendrik and Ralph Siebert

1653: Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities

Jacques Melitz

1652: Portfolio Selection and Asset Pricing with Dynamically Incomplete Markets and Time-varying First and Second Moments

Lars Nielsen and Maria Vassalou

1651: Monotone Risk Aversion

Lars Nielsen

1650: Parametric Characterizations of Risk Aversion and Prudence

Lars Nielsen and Fatma Lajeri

1649: Multiple Versus Single Banking Relationships

Paolo Garella, Luigi Guiso and Enrica Detragiache

1648: Bid-Ask Spreads with Indirect Competition among Specialists

Thomas Gehrig and Matthew Jackson

1647: Real Interest Rates, Nominal Shocks, and Real Shocks

Edward Driffill

1646: The Exchange Rate Policy of the Euro: A Matter of Size?

Philippe Martin

1645: Sequential Investments and Options to Own

Klaus Schmidt and Nöldeke, Georg

1644: Imperfect Tests and Natural Insurance Monopolies

Winand Emons

1643: How Will Transatlantic Policy Interactions Change with the Advent of EMU?

Barry Eichengreen and Fabio Ghironi

1642: Business Cycles and Long-run Growth

Gilles Saint-Paul

1641: Setting Standards: Information Accumulation in Development

Daron Acemoglu and Fabrizio Zilibotti

1640: Exchange Rate Arrangements between the Ins and the Outs

Paul De Grauwe

1639: On the Japanese Yen-US Dollar Exchange Rate: A Structural Econometric Model Based on Real Interest Differentials

Ronald MacDonald

1638: Setting Conversion Rates for the Third Stage of EMU

Paul De Grauwe and Luigi Spaventa

1637: The Determining Factors of Foreign Direct Investment in Spain and the rest of the OECD: Lessons for CEECs

Martín, Carmela and Francisco J. Velazquez

1636: Transition and the Output Fall

Gérard Roland and Thierry Verdier

1635: Attribute Dependence and the Provision of Quality

Hans Degryse and Andreas Irmen

1634: Returns to Regionalism: An Evaluation of Non-traditional Gains from RTAs

Fernández, Raquel

1633: The Great Depression as a Watershed: International Capital Mobility over the Long Run

Maurice Obstfeld and Alan Taylor

1632: National Policies and Local Economies: Europe and the United States

Lucrezia Reichlin and Mario Forni

1631: Adverse Selection of Investment Projects and the Business Cycle

Pietro Reichlin and Paolo Siconolfi

1630: Money in a Real Business Cycle Model

Roger Farmer

1629: Putting Things in Order: Patterns of Trade Dynamics and Macroeconomics

Robert Feenstra and Andrew Rose

1628: Quantifying a Dangerous Obsession? Competitiveness and export performance in an OECD Panel of Industries

Wendy Carlin, John van Reenen and Andrew Glyn

1627: To Each According To...? Markets, Tournaments, and the Matching Problem with Borrowing Constraints

Galí, Jordi and Fernández, Raquel

1626: Multiple Job Holding as a 'Hedge' Against Unemployment

Robert Wright, Juan J Dolado and Robert Hart

1625: Excess Capacity as an Incentive Device

Rudolf Kerschbamer and Yanni Tournas

1624: Interjurisdictional Competition and the Efficiency of the Public Sector: The Triumph of the Market over the State?

Michael Rauscher

1623: Optimal Determination of Bookmakers' Betting Odds: Theory and Tests

John Fingleton and Patrick Waldron

1622: Fast Track: Is it in the Genes? The Promotion Policy of a Large Japanese Firm

Giorgio Brunello, Kenn Ariga and Yasushi Ohkusa

1621: Intra-firm Wage Dispersion and Firm Performance

Rudolf Winter-Ebmer and Josef Zweimueller

1620: Economic Developments in the Balkan Countries and the Role of Greece: From Bilateral Relations to the Challenge of Integration

Nicos Christodoulakis and George Petrakos

1619: Optimal Restructuring Under a Political Constraint: A General Equilibrium Approach

Vivek Dehejia

1618: Performance Measurement using Multiple Asset Class Portfolio Data

David Blake, Allan Timmermann and Bruce N Lehmann

1617: Using Subjective Income Expectations to Test for Excess Sensitivity of Consumption to Predicted Income Growth

Tullio Jappelli and Luigi Pistaferri

1616: Convergence in Output in Transition Economies: Central and Eastern Europe, 1970-1995

Saul Estrin and Giovanni Urga

1615: Booms and Busts in the UK Housing Market

John Muellbauer and Anthony Murphy

1614: Stock Returns, Term Structure, Inflation and Real Activity: An International Perspective

Fabio Canova and Gianni de Nicolò,

1613: Advertising Bans

Massimo Motta

1612: Debt and Deficit Ceilings, and Sustainability of Fiscal Policies: An Intertemporal Analysis

Michael Wickens and Merih Uctum

1611: Preferential Trade Liberalization in the North Atlantic

Richard Baldwin and Joseph Francois

1610: Monetary Policy and the Fisher Effect

Söderlind, Paul

1609: Employment Turnover and Unemployment Insurance

John Hassler and Rodríguez Mora, José V