CEPR Discussion Papers

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626: The `Big Bang' Versus `Slow but Steady': A Comparison of the Hungarian and the Polish Transformations

Istvan Abel and John Bonin

625: Debt Service, Foreign Direct Investment and Transformation to Market: A Simple Model

Istvan Abel and John Bonin

624: Transition Problems in Economic Reform: Agriculture in the Mexico-US Free Trade Agreement

Santiago Levy and Sweder van Wijnbergen

623: East Germany, West Germany, and their Mezzogiorno Problem: An Empirical Investigation

Andrew Hughes Hallett and Yue Ma

622: Polish Agriculture in Transition: Does it Hurt to be Slapped by an Invisible Hand?

Larry Karp and Spiro Stefanou

621: Psychological Barriers in the Foreign Exchange Market

Paul De Grauwe and Danny Decupere

620: Export Supply and Import Demand in Hungary (An Econometric Analysis for 1968-1989)

László Halpern and Istvan P Szekely

619: Household Portfolios in Hungary, 1970-1990

Istvan Abel and Istvan P Szekely

618: From EMS to EMU

Michele Fratianni, Juergen von Hagen and Christopher Waller

617: Common Currency Areas and Currency Unions: An Analysis of the Issues

Paul Masson and Mark Taylor

616: Monetary Policy in Stage Two of EMU

Michael Moore and Thomas O'Connell

615: Labour Mobility and German Integration: Some Vignettes

Michael Burda and Charles Wyplosz

614: Human Capital, Investment and Migration in an Integrated Europe

Michael Burda and Charles Wyplosz

613: Education, Democracy and Growth

Gilles Saint-Paul and Thierry Verdier

612: Privatization in Eastern Europe: Irreversibility and Critical Mass Effects

Gérard Roland and Thierry Verdier

611: Time Varying Devaluation Risk, Interest Rate Differentials and Exchange Rates in Target Zones: Empirical Evidence from the EMS

Axel A Weber

610: The Trading Potential of Eastern Europe

Zhen Kun Wang and L. Winters

609: Monopoly, Tying and Reciprocity: An Application to International Trade

Dalia Marin

608: Macroeconomic Policy and Elections in OECD Democracies

Alberto Alesina, Gerald D Cohen and Nouriel Roubini

607: Investigating Private and Public Savings-Investment Gaps in EC Countries

Fernando Carlos Ballabriga, Juan Dolado and José Viñals

606: Saving and Endogenous Growth: A Survey of Theory and Policy

Willem Buiter

605: A Customs Union with a Continuum of Products

Anthony Venables

604: Options for a New Monetary Framework for the Area of the Soviet Union

Peter Bofinger

603: Financial Reform in Eastern Europe: Progress With the Wrong Model

Jenny Corbett and Colin Mayer

602: The Optimality of Nominal Wage Contracts

Scott Freeman and Guido Tabellini

601: Labour Turnover Costs and Average Labour Demand

Giuseppe Bertola

600: Child Care and Mothers' Lifetime Earnings: Some European Contrasts

Hugh Davies and Heather Joshi

599: Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

Giuseppe Bertola and Allan Drazen

598: Is There an `EMS' Effect in European Labour Markets?

Michael Artis and Paul Ormerod

597: Inflation Convergence with Realignments in a Two-Speed Europe

Luisa Lambertini, Marcus Miller and Alan Sutherland

596: The Macroeconomic Impact of Flexible Labour Contracts: An Application to Spain

Samuel Bentolila and Gilles Saint-Paul

595: Voting on the Adoption of a Common Currency

Alessandra Casella

594: Halting Inflation in Italy and France After World War II

Alessandra Casella and Barry Eichengreen

593: Rational Frenzies and Crashes

Jeremy I. Bulow and Paul Klemperer

592: On the Many Kinds of Growth

Zvi Eckstein, Costas Foulides and Tryphon Kollintzas

591: The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions

Alberto Giovannini

590: A Suggested Reformulation of the Theory of Optimal Currency Areas

Jacques Melitz

589: The Interwar Economy in a European Mirror

Barry Eichengreen

588: A Cross-Country Analysis of the Tax-Push Hypothesis

Fiorella Kostoris Padoa Schioppa

587: Tax Rates, Progressivity and de facto Fiscal Indexation in Ten European Countries

Fiorella Kostoris Padoa Schioppa

586: Exchange Rate Policies for the EFTA Countries in the 1990s

William Branson

585: Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

Barry Eichengreen

584: German Unification: Economic Problems and Consequences

Manfred J.M. Neumann

583: Financing Budget Deficits by Seigniorage and Implicit Taxation: The Cases of Spain and Portugal

Rafael Repullo

582: External Debt and Political Instability

Sule Ozler and Guido Tabellini

581: Is Inequality Harmful for Growth? Theory and Evidence

Torsten Persson and Guido Tabellini

580: Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the EMS

Lars Svensson

579: Information Sharing in Credit Markets

Tullio Jappelli and Marco Pagano

578: On the Virtue of Bad Times: An Analysis of the Interaction between Economic Fluctuations and Productivity Growth

Philippe Aghion and Gilles Saint-Paul

577: Growth and Unemployment

Philippe Aghion and Peter Howitt

576: Factor Shares and Savings In Endogenous Growth

Giuseppe Bertola

575: Sequencing the Transition

David M Newbery

574: Market Integration, Competition and Welfare

Jan I. Haaland and Ian Wooton

573: German Trade Unions After Unification: Third Degree Wage Discriminating Monopolists?

