CEPR Discussion Papers

From Centre for Economic Policy Research
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1251: The Age-Wealth Profile and the Life-Cycle Hypothesis: A Cohort Analysis with a Time Series of Cross-Sections of Italian Househo

Tullio Jappelli

1250: Bank Restructuring and Soft Budget Constraints in Financial Transition

Gérard Roland and Erik Berglof

1249: Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts

Lars Svensson

1248: The Stability of the Gold Standard and the Evolution of the International Monetary System

Barry Eichengreen and Tamim Bayoumi

1247: Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule

Barry Eichengreen and Juergen von Hagen

1246: Fiscal Crises and Aggregate Demand: Can High Public Debt Reverse the Effects of Fiscal Policy?

Alan Sutherland

1245: Europe's Single Market: The Long March to 1992

Andre Sapir

1244: Let's Get Real: A Dynamic Factor Analytical Approach to Disaggregated Business Cycle

Lucrezia Reichlin and Mario Forni

1243: Public Policy Towards R&D in Oligopolistic Industries

J. Peter Neary and Dermot Leahy

1242: Is a European Hard Core Credible? A Statistical Analysis

Alexis Jacquemin and Andre Sapir

1241: The Macroeconomics of the Mexican Crisis: A Simple Two-period Model

David Vines and Gregor Irwin

1240: After the Deluge: Do Fixed Exchange Rates Allow Inter-temporal Volatility Trade-offs?

Andrew Rose

1239: Equilibrium Currency Crises: Are Multiple Equilibria Self-fulfilling or History Dependent?

David Vines and Gareth Davies

1238: The Impact of EU Trade Agreements with Central and East European Countries: The Case of Spain

Martín, Carmela

1237: Banking Scope, Financial Innovation, and the Evolution of the Financial System

Anjan Thakor and Arnoud Boot

1236: Aggregate and Regional Disaggregate Fluctuations

Danny Quah

1235: Integrating the East: The Labour Market Effects of Immigration

Klaus Zimmermann and Thomas Bauer

1234: The Political Economy of the Eastern Enlargement of the EU

Peter Bofinger

1233: Product Quality and Worker Quality

Francis Kramarz and John Abowd

1232: Unions and Wage Insurance

Michael Burda

1231: Nominal Rigidity and Monetary Uncertainty in a Small Open Economy

Neil Rankin

1230: The Seamless World: A Spatial Model of International Specialization

Anthony Venables and Paul Krugman

1229: Migration and the Option Value of Waiting

Michael Burda

1228: The Role of Services in the Structure of Production and Trade: Stylized Facts from a Cross-Country Analysis

Joseph Francois and Kenneth Reinert

1227: The Duration of Unemployment and the Persistence of Wages

Jonathan Leonard and Marc Van Audenrode

1225: The Break up of Nations: A Political Economy Analysis

Patrick Bolton and Gérard Roland

1224: The Transition in Russia: Successes (Privatization, Low Unemployment...) and Failures (Mafias, Liquidity Constraints...). A The

Daniel Cohen

1223: Reforming Europe's Labour Market: Political Issues

Gilles Saint-Paul

1222: Macroeconomic Policy During a Transition to Monetary Union

Willem Buiter

1221: Capital Utilization and Returns to Scale

Martin Eichenbaum, Sergio Rebelo and Craig Burnside

1220: Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories

Sergio Rebelo

1219: The Monetary Transmission Mechanism: Evidence from the G-7 Countries

Stefan Gerlach and Frank Smets

1218: Efficiency and Equity: Is There a Trade-off?

Isabel Correia

1217: European Monetary Unification: The Challenges Ahead

Barry Eichengreen and Fabio Ghironi

1216: Multi-object Auctions: On the Use of Combinational Bids

Fernando Branco

1215: Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme

Sweder van Wijnbergen and Anton Marcincin

1214: Multilateral Trade Rules and the Expected Cost of Protection

Joseph Francois and Will Martin

1213: The Economics of Convergence towards Monetary Union in Europe

Paul De Grauwe

1212: Minimum Wages: Curse or Blessing?

Jan Rose Sorensen and Morten Ravn

1211: Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK

Julian Franks and Michael Brennan

1210: An Essay on the Emergence of the International Gold Standard, 1870-80

Marc Flandreau

1209: The Golden Age of Economic Growth: Why Did Northern Ireland Miss Out?

Nicholas Crafts

1208: Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization

René Stulz

1207: Why is there Multilateral Lending?

Dani Rodrik

1206: Real Business Cycles with Involuntary Unemployment

Galí, Jordi

1205: A Framework for Analysing the Political Support for Active Labour Market Policy

Gilles Saint-Paul

1204: Free Trade and Evolving Standards

Alessandra Casella

1203: The Survival of New Plants: Start-up Conditions and Post-entry Evolution

José Mata, Paulo Guimaraes and Pedro Portugal

1202: The Anatomy of Unemployment Dynamics

Jan van Ours, Jaap Abbring and Gerard van den Berg

1201: A Centre-Periphery Model of Monetary Coordination and Exchange Rate Crises

Willem Buiter, Paolo Pesenti and Giancarlo Corsetti

1200: Unemployment Duration, Unemployment Benefits, and Labour Market Programmes in Sweden

Bertil Holmlund, Per-Anders Edin, Fredrik Jansson and Kenneth Carling

1199: International R&D Rivalry and Industrial Strategy without Government Commitment

J. Peter Neary and Dermot Leahy

1198: Trade Liberalization, Employment and Migration. Some Simulations for Morocco

Riccardo Faini and Jaime de Melo

1197: Financial System Architecture

Anjan Thakor and Arnoud Boot

1196: Resale Markets and the Assignment of Property Rights

Philippe Jehiel and Benny Moldovanu

1195: Macroeconomic Policy in Central Europe

William Branson and Jorge Braga de Macedo

1194: Do Other Firms Matter in Oligopolies?

