CEPR Discussion Papers

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145: From Labour History to the History of Industrial Relations

Jonathan Zeitlin

144: Market Size, the Informational Content of Stock Prices and Risk: A Multiasset Model and some Evidence

Marco Pagano

143: Government Deficits, Private Investment and the Current Account: An Intertemporal Disequilibrium Analysis

Sweder van Wijnbergen

142: Trading Volume and Asset Liquidity

Marco Pagano

141: How Should Control Theory be Used by a Time-Consistent Government?

Daniel Cohen and Philippe Michel

140: Economics of the Family: Applications to Divorce and Remarriage

John Ermisch

139: East-West Trade, Embargoes and Expectations

Alasdair Smith

138: Is Time-Inconsistent Behaviour Really Possible?

Andrew Hughes Hallett

137: Strategic Investment, Multinational Corporations and Trade Policy

Alasdair Smith

136: The Economic Consequences of the Franc Poincare

Charles Wyplosz and Barry Eichengreen

135: The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility

Francesco Giavazzi and Marco Pagano

134: Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe

Robert Gordon

133: Efficiency Wages Versus Insiders and Outsiders

Dennis Snower and Assar Lindbeck

132: Structural Adjustment, Macroeconomic Adjustment and Poverty: A Methodology for Analysis

Ravi Kanbur

131: Between Fordism and Flexibility: The Automobile Industry and its Workers - Past, Present and Future

, and Jonathan Zeitlin

130: The Anatomy of Financial Crises

Barry Eichengreen and Richard Portes

129: Fiscal Prerequisites for a Viable Managed Exchange Rate Regime: A Non-Technical Eclectic Introduction

Willem Buiter

128: Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

Willem Buiter

127: The Econometric Analysis of Risk Terms

Adrian Pagan and Aman Ullah

126: Granger Causality and Policy Ineffectiveness: A Rejoinder

Willem Buiter

125: A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy

Willem Buiter

124: The Consistency of Optimal Policy in Stochastic Rational Expectations Models

Edward Driffill and David Backus

123: Monetary Policy Interactions under Managed Exchange Rates

Francesco Giavazzi and Alberto Giovannini

122: Policy Design and Operation in a Macroeconomic Model with a Managed Exchange Rate under Different Expectational Regimes

David Vines, Martin Weale and Nicos Christodoulakis

121: The Importance of Social Intervention in Britain's Mortality Decline c. 1850-1914: A Reinterpretation

Simon R S Szreter

120: Trade Policy with Increasing Returns and Imperfect Competition: Contradictory Results from Competing Assumptions

Anthony Venables and James Markusen

119: When International Policy Coordination Matters: An Empirical Analysis

Matthew Canzoneri and A. Patrick Minford

118: Industrial Countries' Agricultural Policy: How, What and Why?

L. Winters

117: Protection, Economic War and Structural Change: The 1930s in Ireland

J. Peter Neary and Gráda, Cormac Ó

116: Impacts of Policy Actions on the Family and Household

John Ermisch

115: Capital Accumulation, Inflation and Long-Run Conflict in International Objectives

Frederick (Rick) van der Ploeg

114: Union Activity and Economic Resilience

Dennis Snower and Assar Lindbeck

113: Female Labour Force Participation: The Enigma of the Interwar Period

Timothy Hatton

112: Habits, Rationality and Myopia in the Life-Cycle Consumption Function

John Muellbauer

111: The Estimation of Linear Models with Future Rational Expectations by Efficient and Instrumental Variable Methods

Michael Wickens

110: Britain in Europe: A Survey of Quantitative Trade Studies

L. Winters

109: Energy Policy Issues after Privatisation

David M Newbery

108: The Impact of Interdependence on Economic Policy Design: The Case of the US, EEC and Japan

Andrew Hughes Hallett

107: Currency Substitution in a Two-Asset Two-Country Model: A Simulation Approach

Michael Artis and Saziye Gazioglu

106: The Determinants of the Money Multiplier in the United Kingdom

Michael Beenstock and Kam-Fai Chan

105: The Market for Labour in Interwar Britain

Michael Beenstock and Peter J Warburton

104: Rational Expectations and Monetary Policy

A. Patrick Minford

103: Counterfeit Product Trade

Gene Grossman

102: The Sustainability of Optimal Cooperative Macroeconomic Policies in a Two-Country World

Jane Rapson and Paul Levine

101: The Privatisation of British Gas and the Possible Consequences for the European Gas Market

David M Newbery

100: Finance, Trade and Development: Issues in Transatlantic Cooperation

Richard Portes

99: Occupational Pension Funds: Getting the Long-Run Answers Right

Leslie Hannah

98: Commodity Market Stabilisation and `North-South' Income Transfers: An Empirical Investigation

