CEPR Discussion Papers

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245: The European Monetary System and the Franc-Mark Asymmetry

Gilles Oudiz, Jacques Melitz and Daniel Cohen

244: Consumption and Capital Market Imperfection: An International Comparison

Marco Pagano and Tullio Jappelli

243: Brazilian Debt: A Requiem for Muddling Through

Rüdiger Dornbusch and Eliana Cardoso

242: Did Tariffs Matter That Much? Ireland since the 1920s

Gráda, Cormac Ó

241: The Swinging Dollar: Is Europe Out of Step?

Charles Wyplosz

240: Exchange Rates and Policy Coordination in an Asymmetric Model

Peter Kenen

239: Resolving Debt Crises: An Historical Perspective

Barry Eichengreen

238: Purchased Child Care, Optimal Family Size and Mother's Employment

John Ermisch

237: A Labour-Based Theory of International Trade

A. Patrick Minford

236: Covered Interest Arbitrage and Market Turbulence: An Empirical Analysis

Mark Taylor

235: International Monetary Cooperation under Tariff Threats

Flavio Delbono, Giorgio Basevi and Vincenzo Denicolo'

234: Women's Wages in Full- and Part-Time Jobs in Great Britain

John Ermisch and Robert Wright

233: Completing the Internal Market in the European Community: Some Industry Simulations

Alasdair Smith and Anthony Venables

232: Wage Setting and Labour Market Adjustment in Europe, Japan and the USA

George Alogoskoufis and Alan Manning

231: International Capital Mobility and Tax Evasion

Alberto Giovannini

230: An Econometric Investigation of North-South Interdependence

Michael Beenstock

229: Fixed Investment and the Technology Gap in the UK

Michael Beenstock and Chris Whitbread

228: The Time Variation of Risk and Return in the Foreign Exchange and Stock Markets

Alberto Giovannini

227: Does Time Inconsistency Matter?

Paul Levine

226: Domestic Politics and the International Coordination of Fiscal Policies

Guido Tabellini

225: Can Public Spending Cuts be Inflationary?

Willem Buiter

224: A Search Model of Optimal Pricing and Production

Dennis Snower and Steve Alpern

223: Production Decisions under Demand Uncertainty: The High-Low Search Approach

Dennis Snower

222: Completing the European Internal Market: Some Notes on Trade Policy

L. Winters

221: Evaluating the Extended Target Zones Proposal for the G3

Jane Rapson and Simon Wren-Lewis

220: On Optimal Stabilization Policy and Nominal Income Targets in an Open Economy

George Alogoskoufis

219: Monetary Discipline and Cooperation in the European Monetary System: A Synthesis

Jacques Melitz

218: Optimum Trade Policy Towards Imperfectly Competitive Industries: Two Norwegian Examples

Victor D Norman, Sonja Daltung and Gunnar Eskeland

217: International Interdependence and Policy Coordination in Economies with Real and Nominal Wage Rigidity

Frederick (Rick) van der Ploeg

216: The EMS, The Dollar and the Yen

Rüdiger Dornbusch

215: Competitiveness, Wage Adjustment and Macroeconomic Policy in a Small Open Economy

George Alogoskoufis

214: On Optimal World Stabilization and the Target Zones Proposal

George Alogoskoufis

213: Econometric Modelling of the Birth Rate

John Ermisch, , and Eric De Cooman

212: Till Debt Do Us Part: The US Capital Market and Foreign Lending, 1920-1955

Barry Eichengreen

211: Leaving Home and Living Alone: An Historical Perspective

Richard Wall

210: The Current Global Economic Situation, Outlook and Policy Options, with Special Emphasis on Fiscal Policy Issues

Willem Buiter

209: Determinants of the Equilibrium Real Exchange Rate

J. Peter Neary

208: The Cash Opportunity of Childbearing: An Approach Using British Data

Heather Joshi

207: Unemployment in Interwar Britain: Dole or Doldrums?

Barry Eichengreen

206: Perfect Equilibrium in a Competitive Model of Arms Accumulation

Frederick (Rick) van der Ploeg and Aart de Zeeuw

205: Monetary and Fiscal Policy in a `Hartian' Model of Imperfect Competition

Neil Rankin

204: Profit Sharing in British Industry, 1865-1913

Timothy Hatton

203: Savings Behaviour, Fertility and Economic Development in Nineteenth Century Britain and America

Paul A Johnson

202: The Structured Dependency of the Elderly: A Critical Note

Paul A Johnson

201: Policy Interdependence: Does Strategic Behaviour Pay? An Empirical Investigation Using the Liverpool World Model

Matthew Canzoneri and A. Patrick Minford

200: Means of Payment in Takeovers: Results for the UK and US

Julian Franks, Colin Mayer and Robert Harris

199: On the Effectiveness of Discrete Devaluation in Balance of Payments Adjustments

