CEPR Discussion Papers

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425: When Does Coordination Pay?

Marcus Miller and Mark Salmon

424: International Costs and Benefits from EMU

George Alogoskoufis and Richard Portes

423: On Relative Shocks and Fiscal Policies in a Monetary Union

George Alogoskoufis

422: Flexibility, Investment and Growth

Giuseppe Bertola

421: Exchange Rate Bands with Price Inertia

Marcus Miller and Paul Weller

420: The Welfare Economics of Cooperative and Uncooperative Fiscal Policy

Willem Buiter and Kenneth Kletzer

419: Fiscal Policy Interdependence and Efficiency

Willem Buiter and Kenneth Kletzer

418: Reflections on the Fiscal Implications of a Common Currency

Willem Buiter and Kenneth Kletzer

417: Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries

Francesco Giavazzi and Marco Pagano

416: Capital Flight and Tax Competition: Are there Viable Solutions to Both Problems

Alberto Giovannini and James Hines

415: Secondary Market Prices Under Alternative Debt Reduction Schemes: An Option Pricing Approach with an Application to Mexico

Stijn Claessens and Sweder van Wijnbergen

414: Fiscal Policy Independence in a Monetary Union

Paul Masson and Jacques Melitz

413: Long Term Contracts in International Trade

Erwin Amann and Dalia Marin

412: Trade Policy Under Imperfect Competition: A Numerical Analysis

Anthony Venables

411: Is There a Case for the MTFS?

Peter Westaway and Simon Wren-Lewis

410: Changing Trends in International Manufacturing Productivity

Simon Wren-Lewis

409: Credibility, Ambiguity and Asymmetric Information with Wage/Price Stickiness

Paul Levine and Joseph Pearlman

408: Debt, Deficits and Inflation: An Application to the Public Finance of India

Willem Buiter and U Patel

407: Re-Interpreting the Failure of Foreign Exchange Market Efficiency Tests: Small Transaction Costs, Big Hysteresis Bands

Richard Baldwin

406: Growth Oriented Adjustment Programs: A Reconsideration

David Vines

405: Unresolved Issues on the Road to EMU in Europe

Peter Bofinger

404: Import Surveillance as a Strategic Trade Policy

L. Winters

403: Deregulation of Scandinavian Airlines: A Case Study of the Oslo-Stockholm Route

Victor D Norman and Siri Strandenes

402: Premature Liberalization, Incomplete Stabilization: The Ozal Decade in Turkey

Dani Rodrik

401: Welfare Costs of US Quotas in Textiles, Steel and Autos

Jaime de Melo and David Tarr

399: Industrial Organization and Trade Liberalization: Evidence from Korea

Jaime de Melo and David Roland-Holst

398: Target Zones and Realignments

Giuseppe Bertola and Ricardo Caballero

397: Supply Side Uncertainty and Effects of Government Financing Decisions

Seppo Honkapohja and Urho Lempinen

396: Can Small Entry Barriers Have Large Effects on Competition?

Paul Seabright

395: Participation in a Currency Union

Alessandra Casella

394: A Positive Theory of Social Security

Guido Tabellini

393: Target Zones and International Policy Coordination: The Contrast Between the Necessary and Sufficient Conditions for Success

Andrew Hughes Hallett

392: How Broad Should the Scope of Patent Protection Be?

Paul Klemperer

391: Why is Trade Reform So Unpopular?

Raquel Fernandez and Dani Rodrik

390: Exchange Rate Regimes and the Persistence of Inflation

George Alogoskoufis

389: The EMS, Spain and Macroeconomic Policy

José Viñals

388: Spain and the `EEC cum 1992' Shock

José Viñals

387: The US-Japan Semiconductor Agreement

Richard Baldwin

386: The Implications of British Macroeconomic Policy in the 1930s for Long Run Growth Performance

Stephen Broadberry and Nicholas Crafts

385: Financial Market Integration, Macroeconomic Policy and the EMS

William Branson

384: Cohort Size and Female Labor Supply

Siv Gustafsson

383: Do Exporters Gain From VERs?

Jaime de Melo and L. Winters

382: Currency Bonds, Target Zones and Cash Limits: Thresholds for Monetary and Fiscal Policy

Marcus Miller and Paul Weller

381: Seigniorage and Political Stabiliity

Alex Cukierman, Sebastian Edwards and Guido Tabellini

380: BVAR Forecasts of the World Economy

Michael Artis and Wenda Zhang

379: Intertemporal Prices and the US Trade Balance in Durable Goods

Michael Burda and Stefan Gerlach

378: External Liberalization with Ambiguous Public Response: The Experience of Portugal

Jorge Braga de Macedo

377: Exchange Rate Policy, Inflation and Unemployment: The Experience of the Nordic EFTA Countries