Andrew Hughes Hallett

97: The Prospect of a Depreciating Dollar and Possible Tension Inside the EMS

Jacques Melitz

96: The Dynamic Stability of the European Monetary System

Jacques Melitz and Philippe Michel

95: Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks

Willem Buiter

94: Credibility and Time Inconsistency in a Stochastic World

Jane Rapson and Paul Levine

93: Macroeconomic Responses by Developing Countries to Changes in External Economic Conditions

Willem Buiter

92: Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies

Willem Buiter

91: The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies

Richard Portes

90: Primary Commodity Prices, the Business Cycle and the Real Exchange Rate of the Dollar

Sweder van Wijnbergen

89: Capital Controls and the Real Exchange Rate

Sweder van Wijnbergen

88: Aid, Export Promotion and the Real Exchange Rate: An African Dilemma?

Sweder van Wijnbergen

87: Fiscal Deficits, Exchange Rate Crises and Inflation

Sweder van Wijnbergen

86: On Evaluating the Importance of Non-Linearity in Large Macroeconometric Models

Mark Salmon and Paul Fisher

85: Unemployment in Interwar Britain: New Evidence from London

Barry Eichengreen

84: Taxation Versus Spending as the Fiscal Instrument for Demand Management: A Disequilibrium Welfare Approach

Neil Rankin

83: Comparative Advantage in UK Manufacturing Trade, 1910-1935

Nicholas Crafts and Stephen H Thomas

82: Demographic Change and Medical Care

Jay M Winter

81: European Policy Coordination: An Evaluation

Gilles Oudiz

80: Learning-by-doing, Market Structure and Industrial and Trade Policies

Partha Dasgupta and Joseph Stiglitz

79: Interest Rates and Bond-Financed Deficits in a Ricardian Two-Party Democracy

A. Patrick Minford

78: Alternative Financial Policy Rules in an Open Economy Under Rational and Adaptive Expectations

Jane Rapson, R Whittaker, Keith Blackburn and Simon Wren-Lewis

77: How Much Could the International Coordination of Economic Policies Achieve? An Example from US-EEC Policy Making

Andrew Hughes Hallett

76: Long-Term Unemployment in Britain in the 1930s

Nicholas Crafts

75: Debt and Default in the 1930s: Causes and Consequences

Barry Eichengreen and Richard Portes

74: International Trade, Trade and Industrial Policy and Imperfect Competition: A Survey

Anthony Venables

73: Information Disclosure and the Economics of Science and Technology

Paul David and Partha Dasgupta

72: Modelling Migration to the New World: Some Problems

Gráda, Cormac Ó and ,

71: Immigration and the Real Wage: Time Series Evidence from the United States, 1820-1977

Gráda, Cormac Ó and ,

70: The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration

, and Oliver Hart

69: World Oil Prices and Output Losses in Developing Countries

David Pearce and Richard Westoby

68: Procrustean Econometrics: Stretching and Squeezing Data

David Hendry and Grayham Mizon

67: Wage Rigidity, Implicit Contracts, Unemployment and Economic Efficiency

David M Newbery and Joseph Stiglitz

66: The Analysis of Unemployment in Interwar Britain: A Survey of Research

Timothy Hatton

65: Oil Price Shocks, Unemployment, Investment and the Current Account: An Intertemporal Disequilibrium Analysis

Sweder van Wijnbergen

64: Does Elastic Retract? The Effect of Recession on Women's Labour Force Participation

, and Susan J Owen

63: Credibility and Commitment in Economic Policy

Edward Driffill and David Backus

62: Company Expectations and New Information: An Application of Kalman Filtering

Colin Mayer and Matthias Mors

61: Theory and Policy of Adjustment in an Open Economy

J. Peter Neary

60: Incomplete Contracts and Renegotiation

John Moore and Oliver Hart

59: The Fundamental Theorem of Road User Charges

David M Newbery

58: International Capital Mobility, Shadow Prices and the Cost of Protection

J. Peter Neary and Frances Ruane

57: Selection Criteria for a Microeconometric Model of Labour Supply

Richard Blundell and Costas Meghir

56: Macroeconomic Policies in the OECD and LDC External Adjustment

Jeffrey Sachs and Warwick McKibbin

55: International Monetary Policy to Promote Economic Recovery

Willem Buiter

54: The Estimation of 'Surprise' Models and the 'Surprise' Consumption Function

Charles Bean

53: Exchange Rates, Risk Premia and New Information: A Note

Charles Bean

52: On Two Aspects of Post-War Irish Emigration

Gráda, Cormac Ó

51: From Survey to Sample: Labor Market Data for Interwar London

Barry Eichengreen and Susan Freiwald

50: Inequality, Malnutrition and Unemployment

Partha Dasgupta and Debraj Ray

49: Subsidisation vs Information Provision as Instruments of Technology Policy

Paul David and Paul Stoneman

48: Unemployment, Health and Welfare During the Depression

Charles Webster

47: The Economics of Old Age in Britain: A Long-Run View, 1881-1981

Paul A Johnson

46: Net Energy Expenditure and Energy Demand in the UK

David Pearce and Richard Westoby

45: Macroeconomic Aspects of the Effectiveness of Foreign Aid: On the Two-Gap Model, Home Goods Disequilibrium and Real Exchange Ra

