CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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5464: Five-Equation Macroeconomics: A Simple View of the Interactions Between Fiscal Policy and Monetary Policy

David Vines, Tatiana Kirsanova and Sven Jari Stehn

5463: Has Monetary Policy Become More Effective?

Marc Giannoni and Jean Boivin

5462: Estimating the Intertemporal Risk-Return Tradeoff Using the Implied Cost of Capital

Pástor, Luboš, Meenakshi Sinha and Bhaskaran Swaminathan

5461: The Role of Advertising in Commercial Banking

Evren Örs,

5460: Sudden Deaths: Taking Stock of Political Connections

David Parsley and Mara Faccio

5459: Search and Matching in Macroeconomics

Eran Yashiv

5458: The Swing Voter's Curse in the Laboratory

Marco Battaglini, Thomas Palfrey and Rebecca Morton

5457: Structural Changes in the US Economy: Bad Luck or Bad Policy?

Fabio Canova and Luca Gambetti

5456: Minimum Wages and Firm Profitability

Stephen Machin, John van Reenen and Mirko Draca

5455: Performance Related Pay and Labour Productivity

Jan C. van Ours, Anne Gielen and Marcel J M Kerkhofs

5454: Technological Progress and Regress in Pre-Industrial Times

Omer Moav, Carl-Johan Dalgaard and Shekhar Aiyar

5453: Birth Order Matters: The Effect of Family Size and Birth Order on Educational Attainment

Alison Booth and Hiau Joo Kee

5452: Protection for Sale Made Easy

Richard Baldwin and Frederic Robert-Nicoud

5451: Global Risk, Investment and Emotions

Frans van Winden and R.A.j Bosman

5450: National Treatment in the GATT

Henrik Horn

5449: The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Lars Persson and Norbäck, Pehr-Johan

5448: Strong and Weak Ties in Employment and Crime

Thierry Verdier, Yves Zenou and Calvó-Armengol, Antoni

5447: A New International Division of Labour in Europe

Dalia Marin

5446: Remedying Education: Evidence from Two Randomized Experiments in India

Abhijit Banerjee, Esther Duflo, Shawn Cole and Leigh Linden

5444: What You Export Matters

Dani Rodrik, Ricardo Hausmann and ,

5443: A Dual Policy Paradox: Why Have Trade and Immigration Policies Always Differed in Labour-Scarce Economies?

Timothy Hatton and Jeffrey Williamson

5442: Leniency Policies and Illegal Transactions

Giancarlo Spagnolo and Paolo Buccirossi

5441: Clientelism and Aid

Georges Casamatta and Charles Vellutini

5440: Trends in Hours and Economic Growth

Christopher Pissarides and L. Rachel Ngai

5439: Does Immigration Affect the Long-Term Educational Outcomes of Natives? Quasi-Experimental Evidence

Eric Gould, Victor Lavy and M. Daniele Paserman

5438: Hours of Work and Gender Identity: Does Part-Time Work Make the Family Happier?

Alison Booth and Jan C. van Ours

5437: Mixing Media with Two-Part Tariffs

Tommaso Valletti and Steffen Hoernig

5436: How Licensing Resolves Hold-Up: Evidence from a Dynamic Panel Data Model with Unobserved Heterogeneity

Ralph Siebert and Georg von Graevenitz

5435: Parametric Properties of Semi-Nonparametric Distributions, With Applications to Option Valuation

Enrique Sentana, Mencía, Javier and León, à Ngel

5434: A Mechanism-Design Approach to Speculative Trade

Ran Spiegler and Kfir Eliaz

5433: Speculative Contracts

Ran Spiegler and Kfir Eliaz

5432: The Ownership of Ratings

Antoine Faure-Grimaud, Peyrache, Eloïc and Lucía Quesada

5431: Labour and Product Market Reforms in the Economy with Distortionary Taxation