Thorvaldur Gylfason

376: Labour Adjustment Costs and British Footwear Protection

L. Winters

375: Inflation, Growth and External Debt: A View of the Landscape

Thorvaldur Gylfason

374: Structural Adjustment of the Greek Economy

Louka Tarsitsa Katseli

373: Banking Competition and European Integration

Xavier Vives

372: Target Zones and Interest Rate Variability

Lars Svensson

371: Tax Reform, Trade Liberalisation and Industrial Restructuring in Hungary

David M Newbery

370: Deterministic Chaos in the Foreign Exchange Markets

Paul De Grauwe

369: The `New' EMS

Francesco Giavazzi and Luigi Spaventa

368: The Optimal External Tariff in an Enlarging Customs Union

Christopher Bliss

367: European Integration and Trade Flows

Damien Neven and Lars-Hendrik Röller

366: Monetary Disinflation, Fiscal Expansion and the Current Account in an Interdependent World

Frederick (Rick) van der Ploeg

365: Non-tariff Barriers and Rationing: UK Footwear Imports

Paul Brenton and L. Winters

364: Rigidities and Macroeconomic Adjustment under Market Opening: Greece and 1992

Alexander H Sarris

363: Integration and the Competitiveness of Peripheral Industry

Paul Krugman and Anthony Venables

362: Is the Export-Led Growth Hypothesis Valid for Industrialized Countries?

Dalia Marin

361: The `Gold Standard Paradox' and Its Resolution

Willem Buiter and Vittorio Grilli

360: The Market for Cars in the Enlarged European Community

Alasdair Smith

359: Risk Aversion, Intertemporal Substitution and Consumption: the CARA-LQ Problem

Frederick (Rick) van der Ploeg

358: Monetary Interdependence under Alternative Exchange-Rate Regimes: A European Perspective

Frederick (Rick) van der Ploeg

357: Inefficient Private Renegotiation of Sovereign Debt

Kenneth Kletzer

356: Non-Parametric Estimates of the Foreign Exchange and Equity Risk Premia and Tests of Market Efficiency

Stephen H Thomas and Michael Wickens

355: Exchange Rate Determination with Bank-Financed Investment

Merih Uctum and Michael Wickens

354: International CAPM: Why Has it Failed?

Stephen H Thomas and Michael Wickens

353: The United Kingdom and the EMS

Michael Artis

352: On the Nature of Risk in the Foreign Exchange Markets: Evidence from the Dollar and the EMS Markets

Paul De Grauwe

351: Public Confidence and Debt Management: A Model and a Case Study of Italy

Alberto Alesina, Alessandro Prati and Guido Tabellini

350: The Capital Levy in Theory and Practice

Barry Eichengreen

349: The Comparative Performance of Fixed and Flexible Exchange Rate Regimes: Interwar Evidence

Barry Eichengreen

348: International Monetary Stability Between the Wars: Structural Flaws or Misguided Policies?

Barry Eichengreen

347: The Gold Standard Since Alec Ford

Barry Eichengreen

346: Intertemporal Consistency Issues in Depletable Resources

Larry Karp and David M Newbery

345: Trade Liberalization and Shadow Prices in the Presence of Tariffs and Quotas

J. Peter Neary

344: Time-Consistent Oil Import Tariffs

Larry Karp and David M Newbery

343: Capital Controls and International Trade Finance

Alberto Giovannini and Jae Won Park

342: Macroeconomic Policy Coordination and the European Monetary System

Richard Portes

341: Charts, Noise and Fundamentals: A Study of the London Foreign Exchange Market

Mark Taylor

340: Fiscal Aspects of Monetary Integration in Europe

Frederick (Rick) van der Ploeg

339: The Impact of Military Research and Development Priorities on the Evolution of the Civil Economy in Capitalist States

Barry Buzan and Gautam Sen

338: Credibility and the Value of Information Transmission in a Model of Monetary Policy and Inflation

T Basar and Mark Salmon

337: Delegation Games in Customs Unions

Konstantine Gatsios and Larry Karp

335: The Welfare Effects of Imperfect Harmonization of Trade and Industrial Policy

Konstantine Gatsios and Larry Karp

334: Food Subsidies and Inflation in Developing Countries: A Bridge Between Structuralism and Monetarism

Vincent Parkin, T G Srinivasan and David Vines

333: Business Debt and Default in France

Christian Bordes and Jacques Melitz

332: Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism

Alan Manning

331: Macroeconomic Implications of Insider Power

Assar Lindbeck and Dennis Snower

330: Macroeconomic Policy and the External Constraint in the Dependent Economy: The Case of Greece

George Alogoskoufis

329: Demand- and Supply-Side Policies and Unemployment: Policy Implications of the Insider-Outsider Approach

Assar Lindbeck and Dennis Snower

328: The Pit and the Pendulum: Arbitration in the British Coal Industry, 1893-1914

John Treble

327: Export Subsidies and Price Competition

J. Peter Neary

326: The Cost of Disinflation and the European Monetary System

Paul De Grauwe

325: The Theory and Practice of International Policy Coordination: Does Coordination Pay?

David Currie, Gerald Holtham and Gordon Hughes

324: The Effects of Voluntary Export Restraints on the Prices of UK Imports of Footwear

L. Winters