CEPR Discussion Papers

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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

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?

Dani Rodrik and Fernández, Raquel

390: Exchange Rate Regimes and the Persistence of Inflation

George Alogoskoufis

389: The EMS, Spain and Macroeconomic Policy

Viñals, José

388: Spain and the `EEC cum 1992' Shock

Viñals, José

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?

L. Winters and Jaime de Melo

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

Marcus Miller and Paul Weller

381: Seigniorage and Political Stabiliity

Sebastian Edwards, Alex Cukierman 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

Luigi Spaventa and Francesco Giavazzi

368: The Optimal External Tariff in an Enlarging Customs Union

Christopher Bliss

367: European Integration and Trade Flows

Damien Neven and Röller, Lars Hendrik

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

L. Winters and Paul Brenton

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

Alexander H Sarris

363: Integration and the Competitiveness of Peripheral Industry

Anthony Venables and Paul Krugman

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

Michael Wickens and Stephen H Thomas

355: Exchange Rate Determination with Bank-Financed Investment

Michael Wickens and Merih Uctum

354: International CAPM: Why Has it Failed?

Michael Wickens and Stephen H Thomas

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

Guido Tabellini, Alberto Alesina and Alessandro Prati

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

David M Newbery and Larry Karp