CEPR Discussion Papers

From Centre for Economic Policy Research
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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

Marcus Miller, Alan Sutherland and Luisa Lambertini

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

Barry Eichengreen and Alessandra Casella

593: Rational Frenzies and Crashes

Jeremy Bulow and Paul Klemperer

592: On the Many Kinds of Growth

Costas Foulides, Zvi Eckstein 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

Guido Tabellini and Sule Ozler

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

Marco Pagano and Tullio Jappelli

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

Peter Howitt and Philippe Aghion

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

Colin Mayer and Ian Alexander

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 Röell, Ailsa

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

Dani Rodrik and Shantayanan Devarajan

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

David M Newbery and Richard Green

556: Brussels on a Single Money

Jacques Melitz

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

Paul De Grauwe, Barry Eichengreen 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

Lars Svensson and Andrew Rose

551: The Interaction of Monetary Policy and Wages

Assar Lindbeck and Thorvaldur Gylfason

550: The Pension Consequences of Divorce

, and Hugh Davies

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

Székely, István P. and Michael Landesmann

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

Gordon Hughes and Paul Hare

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

David Vines and Patrizio Tirelli

533: Debts, Deficits and Growth in Interdependent Economies

Frederick (Rick) van der Ploeg and George Alogoskoufis

532: Money and Growth Revisited

Frederick (Rick) van der Ploeg and George Alogoskoufis

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

Gráda, Cormac Ó

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

526: The Measurement of Policy Effects in a Non-Causal Model: An Application to Economic Policy in the UK, 1974-79

Michael Artis, Yue Ma and Robin Bladen-Hovell

525: Environmental Innovation Policy and International Competition

Carlo Carraro and Domenico Siniscalco

524: The Nordic EFTA Countries' Options: Seeking Community Membership or a Permanent EEA-Accord

Carl B Hamilton

523: Segmented Labor Markets and Unemployment

Dennis Snower and Assar Lindbeck

522: Exchange Rate Dynamics Under Stochastic Regime Shifts: A Unified Approach

Maurice Obstfeld and Kenneth Froot

521: Spain's Industrial Exports to the EEC: A Panel Data Approach

Martín, Carmela and Lourdes Moreno

520: German Reunification and Exchange Rate Policy in the EMS

Jacques Melitz

519: Dynamic Seigniorage Theory: An Exploration

Maurice Obstfeld

518: Destabilizing Effects of Exchange-Rate Escape Clauses

Maurice Obstfeld

517: Adjustment Difficulties within a European Monetary Union: Can They be Reduced?

David Vines and Andrew Hughes Hallett

516: Fiscal Rules in the European Monetary Union: A No-Entry Clause

Luigi Spaventa and Alberto Giovannini

515: Should Rules be Simple?

Paul Levine

514: Does Commitment Matter in Trade Policy?

Guido Tabellini and Robert Staiger

513: Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models

Lars Svensson and Giuseppe Bertola

512: The Political Economy of the Hard-ECU Proposal

Peter Bofinger

511: Public Goods in Trade: On the Formation of Markets and Political Jurisdictions

Alessandra Casella and Jonathan Feinstein

510: Intertemporal Speculation, Shortages and the Political Economy of Price Reform: A Case Against Gradualism

Sweder van Wijnbergen

509: Monetary Policy in France

Jacques Melitz

508: The Quality of Production of Textiles and Clothing and the Completion of the Internal Market

Riccardo Faini and Alberto Heimler

507: Currency Substitution and Vehicle Currencies: Tests of Alternative Hypotheses for the Dollar, DM and Yen

Michael Wickens and Stephen H Thomas

506: A Monopoly Union Model of Wage Determination with Taxes and Endogenous Capital Stock: An Empirical Application to the Finnish M

Seppo Honkapohja, Erkki Koskela and Pasi Holm

505: Macroeconomic Policy, External Targets and Constraints: The Case of Spain

Viñals, José and Juan Dolado

504: Sustainable Intervention Policies and Exchange Rate Dynamics

Giuseppe Bertola and Ricardo Caballero

503: Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence

George Alogoskoufis

502: The European Monetary System: Achievements and Survival

A. Patrick Minford, Andrew Hughes Hallett and Anupam Rastogi

501: The Politics of 1992: Fiscal Policy and European Integration

Torsten Persson and Guido Tabellini

500: The Transition to Convertibility in Eastern Europe and the USSR

Richard Portes