Pasquale Scaramozzino and Jonathan Haskel

1193: Cartels, Contracts and Centralization: The Transition to Futures Trading for Primary Commodities

Jonathan Haskel

1192: Privatization and X-Inefficiency: A Bargaining Approach

Jonathan Haskel and Amparo Sanchis-Llopis

1191: International Business Cycles and the ERM: Is there a European Business Cycle?

Michael Artis and Wenda Zhang

1190: Economic Cooperation within Europe: Lessons from the Monetary Arrangements in the 1990s

Yue Ma and Andrew Hughes Hallett

1189: On Measuring the Costs of Labour Immobility and Market Heterogeneity in Europe

Andrew Hughes Hallett and Maria Demertzis

1188: Who Needs Bands? Exchange Rate Policy Before EMU

Tamim Bayoumi

1187: Accumulation and the Extent of Inequality

Giuseppe Bertola

1186: Wage Inequality and Unemployment: US vs Europe

Giuseppe Bertola and Andrea Ichino

1185: Creating Creditworthiness through Reciprocal Trade

Dalia Marin and Monika Schnitzer

1184: Why is Spanish Unemployment so High?

Juan Dolado and Juan F Jimeno

1183: Free Trade and Long-Run Growth

Dan Ben-David and Michael Loewy

1182: Trade Performance and Trade Policy in Central and Eastern Europe

Alasdair Smith and Zdenek Drabek

1181: Why do Pre-tax Car Prices Differ so Much Across European Countries?

Harry Flam and Hakan Nordstrom

1180: Designing Institutions for International Monetary Policy Coordination

Jorge Padilla

1179: Capital Mobility, Fiscal Policy and Growth Under Self-Financing of Human Capital Formation

Willem Buiter and Kenneth Kletzer

1178: Large Shareholders and Banks: Who Monitors and How?

Oved Yosha and Yishay Yafeh

1177: Imperfect Competition, Risk Taking, and Regulation in Banking

Xavier Vives and Carmen Matutes

1176: A Contribution to Unemployment Dynamics

Dennis Snower and Marika Karanassou

1175: Vertically Related Markets and Trade Policy in a Bargaining Framework

Larry Karp and Lucy Sioli

1174: Russian Enterprises in Transition

Daniel Cohen, Christian de Boissieu and Gaël de Pontbriand,

1173: VERs Under Imperfect Competition and Foreign Direct Investment: A Case Study of the US-Japan Auto VER

Jaime de Melo and David Tarr

1172: Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence

Tamim Bayoumi and Eswar Prasad

1171: Universal Banks and German Industrialization: A Reappraisal

Jeremy Edwards and Sheilagh Ogilvie

1170: Regional Insurance Against Asymmetric Shocks. An Empirical Study for the European Community

Juergen von Hagen and George Hammond

1169: New Empirical Evidence on the Costs of European Monetary Union

Jacques Melitz and Hélène Erkel-Rousse

1168: East European Trade and the Austrian Labour Market

Karl Aiginger, Rudolf Winter-Ebmer and Josef Zweimueller

1167: Tax and Benefit Reform in Central and Eastern Europe

David M Newbery

1166: The Taxation of Entrepreneurial Income in a Transition Economy: Issues Raised by Experience in Poland

Stephen Smith and Dariusz Maciej Grabowski MEP

1165: The Elixir of Growth: Trade, Non-Traded Goods and Development

A. Patrick Minford, Jonathan Riley and Eric Nowell

1164: Speculative Market Structure and the Collapse of an Exchange Rate Mechanism

Zhaohui Chen

1163: Tests of the 'Convergence Hypothesis': Some Further Results

Daniel Cohen

1162: Sub-Optimal Scale Firms and Compensating Factor Differentials in Dutch Manufacturing

David Audretsch, Roy Thurik and George Leeuwen

1161: Innovative Clusters and the Industry Life Cycle

David Audretsch and Maryann P Feldman

1160: Demand-Driven Financial Development

Gilles Saint-Paul

1159: Is There a Trade-off between Unemployment and Productivity Growth?

Robert Gordon

1158: The Entwining of Trade Policy with Environmental and Labour Standards

Kym Anderson

1157: The Gender Gap, Fertility and Growth

David Weil and Oded Galor

1156: Environmental Feedbacks and Optimal Taxation in Oligopoly

Carlo Carraro and Antoine Soubeyran

1155: Factor Price Distortions and Public Subsidies in East Germany

Hans-Werner Sinn

1154: R&D Cooperation and the Stability of International Environmental Agreements

Carlo Carraro and Domenico Siniscalco

1153: Measuring Core Inflation

Danny Quah

1152: The Innovation, Unemployment and Competitiveness Challenge in Germany

David Audretsch

1151: Tax and Benefit Reform in the Czech and Slovak Republics

Stephen Smith and Christopher Heady