Michael Burda and Michael Funke

572: Why is Italy's Savings Rate So High?

Luigi Guiso, Tullio Jappelli and Daniele Terlizzese

571: Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms

Ian Alexander and Colin Mayer

570: Corporate Finance in the Euromarkets and the Economics of Intermediation

E Davis and Colin Mayer

569: Financial Innovation and the Neutrality of Money

Michael Moore

568: Strategies for the International Protection of the Environment

Carlo Carraro and Domenico Siniscalco

567: Exchange Rate Risk and Imperfect Capital Mobility in an Optimizing Macromodel

Neil Rankin

566: Financial Intermediation and Monetary Policies in the World Economy

Vittorio Grilli and Nouriel Roubini

565: Distributive Politics and Economic Growth

Alberto Alesina and Dani Rodrik

564: Dually-Traded Italian Equities: London vs. Milan

Marco Pagano and Ailsa A Röell

563: The European Central Bank: Reshaping Monetary Politics in Europe

Alberto Alesina and Vittorio Grilli

562: Unanticipated Inflation and Government Finance: The Case for an Independent Common Central Bank

Frederick (Rick) van der Ploeg

561: Do the Benefits of Exchange Rates Outweigh Their Cost? The Franc Zone in Africa

Shantayanan Devarajan and Dani Rodrik

560: Cost Asymmetries in International Subsidy Games: Should Governments Help Winners or Losers?

J. Peter Neary

559: The Path of Reform in Central and Eastern Europe: An Introduction

Richard Portes

558: An Analysis of the Hungarian Tax Reform

David M Newbery

557: Competition in the British Electricity Spot Market

Richard Green and David M Newbery

556: Brussels on a Single Money

Jacques Melitz

555: Is Europe an Optimum Currency Area? Evidence from Regional Data

Paul De Grauwe and Wim Vanhaverbeke

554: Stochastic Process Switching and Intervention in Exchange Rate Target Zones: Empirical Evidence from the EMS

Axel A Weber

553: Bargaining for the Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model

Martin Klein

552: Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS

Andrew Rose and Lars Svensson

551: The Interaction of Monetary Policy and Wages

Thorvaldur Gylfason and Assar Lindbeck

550: The Pension Consequences of Divorce

Hugh Davies and Heather Joshi

549: Foreign Exchange, Prices and Economic Activity in Bulgaria

Gordon Hughes

548: Labor and Product Markets in Czechoslovakia and the ex-GDR: A Twin Study

Michael Burda

547: Political Parties, Elections and Inflation in Greece

George Alogoskoufis and Apostolis Philippopoulos

546: Industrial Restructuring and the Reorientation of Trade in Czechoslovakia, Hungary and Poland

Michael Landesmann and Istvan P Szekely

545: Options for the Payments and Exchange Rate System in Eastern Europe

Peter Bofinger

544: Privatization in Hungary, Poland and Czechoslovakia

Irena Grosfeld and Paul Hare

543: Competitiveness and Industrial Restructuring in Czechoslovakia, Hungary and Poland

Paul Hare and Gordon Hughes

542: Persistent Differences in National Productivity Growth Rates with a Common Technology and Free Capital Mobility

Willem Buiter and Kenneth Kletzer

541: Why was Unemployment in Postwar Britain So Low

Stephen Broadberry

540: Multiple Equilibria in the British Labour Market: Some Empirical Evidence

Alan Manning

539: The Solvency of Eastern Europe

Daniel Cohen

538: The Virtues of Gradualism and Legitimacy in the Transition to a Market Economy

Mathias Dewatripont and Gérard Roland

537: Which Rules Rather than Discretion in a Democracy? An Axiomatic Approach

Daniel Cohen and Philippe Michel

536: Which `Simple' Rules Rather than Discretion?

Daniel Cohen and Philippe Michel

535: Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

Alberto Giovannini

534: Simple Rules for the Open Economy: Evaluating Alternative Proposals

Patrizio Tirelli and David Vines

533: Debts, Deficits and Growth in Interdependent Economies

George Alogoskoufis and Frederick (Rick) van der Ploeg

532: Money and Growth Revisited

George Alogoskoufis and Frederick (Rick) van der Ploeg

531: New Evidence on the Fertility Transition in Ireland 1880-1911

Cormac O'Gráda

530: Iceland on the Outskirts of Europe: The Common Property Resource Problem

Thorvaldur Gylfason

529: Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy

Seppo Honkapohja and Urho Lempinen

528: Post-Reform East and West: Capital Accumulation and the Labor Mobility Constraint

Charles Wyplosz

527: A Note on the Real Exchange Rate Effect of German Unification

Charles Wyplosz