CEPR Discussion Papers 2005

Week 25 December 2005

• DP5442 - Leniency Policies and Illegal Transactions 
  Paolo Buccirossi, Giancarlo Spagnolo FE  IO

• DP5440 - Trends in Hours and Economic Growth 
  Liwa Rachel Ngai, Christopher Pissarides IM  

• DP5439 - Does Immigration Affect the Long-Term Educational Outcomes of Natives? Quasi-Experimental Evidence
  Eric D Gould, Victor Lavy, Marco Daniele Paserman LE 

• DP5438 - Hours of Work and Gender Identity: Does Part-Time Work Make the Family Happier? 
  Alison L Booth, Jan C van Ours LE 

• DP5435 - Parametric Properties of Semi-Nonparametric Distributions, With Applications to Option Valuation 
  Ángel León, Javier Mencía, Enrique Sentana FE 

• DP5434 - A Mechanism-Design Approach to Speculative Trade 
  Kfir Eliaz, Ran Spiegler IO 

• DP5433 - Speculative Contracts 
  Kfir Eliaz, Ran Spiegler IO 

• DP5432 - The Ownership of Ratings 
  Antoine Faure-Grimaud, Eloïc Peyrache, Lucía Quesada FE 

• DP5429 - Machines as Engines of Growth 
  Joseph Zeira IM 

• DP5428 - Technological Revolutions and Stock Prices 
  Lubos Pástor, Pietro Veronesi FE 

• DP5426 - Monitoring Works: Getting Teachers to Come to School 
  Esther Duflo, Rema Hanna PP 

• DP5425 - Distribution Risk and Equity Returns 
  Jean-Pierre Danthine, John B Donaldson, Paolo Siconolfi FE IM 

• DP5424 - Optimal Inflation Stabilization in a Medium-Scale Macroeonomic Model 
  Stephanie Schmitt-Grohé, Martín Uribe IM  

• DP5423 - Does Bilateralism Promote Trade? Nineteenth Century Liberalization Revisited 
  Olivier Accominotti, Marc Flandreau IM 

• DP5419 - Where did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income 
  Ian Dew-Becker, Robert J Gordon IM 

• DP5357 - Gun Prevalence, Homicide Rates and Causality: A GMM Approach to Endogeneity Bias 
  Gary Kleck, Tomislav Kovandzic, Mark E Schaffer PP  

Week  18 December 2005

• DP5370 - Stock Markets and Business Cycle Comovement in Germany Before World War I: Evidence from Spectral Analysis 
  Albrecht Ritschl, Martin Uebele IM, EHi 

• DP5404 - The Effects of Exogenous Oil Supply Shocks on Output and Inflation: Evidence from the G7 Countries 
  Lutz Kilian IM

• DP5405 - The 'Sense and Nonsense of Maastricht' Revisited: What Have We Learnt About Stabilization In EMU? 
  Willem H Buiter IM

• DP5406 - The Elusive Costs and the Immaterial Gains of Fiscal Constraints 
  Fabio Canova, Evi Pappa IM

• DP5407 - C-CAPM Without Ex Post Data 
  Paul Söderlind IM

• DP5408 - Modeling the Offshoring of White-Collar Services: From Comparative Advantage to the New Theories of Trade and FDI 
  James R. Markusen IT

• DP5412 - The 1920s and the 1990s in Mutual Reflection 
  Robert J Gordon IM, EHi 

• DP5413 - What Caused the Decline in U. S. Business Cycle Volatility? 
  Robert J Gordon IM, EHi 

• DP5414 - The Short-Run Dynamics of Optimal Growth Models with Delays 
  Fabrice Collard, Omar Licandro, Luis Puch IM

• DP5415 - Top Research Productivity and its Persistence 
  Stijn Kelchtermans, Reinhilde Veugelers IO

• DP5416 - The Unsustainable US Current Account Position Revisited 
  Maurice Obstfeld, Kenneth Rogoff IM

