CEPR Discussion Papers

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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

499: The Fallacy of Composition Argument: Does Demand Matter for LDC Manufactured Exports?

Riccardo Faini

498: The Structure of Services in Europe: A Conceptual Framework

Andre Sapir

497: Banks, Finance and Investment in West Germany since 1970

Jeremy Edwards

496: On Budgetary Policies and Economic Growth

Frederick (Rick) van der Ploeg and George Alogoskoufis

495: The Term Structure of Interest Rate Differentials in a Target Zone: Theory and Swedish Data

Lars Svensson

494: The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk

Lars Svensson

493: The Simplest Test of Target Zone Credibility

Lars Svensson

492: Budgetary Aspects of Economic and Monetary Integration in Europe

Frederick (Rick) van der Ploeg

491: Channels of International Policy Transmission

Frederick (Rick) van der Ploeg

490: On Public Debt Stabilizations in an Interdependent World

George Alogoskoufis

489: Government Revenue from Financial Repression

Alberto Giovannini

488: Monetary Union and Fiscal Policy Discipline

Charles Wyplosz

487: Innovation and Export Volumes and Prices: A Disaggregated Study

Christine Greenhalgh and Paul Taylor

486: Pricing and Product Market Structure in Open Economies: An Empirical Test

George Alogoskoufis, Christopher Martin and Nikitas Pittis

485: Exchange Rate Dynamics and Currency Unification: The Ostmark-DM Rate

Michael Burda and Stefan Gerlach

484: Did Joseph Arch Raise Agricultural Wages? Rural Trade Unions and the Labour Market in Late-Nineteenth Century England

Timothy Hatton and George Boyer

483: Unemployment through `Learning from Experience'

Dennis Snower and Steve Alpern

482: Are the Costs of Cleaning Up Eastern Europe Exaggerated? Economic Reform and the Environment

Gordon Hughes

481: Market Solutions to the Problem of Stabilising Commodity Earnings

Andrew Hughes Hallett and Prathap Ramanujam

480: The `Walters' Critique of the EMS: A Case of Inconsistent Expectations

Marcus Miller and Alan Sutherland

479: Rational Speculative Bubbles in an Exchange Rate Target Zone

Willem Buiter and Paolo Pesenti

478: Is Europe an Optimum Currency Area?

Barry Eichengreen

477: Spain's Capital Account Shock

Viñals, José

476: Consumption, Product Growth and the Interest Rate

Orazio Attanasio and Guglielmo Weber

475: European Community External Protection and `1992': Voluntary Export Restraints Applied to Pacific Asia

Carl B Hamilton

474: Competition and Imports in the European Market

Alexis Jacquemin and Andre Sapir

473: The Hyperinflation Model of Money Demand Revisited

Mark Taylor

472: European Monetary Union or Hard EMS?

Jane Rapson, Paul Levine and Joseph Pearlman

471: External Economies and European Integration: The Potential for Self-fulfilling Expectations

Richard Baldwin and Richard Lyons

470: Political Cycles in OECD Economies

Alberto Alesina and Nouriel Roubini

469: External Constraints on European Unemployment

George Alogoskoufis and Christopher Martin

468: Fiscal Deficits, Seigniorage and External Debt: The Case of Greece

George Alogoskoufis and Nicos Christodoulakis

467: Savings, Investment, Government Finance and the Current Account: The Dutch Experience

Frederick (Rick) van der Ploeg and Hugo Keuzenkamp

466: A Chaotic Monetary Model of the Exchange Rate

Paul De Grauwe and Hans Dewachter

465: Britain's Return to Gold and Entry into the EMS: Expectations, Joining Conditions and Credibility

Marcus Miller and Alan Sutherland

464: Monetary Overhang and Reforms in the 1940s

Rüdiger Dornbusch and Holger Wolf

463: Undesirable Redistributions in the Retirement-Public Pension Schemes: The Italian Case Study

Fiorella Kostoris Padoa Schioppa

462: `Secret' Buy-backs of LDC Debt

Daniel Cohen and Thierry Verdier

461: Slow Growth and Large LDC Debt in the Eighties: An Empirical Analysis

Daniel Cohen

460: A Valuation Formula for LDC Debt

Daniel Cohen

459: The Price of LDC Debt

Daniel Cohen and Richard Portes

458: A Multilateral Payments Union for Eastern Europe?

Peter Bofinger

457: The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Peter Bofinger

456: Policies to Move from Stabilization to Growth

Rüdiger Dornbusch

455: Experiences with Extreme Monetary Instability

Rüdiger Dornbusch

454: Credibility and Stabilization

Rüdiger Dornbusch

453: Costs and Benefits of Monetary Union

Barry Eichengreen

452: Relaxing the External Constraint: Europe in the 1930s

Barry Eichengreen

451: Trends and Cycles in Foreign Lending

Barry Eichengreen

450: Why Industrial Policies Fail: Limited Commitment

Larry Karp and Jeffrey Perloff

449: The Consequences of German Economic and Monetary Union

Michael Burda

448: EMU and Asymmetries and Adjustment Problems in the EMS

Axel A. Weber

447: Trade Policies and Development: Some New Issues

Dani Rodrik

446: Product Line Competition and Shopping Costs: Why Firms May Choose to Compete Head-to-Head

Paul Klemperer