CEPR Discussion Papers

From Centre for Economic Policy Research
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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

445: ECU Interest Rates and ECU Basket Adjustments: An Arbitrage Pricing Approach

Martin Klein

444: Exchange Rates, Policy Convergence and the European Monetary System

Mark Taylor and Ronald MacDonald

443: The Economics of Rotating Savings and Credit Associations

Tim Besley, Glenn Loury and Stephen Coate

442: Acid Rain

David M Newbery

441: Trade Reform, Policy Uncertainty and the Current Account: A Non-Expected Utility Approach

Sweder van Wijnbergen

440: Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordinaton

Charles Wyplosz and Daniel Cohen

439: Gross Labour Market Flows in Europe: Some Stylized Facts

Charles Wyplosz and Michael Burda

438: Perceived Constraints for Dutch Unemployment Policy

Frederick (Rick) van der Ploeg and Hugo Keuzenkamp

437: National Insolvency: A Test of the US Intertemporal Budget Constraint

Michael Wickens and Merih Uctum

436: Multi-Period Competition with Switching Costs

Paul Klemperer and Alan Beggs

435: Industrial Policy in the Presence of Wage Distortion: The Case of the US Auto and Steel Industries

Jaime de Melo and David Tarr

434: Worker Absenteeism: An Analysis Using Microdata

John Treble and Tim Barmby

433: Banks and Securities Markets: Corporate Financing in Germany and the UK

Colin Mayer and Ian Alexander

432: Economic Change in Poland

Olivier Blanchard and Richard Layard

431: A Model of Currency Depreciation and the Debt-Inflation Spiral

Maurice Obstfeld

430: The Term Structure of Interest Rates, Structural Stability and Macroeconomic Policy Changes in the UK

Edward Driffill

429: European Financial Integration: A Framework for Policy Analysis

Damien Neven and Colin Mayer

428: Portuguese Industry and the Effect of EC Membership

Cristina Corado

427: Initial Public Offerings in the UK, USA and Japan

Tim Jenkinson

426: The Empirical Modelling of NIE Exports: An Evaluation of Different Approaches

David Vines, Vito Muscatelli and T. G. Srinivasan

425: When Does Coordination Pay?

Mark Salmon and Marcus Miller

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

Sweder van Wijnbergen and Stijn Claessens

414: Fiscal Policy Independence in a Monetary Union

Jacques Melitz and Paul Masson

413: Long Term Contracts in International Trade

Dalia Marin and Erwin Amann

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

400: Productivity and Externalities: Models of Export-Led Growth

Jaime de Melo and Sherman Robinson