• DP5417 - Information Gathering, Transaction Costs and the Property Rights Approach 
  Patrick W. Schmitz IO

• DP5418 - Did Vasco da Gama Matter for European Markets? Testing Frederick Lane's Hypotheses Fifty Years Later 
  Kevin H O'Rourke, Jeffrey G Williamson IT, EHi 

• DP5420 - Demand-Based Option Pricing 
  Nicolae B. Garleanu, Lasse Heje Pedersen, Allen M Poteshman FE

• DP5421 - Do Men and Women Economists Choose the Same Research Fields?: Evidence From Top 50 Departments 
  Miguel Almunia, Juan José Dolado, Florentino Felgueroso LE

• DP5422 -  Innovation, Machine Replacement and Productivity
  Omar Licandro, María Reyes Maroto Illera, Luis Puch IM

Week  11 December 2005

• DP5393 -  Inattentive Producers 
  Ricardo Reis IM

• DP5394 - A cost-of-living dynamic price index, with an application to indexing retirement accounts 
  Ricardo Reis IM

• DP5395 - Time-Varying Pass-Through from Import Prices to Consumer Prices: Evidence from an Event Study with Real-Time Data 
  Marlene Amstad, Andreas M Fischer IM

• DP5396 - Competition for Railway Markets: The Case of Baden-Württemberg 
  Rafael Lalive, Armin Schmutzler IO, PP

• DP5398 -  'Home Biases', 19th Century Style 
  Marc Flandreau IM, EH

• DP5399 - What Sectors Make the Poor Countries So Unproductive? 
  Berthold Herrendorf, Akos Valentinyi IM

• DP5400 - Discretionary Policy, Multiple Equilibria, and Monetary Instruments 
  Andreas Schabert IM

• DP5401 - Re-election Incentives and the Sustainability of International Cooperation 
  Paola Conconi, Nicolas Sahuguet IT

• DP5402 - The Todaro Paradox Revisited 
  Yves Zenou LE

Week  4 December 2005

• DP5359 - The Impact of Parental Income and Education on the Health of their Children 
  Orla Doyle, Colm Harmon, Ian Walker LE

• DP5364 - Micro Evidence on the Adjustment of Sticky-Price Goods: It's How Often, Not How Much 
  Lorenz Götte, Rudolf Minsch, Jean-Robert Tyran IO

• DP5371 - Do Entrenched Managers Pay Their Workers More? 
  Henrik Cronqvist, Fredrik Heyman, Mattias Nilsson, Helena Svaleryd, Jonas Vlachos FE

• DP5377 - DSGE Models of High Exchange-Rate Volatility and Low Pass-Through 
  Giancarlo Corsetti, Luca Dedola, Sylvain Leduc IM

• DP5385 - Competitive Markets with Endogenous Health Risks 
  Alberto Bennardo, Salvatore Piccolo PP

• DP5386 - Hypermarket Competition and the Diffusion of Retail Checkout Barcode Scanning 
  Jonathan Beck, Michal Grajek, Christian Wey IO

• DP5387 - How the Eurosystem's Treatment of Collateral in its Open Market Operations Weakens Fiscal Discipline in the Eurozone (and what to do about it) 
  Willem H Buiter, Anne Sibert IM

• DP5388 - Policy Volatility, Institutions and Economic Growth 
  Antonio Fatás, Ilian Mihov IM

• DP5389 - Crime, Location and the Housing Market 
  Yves Zenou PP

• DP5390 - Crime and Police Resources: The Street Crime Initiative 
  Steve Machin, Olivier Marie LE

• DP5391 - Externalities, Communication and the Allocation of Decision Rights 
  Helmut Bester IO

• DP5392 - How Costly is it for Poor Farmers to Lift Themselves out of Subsistence? 
  Olivier Cadot, Laure Dutoit, Marcelo Olarreaga IT 

Week  27 November 2005

• DP5360 - The Impact of Terrorism Across Industries: An Empirical Study 
  Claude Berrebi, Esteban F Klor IO, PP