Louka Tarsitsa Katseli

198: International Cooperation and Reputation in an Empirical Two-Bloc Model

Jane Rapson, Paul Levine and Nic Vidalis

197: Economic Burden or Benefit? A Positive View of Old Age

Pat Thane

196: Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outsider Approach

Dennis Snower and Assar Lindbeck

195: Exchange Rate Protection and Exchange Rate Conflict

Vijay Joshi and Christopher Bliss

194: Juvenile Unemployment in Interwar Britain: The Emergence of a Problem

Barry Eichengreen

193: Hegemonic Stability Theories of the International Monetary System

Barry Eichengreen

192: Government Deficits and Speculation

Seppo Honkapohja and Urho Lempinen

191: The Effects of Housing Distortions on Unemployment

A. Patrick Minford, Paul Ashton and Michael Peel

190: International Policy Cooperation and Model Uncertainty

Andrew Hughes Hallett and Gerald Holtham

189: Forward Foreign Exchange Rates, Expected Spot Rates, and Premia: A Signal-Extraction Approach

Christian Wolff

188: Exchange Rates, Innovations and Forecasting

Christian Wolff

187: Forward Exchange Rates and Expected Future Spot Rates

Christian Wolff

186: A Quarterly Model of the Labour Market in Interwar Britain

Timothy Hatton

185: An Intertemporal Version of Mundell's Two-Country Flexible Exchange Rates Model with Disequilibrium Microfoundations: Is Policy

Neil Rankin

184: Competitiveness, Oil Prices and Government Expenditure in the United Kingdom Business Cycle

George Alogoskoufis

183: Monetary Policy and the International Implications of the Phillips Curve in an Open Economy

George Alogoskoufis

182: Public Ownership: Concepts and Applications

Colin Mayer

181: New Issues in Corporate Finance

Colin Mayer

180: Vehicle Currencies, Bank Debt and the Asset Market Approach to Exchange Rate Determination: The US Dollar, 1980-1985

Michael Wickens and Stephen H Thomas

179: Demographic Change, Economic Growth and Social Welfare in Europe

John Ermisch and ,

178: Monetary Discipline, Germany, and the European Monetary System

Jacques Melitz

177: Sterling Misalignment and British Trade Performance

Charles Bean

176: Cable and Satellite - The Market for Programmes

Cento G Veljanovski

175: Commercial Broadcasting in the UK - Over-Regulation and Misregulation?

Cento G Veljanovski

174: Road User Charges in Britain

David M Newbery

173: Modelling Energy Demand and Household Welfare Using Micro-Data

Richard Blundell, John Micklewright and Paul Baker

172: A Two-Country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Michael Artis and Saziye Gazioglu

171: The Effects of the Tax-Benefit System on UK Unemployment: A Microeconomic Analysis

Michael Beenstock

170: Regret and Jubilation in Union Wage Bargaining

Michael Beenstock

169: International Policy Coordination in Interdependent Monetary Economies

Frederick (Rick) van der Ploeg

168: Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy

Frederick (Rick) van der Ploeg and Theo van de Klundert

167: Monetary and Fiscal Policy in an Optimizing Model with Capital Accumulation and Finite Lives

Frederick (Rick) van der Ploeg and Giancarlo Marini

166: 'Locomotive' and Other Channels of Transmission under Flexible Exchange Rates

Jorge Braga de Macedo

165: The Balance of Payments of Oil Importing Countries: An Aggregate Econometric Analysis

Michael Beenstock

164: An Aggregate Model of Output, Inflation and Interest Rates for Industrialised Countries

Michael Beenstock

163: Portugal and Europe: The Longest Transition

Jorge Braga de Macedo

162: Currency Inconvertibility, Trade Taxes and Smuggling

Jorge Braga de Macedo

161: Smugglers' Blues at the Central Bank: Lessons from Sudan

William Branson and Jorge Braga de Macedo

160: Patterns of World Trade in Manufactures: Does Trade Policy Matter?

L. Winters

159: Macroeconomic Policy Games with Incomplete Information: Some Extensions

Edward Driffill

158: Explaining Changes in the Union Mark-up for Male Manual Workers in Great Britain, 1953-83

Michael Beenstock and Chris Whitbread

157: Family Responsibilities and Pay Differentials: Evidence from Men and Women Born in 1946

, and Marie-Louise Newell

156: Pay Differences Between Men and Women: Longitudinal Evidence from the 1946 Birth Cohort

, and Marie-Louise Newell

155: Myopia, the 'Dividend Puzzle', and Share Prices

Stephen Nickell and Sushil Wadhwani

154: Dynamic Specification, the Long Run and the Estimation of Transformed Regression Models

Michael Wickens and Trevor Breusch

153: Budget Deficits, Interest Rates and the Incentive Effects of Income Tax Cuts

Charles Bean and Sweder van Wijnbergen

152: The Price, Output and Exchange Rate-Overshooting Effects of Monetary, Fiscal and Exchange Intervention Policy in a Two-Country

Neil Rankin

151: Macroeconomic Policy Design with Incomplete Information: A New Argument for Coordinating Economic Policies

Andrew Hughes Hallett

150: Econometric Approaches to the Specification of Life-Cycle Labour Supply and Commodity Demand Behaviour

Richard Blundell

149: Unemployment and Female Labour Supply

Richard Blundell, Costas Meghir and John Ham

148: Theoretical and Empirical Determinants of International Labour Mobility: A Greek-German Perspective

Louka Tarsitsa Katseli and Nicholas Glytsos

147: Long-Term Unemployment, Excess Demand and the Wage Equation in Britain, 1925-39

Nicholas Crafts

146: Endogenous Market Thinness and Stock Price Volatility

Marco Pagano