Andrew Hughes Hallett and Nikola Bokan

5430: Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard, 1870-1939

Alan Taylor, David Jacks and Natasha Chernyshoff

5429: Machines as Engines of Growth

Joseph Zeira

5428: Technological Revolutions and Stock Prices

Pietro Veronesi and Pástor, Luboš

5427: Admission to Selective Schools, Alphabetically

Münich, Daniel and Stepan Jurajda

5426: Monitoring Works: Getting Teachers to Come to School

Esther Duflo and Rema Hanna

5425: Distribution Risk and Equity Returns

Jean-Pierre Danthine, Paolo Siconolfi and John B Donaldson

5424: Optimal Inflation Stabilization in a Medium-Scale Macroeonomic Model

Martín Uribe and Schmitt-Grohé, Stephanie

5423: Does Bilateralism Promote Trade? Nineteenth Century Liberalization Revisited

Marc Flandreau and Olivier Accominotti

5422: Innovation, Machine Replacement and Productivity

Omar Licandro, Luis Puch and Maroto Illera, María Reyes

5421: Do Men and Women Economists Choose the Same Research Fields?: Evidence From Top 50 Departments

Juan Dolado, Florentino Felgueroso and Miguel Almunia

5420: Demand-Based Option Pricing

Lasse Pedersen, Nicolae Bogdan Garleanu and ,

5419: Where did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income

Robert Gordon and Ian Dew-Becker

5418: Did Vasco da Gama Matter for European Markets? Testing Frederick Lane's Hypotheses Fifty Years Later

Jeffrey Williamson and Kevin O'Rourke

5417: Information Gathering, Transaction Costs and the Property Rights Approach

Patrick Schmitz

5416: The Unsustainable US Current Account Position Revisited

Kenneth Rogoff and Maurice Obstfeld

5415: Top Research Productivity and its Persistence

Reinhilde Veugelers and Stijn Kelchtermans

5414: The Short-Run Dynamics of Optimal Growth Models with Delays

Omar Licandro, Luis Puch and Fabrice Collard

5413: What Caused the Decline in U. S. Business Cycle Volatility?

Robert Gordon

5412: The 1920s and the 1990s in Mutual Reflection

Robert Gordon

5411: Hot and Cold Housing Markets: International Evidence

Javier Suarez and Jose A. Ceron

5410: Consumer Lending When Lenders are More Sophisticated Than Households

Roman Inderst

5409: Growth and Entrepreneurship: An Empirical Assessment

David Audretsch, Pontus Braunerhjelm, Zoltan Acs and Bo Carlsson

5408: Modeling the Offshoring of White-Collar Services: From Comparative Advantage to the New Theories of Trade and FDI

James Markusen

5407: C-CAPM Without Ex Post Data

Söderlind, Paul

5406: The Elusive Costs and the Immaterial Gains of Fiscal Constraints

Fabio Canova and Evi Pappa

5405: The 'Sense and Nonsense of Maastricht' Revisited: What Have We Learnt About Stabilization In EMU?

Willem Buiter

5404: The Effects of Exogenous Oil Supply Shocks on Output and Inflation: Evidence from the G7 Countries

Lutz Kilian

5403: Rebalancing Growth in China: A Three-Handed Approach

Olivier Blanchard and Francesco Giavazzi

5402: The Todaro Paradox Revisited

Yves Zenou

5401: Re-election Incentives and the Sustainability of International Cooperation

Nicolas Sahuguet and Paola Conconi

5400: Discretionary Policy, Multiple Equilibria, and Monetary Instruments

Andreas Schabert

5399: What Sectors Make the Poor Countries So Unproductive?

Berthold Herrendorf and Akos Valentinyi

5398: 'Home Biases', 19th Century Style

Marc Flandreau

5397: The Logic of Compromise: Monetary bargaining in Austria-Hungary 1867-1913

Marc Flandreau

5396: Competition for Railway Markets: The Case of Baden-Württemberg

Rafael Lalive and Armin Schmutzler

5395: Time-Varying Pass-Through from Import Prices to Consumer Prices: Evidence from an Event Study with Real-Time Data

Andreas Fischer and Marlene Amstad

5392: How Costly is it for Poor Farmers to Lift Themselves out of Subsistence?