• DP5365 - How Strong Buyers Spur Upstream Innovation 
  Roman Inderst, Christian Wey IO

• DP5368 - The Role of Equality and Efficiency in Social Preferences 
  Ernst Fehr, Michael Naef, Klaus M. Schmidt IO

• DP5369 - Fairness and the Optimal Allocation of Ownership Rights 
  Ernst Fehr, Susanne Kremhelmer, Klaus M. Schmidt IO

• DP5376 - Towards a Theory of Firm Entry and Stabilization Policy 
  Paul R Bergin, Giancarlo Corsetti IM

• DP5378 - Shareholder Protection, Stock Market Development and Politics 
  Marco Pagano, Paolo Volpin FE

• DP5379 - Competing for a Duopoly: International Trade and Tax Competition 
  Ben Ferrett, Ian Wooton IT

• DP5380 - Separating Selection and Incentive Effects in Health Insurance 
  Lucien Gardiol, Pierre-Yves Geoffard, Chantal Grandchamp PP

• DP5381 - Network Competition and Entry Deterrence 
  Joan Calzada, Tommaso Valletti IO

• DP5382 - The Impact of Mode 4 Liberalization on Bilateral Trade Flows 
  Marion Jansen, Roberta Piermartini IT

• DP5383 - Sugar Prices, Labour Income and Poverty in Brazil 
  Ekaterina Krivonos, Marcelo Olarreaga IT

• DP5384 - Real Business Cycle Models: Past, Present and Future 
  Sérgio Rebelo IM

Week  20 November 2005

• DP5361 - Forecast Combinations 
  Allan G Timmermann FE

• DP5362 - Childhood Family Structure and Schooling Outcomes: Evidence for Germany 
  Marco Francesconi, Stephen P Jenkins, Thomas Siedler LE

• DP5363 - Evaluating the Performance of the Search and Matching Model 
  Eran Yashiv IM, LE

• DP5366 - Ethnic Diversity, Market Structure and Risk Sharing in Developing Countries 
  Mohamed Jellal, Yves Zenou LE

• DP5367 - What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations? 
  Bernard J Dumas, Alexander Kurshev, Raman Uppal FE

• DP5372 - Asset Price Dynamics When Traders Care About Reputation 
  Amil Dasgupta, Andrea Prat FE

• DP5373 - Natural Selection and the Evolution of Life Expectancy 
  Oded Galor, Omer Moav IM, PP

• DP5374 - Optimal Monetary and Fiscal Policy in a Currency Union 
  Jordi Galí, Tommaso Monacelli IM

• DP5375 - Real Wage Rigidities and the New Keynesian Model 
  Olivier J Blanchard, Jordi Galí IM

Week  13 November 2005

• DP5328 - Extending Choice In English Health Care: The implications of the economic evidence 
  Simon Burgess, Carol Propper, Deborah Wilson PP

• DP5345 - Property Tax and Urban Sprawl. Theory and Implications for U.S. Cities 
  Yan Song, Yves Zenou PP

• DP5346 - The mechanisms of spatial mismatch 
  Laurent Gobillon, Harris Selod, Yves Zenou PP

• DP5347 - Exchange Rate Pass-Through to Import Prices in the Euro Area 
  José Manuel Campa, Linda S Goldberg, Jose Manuel González Mìnguez IM

• DP5348 - Can Comparative Advantage Explain the Growth of US Trade? 
  Alejandro Cuñat, Marco Maffezzoli IT

• DP5349 - Ireland in EMU: More Shocks, Less Insulation? 
  Patrick Honohan, Anthony J Leddin IM

• DP5350 - Size Really Doesn't Matter: In Search of a National Scale Effect 
  Andrew K Rose IM

• DP5351 - Oppositional Identities and the Labour Market 
  Harminder Battu, MacDonald Mwale, Yves Zenou LE

