CEPR Discussion Papers

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645: How Long Do Unilateral Target Zones Last?

Bernard Dumas and Lars Svensson

644: Environmental Impacts of a North American Free Trade Agreement

Gene Grossman and Alan Krueger

643: Shocking Aspects of European Monetary Unification

Barry Eichengreen and Tamim Bayoumi

642: Privatization in Hungary: Past, Present and Future

Konstantine Gatsios

641: Towards a European Migration Policy

Klaus Zimmermann and Thomas Straubhaar

640: Incentives and the Management of Enterprises in Economic Transition: Capital Markets Are Not Enough

Paul Seabright and Ken Mayhew

639: Fiscal Policy Coordination and EMU: A Dynamic Game Approach

Paul Levine and Andrew Brociner

638: The Marshall Plan: Economic Effects and Implications for Eastern Europe and the Former USSR

Barry Eichengreen and Marc Uzan

637: Biased Contests and Moral Hazard: Implications for Career Profiles

Margaret Meyer

636: Imperfect Competition and Macroeconomics: A Survey

Neil Rankin and Huw Dixon

635: Covered Purchasing Power Parity, Ex-Ante PPP and Risk Aversion

Michael Moore

634: The Marshall Plan: History's Most Successful Structural Adjustment Program

Barry Eichengreen and James DeLong

633: Distributional Conflicts, Power and Multiple Growth Paths

Gilles Saint-Paul and Thierry Verdier

632: Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States

Jeffrey Sachs and Xavier Sala-i-Martin

631: Fiscal Policies and the Choice of Exchange Rate Regime

Vittorio Grilli

630: Public Finance in Models of Economic Growth

Robert Barro and Xavier Sala-i-Martin

629: Monetary Policy in Stage Two of EMU: What Can We Learn From the 1980s?

Michael Artis

628: The Political Economy of Transition in the Soviet Union

Gérard Roland

627: Efficiency in the Peseta Forward Exchange Rate Market

Juan Dolado, Juan Ayuso and Simon Sosvilla-Rivero

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

Sweder van Wijnbergen and Santiago Levy

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

Yue Ma and Andrew Hughes Hallett

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 Székely, István P.

619: Household Portfolios in Hungary, 1970-1990

Székely, István P. and Istvan Abel

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

Mark Taylor and Paul Masson

616: Monetary Policy in Stage Two of EMU

Thomas O'Connell and Michael Moore

615: Labour Mobility and German Integration: Some Vignettes

Charles Wyplosz and Michael Burda

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

Charles Wyplosz and Michael Burda

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

L. Winters and Zhen Kun Wang

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

Dalia Marin

608: Macroeconomic Policy and Elections in OECD Democracies

Alberto Alesina, Nouriel Roubini and Gerald D Cohen

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

Viñals, José, Juan Dolado and Fernando Carlos Ballabriga

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

Guido Tabellini and Scott Freeman

601: Labour Turnover Costs and Average Labour Demand

Giuseppe Bertola

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

, and Hugh Davies

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