Olivier Cadot, Marcelo Olarreaga and Laure Dutoit

5391: Externalities, Communication and the Allocation of Decision Rights

Helmut Bester

5390: Crime and Police Resources: The Street Crime Initiative

Stephen Machin and Olivier Marie

5389: Crime, Location and the Housing Market

Yves Zenou

5388: Policy Volatility, Institutions and Economic Growth

Fatás, Antonio and Ilian Mihov

5387: How the Eurosystem?s Treatment of Collateral in its Open Market Operations Weakens Fiscal Discipline in the Eurozone (and what

Willem Buiter and Anne Sibert

5386: Hypermarket Competition and the Diffusion of Retail Checkout Barcode Scanning

Christian Wey, Jonathan Beck and Michal Grajek

5385: Competitive Markets with Endogenous Health Risks

Alberto Bennardo and Salvatore Piccolo

5384: Real Business Cycle Models: Past, Present and Future

Sergio Rebelo

5383: Sugar Prices, Labour Income and Poverty in Brazil

Marcelo Olarreaga and Ekaterina Krivonos

5382: The Impact of Mode 4 Liberalization on Bilateral Trade Flows

Marion Jansen and Roberta Piermartini

5381: Network Competition and Entry Deterrence

Tommaso Valletti and Joan Calzada

5380: Separating Selection and Incentive Effects in Health Insurance

Pierre Geoffard, Lucien Gardiol and Chantal Grandchamp

5379: Competing for a Duopoly: International Trade and Tax Competition

Ian Wooton

5378: Shareholder Protection, Stock Market Development and Politics

Marco Pagano and Paolo Volpin

5377: DSGE Models of High Exchange-Rate Volatility and Low Pass-Through

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

5376: Towards a Theory of Firm Entry and Stabilization Policy

Giancarlo Corsetti and Paul Bergin

5375: Real Wage Rigidities and the New Keynesian Model

Olivier Blanchard and Galí, Jordi

5374: Optimal Monetary and Fiscal Policy in a Currency Union

Galí, Jordi and Tommaso Monacelli

5373: Natural Selection and the Evolution of Life Expectancy

Oded Galor and Omer Moav

5372: Asset Price Dynamics When Traders Care About Reputation

Andrea Prat and Amil Dasgupta

5371: Do Entrenched Managers Pay Their Workers More?

Jonas Vlachos, Mattias Nilsson, Helena Svaleryd, Henrik Cronqvist and Fredrik Heyman

5370: Stock Markets and Business Cycle Comovement in Germany Before World War I: Evidence from Spectral Analysis

Albrecht Ritschl and Martin Uebele

5369: Fairness and the Optimal Allocation of Ownership Rights

Klaus Schmidt, Ernst Fehr and Susanne Kremhelmer

5368: The Role of Equality and Efficiency in Social Preferences

Klaus Schmidt, Ernst Fehr and Michael Naef

5367: What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations?

Raman Uppal, Bernard Dumas and Alexander Kurshev

5366: Ethnic Diversity, Market Structure and Risk Sharing in Developing Countries

Yves Zenou and Mohamed Jellal

5365: How Strong Buyers Spur Upstream Innovation

Christian Wey and Roman Inderst

5364: Micro Evidence on the Adjustment of Sticky-Price Goods: It's How Often, Not How Much

Jean-Robert Tyran, Lorenz Goette and Rudolf Minsch

5363: Evaluating the Performance of the Search and Matching Model

Eran Yashiv

5362: Childhood Family Structure and Schooling Outcomes: Evidence for Germany

Stephen Jenkins, Marco Francesconi and Thomas Siedler