• DP5352 - Non-synchronous Trading and Testing for Market Integration in Central European Emerging Markets 
  Peter C Schotman, Anna Zalewska FE

• DP5353 - Are loyalty-rewarding pricing schemes anti-competitive? 
  Ramón Caminal, Adina Claici IO

• DP5354 - Human Capital, the Structure of Production, and Growth 
  Antonio Ciccone, Elias Papaioannou IM

• DP5355 - Reconciling the Return Predictability Evidenc: In-Sample Forecasts, Out-of-Sample Forecasts, and Parameter Instability 
  Martin Lettau, Stijn van Nieuwerburgh FE

• DP5356 - Wars, Redistribution and Civilian Federal Expenditures in the US over the Twentieth Century 
  Roel Beetsma, Alex Cukierman, Massimo Giuliodori IM

• DP5358 - The Evolution of Cooperative Norms: Evidence from a Natural Field Experiment 
  Oriana Bandiera, Iwan Barankay, Imran Rasul PP

Week  6 November 2005

• DP5285 - Labour Pooling in R&D Intensive Industries 
  Heiko A. Gerlach, Thomas Roende, Konrad O. Stahl IO, IT

• DP5333 - The Price and Quantity of Residential Land in the United States 
  Morris Davis, Jonathan Heathcote IM, PP

• DP5334 - Skills, human capital and the plant productivity gap: UK evidence from matched plant, worker and workforce data 
  Jonathan Haskel, Denise Hawkes, Sonia Pereira IT, LE

• DP5335 - Entrepreneurial Access and Absorption of Knowledge Spillovers: Strategic Board and Managerial Composition for Competitive Advantage 
  David B Audretsch, Erik E Lehmann IO

• DP5337 - Do Global Trade Distortions Still Harm Developing Country Farmers? 
  Kym Anderson, Ernesto Valenzuela IT

• DP5338 - Youth Emancipation and Perceived Job Insecurity of Parents and Children 
  Sascha O. Becker, Samuel Bentolila, Ana Fernandes, Andrea Ichino LE

• DP5339 - Job Insecurity and Youth Emancipation: A Theoretical Approach 
  Sascha O. Becker, Samuel Bentolila, Ana Fernandes, Andrea Ichino LE

• DP5340 - Jobs and Unemployment in Macroeconomic Theory: A Turbulence Laboratory 
  Lars Ljungqvist, Thomas J Sargent LE

• DP5341 - Term Structure Estimation with Survey Data on Interest Rate Forecasts 
  Don H. Kim, Athanasios Orphanides FE, IM

• DP5342 - Renascent Men or Entrepreneurship as a One-Night Stand: Entrepreneurial Intentions Subsequent to Firm Exit 
  David B Audretsch, Joris Meijaard, Erik Stam IO

• DP5343 - Eliciting Demand Information through Cheap Talk: An Argument in Favour of Price Regulations 
  Lars Frisell, Johan N.M. Lagerlöf IO

• DP5344 - Is Human Capital Losing from Outsourcing? Evidence for Austria and Poland 
  Andzelika Lorentowicz, Dalia Marin, Alexander Raubold IEP, IT

Week  30 October 2005

• DP5279 - Model Averaging and Value-at-Risk Based Evaluation of Large Multi-Asset Volatility Models for Risk Management 
  M Hashem Pesaran, Paolo Zaffaroni IM, IO

• DP5326 - The Knowledge Spillover Theory of Entrepreneurship 
  Zoltán J Acs, David B Audretsch, Pontus Braunerhjelm, Bo Carlsson IO

• DP5327 - Guide to reform of higher eduication: a European perspective
  Bas Jacobs, Frederick van der Ploeg IO, PP

• DP5329 - Who's Who in Networks. Wanted: The Key Player 
  Coralio Ballester, Antoni Calvó-Armengol, Yves Zenou PP

• DP5330 - Fiscal Rules and Fiscal Performance in the EU and Japan 
  Jürgen von Hagen IM