Sweder van Wijnbergen

44: Economic Implications of Demographic Change

John Ermisch

43: Wealth and Portfolio Composition: Theory and Evidence

Mervyn King and Jonathan Leape

42: Factor Shadow Prices in Distorted Open Economies

Alasdair Smith

41: Public Sector Shadow Prices in Distorted General Equilibrium Models

Alasdair Smith

40: Participation in Paid Work: Multiple Regression Analysis of the Women and Employment Survey

,

39: What Will Take the Con Out of Econometrics?

Adrian Pagan and Michael McAleer

38: Customs Union, Tariff Reform and Trade in Differentiated Products

Anthony Venables

37: The Next Birth and the Labour Market: A Dynamic Model of Births in England and Wales

John Ermisch, , and Eric De Cooman

36: Macroeconomic Policy Design and Control Theory - A Failed Partnership?

Jane Rapson

35: The Ethical Foundations of Population Policies

Partha Dasgupta

34: Aggregate Production Functions and Productivity Measurement: A New Look

John Muellbauer

33: Measuring the Transformation of the European Economies: Income, Health and Welfare

Roderick Floud

32: British Manufacturing Productivity 1955-1983: Measurement Problems, Oil Shocks and Thatcher Effects

John Muellbauer and Lionel Mendis

31: How Long is a Piece of Elastic? The Measurement of Female Activity Rates in British Censuses, 1951-1981

, and Susan J Owen

30: Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism

Sweder van Wijnbergen

29: International Policy Coordination in Historical Perspective: A View from the Interwar Years

Barry Eichengreen

28: Fiscal Policy in Open, Interdependent Economies

Willem Buiter

27: Dynamic Games and the Time Inconsistency of Optimal Policy in Open Economies

Mark Salmon and Marcus Miller

26: A North-South Growth Model along Kaldorian Lines

David Vines

25: Taxation of Foreign Multinationals: A Sequential Bargaining Approach to Tax Holidays

Sweder van Wijnbergen and Chris Doyle

24: The Short-Run Demand for Money: A Reconsideration

Robert Gordon

23: Rational Expectations and Labour Market Equilibrium in Britain 1855-1913

Timothy Hatton

22: The Terms of Trade, Labour Supply and the Current Account

Charles Bean

21: On Fiscal Deficits, the Real Exchange Rate and the World Rate of Interest

Sweder van Wijnbergen

20: Rational Expectations and Exchange Rate Dynamics

Michael Wickens

19: The Costs of Inflation: Some Theoretical Issues

John Moore

18: The British Labour Market in Different Economic Eras, 1857-1938

Timothy Hatton

17: Health, Economic Structure and Social Indicators

Richard Wilkinson

16: Ageing and the Economy: Historical Issues

Pat Thane

15: Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models: Some Recent Developments

Willem Buiter

14: The Effect of Protection on Manufactured Exports from Developing Countries

David M Newbery and Gordon Hughes

13: Measuring Aspects of Fiscal and Financial Policy

Willem Buiter

12: Technical Education 1850-1914: Speculations on Human Capital Formation

Roderick Floud

11: The Effects of American Policies - A New Classical Interpretation

A. Patrick Minford

10: Vacancies and Unemployment in the 1920s

Timothy Hatton

9: International Trade in Identical Commodities: Cournot Equilibrium with Free Entry

Anthony Venables

8: North-South Interaction and Commod Control

David Vines and Ravi Kanbur

7: An Empirical Investigation into the Causes of the Failure of the Monetary Model of the Exchange Rate

Michael Wickens and Peter Smith

6: Did the Catholics always have Larger Families? Religion, Wealth, and Fertility in Rural Ulster Before 1911

Gráda, Cormac Ó

5: Health: Historical Issues

Charles Webster

4: An Evaluation of Alternative Indicator Regimes for Monetary Policy

Jane Rapson and Paul Levine

3: Factor Content Functions and the Theory of International Trade

J. Peter Neary and Albert Schweinberger

2: Allocative and Stabilisation Aspects of Budgetary and Financial Policy

Willem Buiter

1: Human Resources & the Labour Force: Issues for Contemporary & Comparative Research

John Ermisch and ,