• DP5331 - Crime and Conformism 
  Eleonora Patacchini, Yves Zenou PP

• DP5332 - Saving Incentives for Low- and Middle-Income Families: Evidence from a Field Experiment with H&R Block 
  Esther Duflo, William Gale, Jeff Liebman, Peter Orszag, Emmanuel Saez PP

Week  23 October 2005

• DP5283 - Modelling the duration of patent examination at the European Patent Office 
  Dietmar Harhoff, Stefan Wagner IO

• DP5314 - The Industrial Organization of Financial Market Information Production 
  Zhaohui Chen, William J Wilhelm Jr FE

• DP5317 - The Political Economy of Financial Fragility 
  Erik Feijen, Enrico C Perotti FE, IEP

• DP5318 - FDI, Allocation of Talents and Differences in Regulation 
  Giovanni Pica, José Vicente Rodríguez Mora IM, IT, PP

• DP5319 - Does Information Increase Political Support for Pension Reform? 
  Tito Boeri, Guido Tabellini LE, PP

• DP5320 - The Cycle of Violence? An Empirical Analysis of Fatalities in the Palestinian-Israeli Conflict 
  David A Jaeger, Marco Daniele Paserman LE, PP

• DP5321 - A Political-Economy Theory of Trade Agreements 
  Giovanni Maggi, Andres Rodriguez-Clare IT

• DP5322 - Precautionary Savings or Working Longer Hours? 
  Josep Pijoan-Mas IM, LE, PP

• DP5323 - The Effects of Entry on Incumbent Innovation and Productivity 
  Philippe Aghion, Richard William Blundell, Rachel Griffith, Peter Howitt, Susanne Prantl  IO

• DP5324 - Rural Windfall or a New Resource Curse? Coca, Income and Civil Conflict in Colombia 
  Joshua Angrist, Adriana D. Kugler LE

• DP5325 - Dams 
  Esther Duflo, Rohini Pande PP

Week  16 October 2005

• DP5282 - Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets 
  Alex Cukierman, Alberto Dalmazzo IEP, IM, LE, PP

• DP5284 - Keynesian Economics, Monetary Policy and the Business Cycle - New and Old 
  Alex Cukierman IM

• DP5300 - Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation 
  Denis Fougère, Hervé Le Bihan, Patrick Sevestre IM

• DP5305 - Real-Time Model Uncertainty in the United States: the Fed from 1996-2003 
  Brian Ironside, Robert J. Tetlow IM

• DP5308 - Black Sheep and Walls of Silence 
  Gerd Muehlheusser, Andreas Roider LE

• DP5309 - Blinder-Oaxaca Decomposition for Tobit Models 
  Thomas Bauer, Mathias Sinning LE

• DP5310 - Herding With and Without Payoff Externalities - An Internet Experiment 
  Mathias Drehmann, Jörg Oechssler, Andreas Roider IO

• DP5311 - The Log of Gravity 
  Joao Santos Silva, Silvana Tenreyro IM, IT

• DP5312 - Measuring Fiscal Sustainability 
  Vito Polito, Michael R Wickens IM

• DP5313 - New-Keynesian or RBC Transmission? The Effects of Fiscal Shocks in Labour Markets 
  Evi Pappa IM

• DP5315 - Keeping the Board in the Dark: CEO Compensation and Entrenchment 
  Roman Inderst, Holger M Mueller FE

• DP5316 - Should You Take a Lump-Sum or Annuitize? Results from Swiss Pension Funds 
  Monika Bütler, Federica Teppa PP

Week  9 October 2005

• DP5229 - How Large are Search Frictions? 
  Pieter A Gautier, Coen N Teulings LE

• DP5265 - Russia's Regions: Income Volatility, Labour Mobility and Fiscal Policy 
  Goohoon Kwon, Antonio Spilimbergo IM, IT

• DP5278 - Minorities and Storable Votes 
  Alessandra Casella, Thomas R Palfrey, Raymond Riezman PP

• DP5280 - Consumption Taxes and Redistribution 
  Isabel Horta Correia IM

• DP5288 - Trusting the Stock Market 
  Luigi Guiso, Paola Sapienza, Luigi Zingales FE

• DP5291- Efficiency, Equity and Timing in Voting Mechanisms 
  Marco Battaglini, Rebecca Morton, Thomas R Palfrey PP

• DP5296 - The Public Pay Gap in Britain: Small Differences That (Don't?) Matter 
  Fabien Postel-Vinay, Hélène Turon LE

• DP5301 - Making A Difference 
  Patrick Francois PP

• DP5302 - Short-Run Italian GDP Forecasting and Real-Time Data 
  Roberto Golinelli, Giuseppe Parigi IM

• DP5303 - Identifying the Effects of Firing Restrictions Through Size-Contingent Differences in Regulation 
  Fabiano Schivardi, Roberto Torrini IO

• DP5304 - How Useful is Bagging in Forecasting Economic Time Series? A Case Study of US CPI Inflation 
  Atsushi Inoue, Lutz Kilian IM

• DP5306 - The Importance of Nontradeable Goods' Prices in Cyclical Real Exchange Rate Fluctuations 
  Ariel Thomas Burstein, Martin Eichenbaum, Sérgio Rebelo IM

• DP5307 - Volatility and Development 
  Miklós Koren, Silvana Tenreyro IM

Week  2 October 2005

• DP5236 - Bargaining and Sustainability: The Argentine Debt Swap of 2005 
  Amrita Dhillon, Javier García-Fronti, Sayantan Ghosal, Marcus Miller IM

• DP5263 - Trade and the Skill-Bias - It's Not How Much, But With Whom You Trade 
  Pushan Dutt, Daniel A. Traca IT

• DP5268 - Forecast Combination and Model Averaging Using Predictive Measures 
  Jana Eklund, Sune Karlsson IM

• DP5272 - Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence 
  Marina Benedetti, Francesco Giavazzi, Tullio Jappelli, Marco Pagano IM

• DP5281 - Developing Rotten Institutions Morgan 
  Kelly IM

• DP5286 - Wake Up and Smell the Ginseng: The Rise of Incremental Innovation in Low-Wage Countries 
  Diego Puga, Daniel Trefler IT

• DP5287 - Collective Labour Supply: Heterogeneity and Non-Participation 
  Richard William Blundell, Pierre-André Chiappori, Thierry Magnac, Costas Meghir LE

• DP5289 - Optimal Delegation 
  Ricardo Alonso, Niko Matouschek IO

• DP5290 - Learning to be an Entrepreneur 
  Luigi Guiso, Fabiano Schivardi FE, IO

• DP5292 - Should Contractual Clauses that Forbid Renegotiation Always be Enforced? 
  Patrick W. Schmitz IO

• DP5293 - Individual Protection Against Property Crime: Decomposing the Effects of Protection Observability 
  Louis Hotte, Tanguy van Ypersele PP

• DP5294 - Modelling and Forecasting Fiscal Variables for the euro Area 
  Carlo A Favero, Massimiliano Marcellino IM

• DP5295 - Pooling-based data interpolation and backdating 
  Massimiliano Marcellino IM

Week  25 September 2005

• DP5260 - Do Tariffs Matter for the Extensive Margin of International Trade? An Empirical Analysis
  Peter Debaere, Shalah Mostashari IT

• DP5261 - Rational Inattention: A Solution to the Forward Discount Puzzle 
  Philippe Bacchetta, Eric van Wincoop FE, IM

• DP5262 - Foreign Direct Investment and Exports Dynamics with Demand Learning 
  Rossitza Kotseva, Nikolaos Vettas IO, IT

• DP5264 - How Much Market Access in FTAs? Textiles Under NAFTA 
  Olivier Cadot, Céline Carrere, Jaime de Melo, Alberto Portugal-Pérez IT

• DP5266 - Factor Analysis in a New-Keynesian Model 
  Andreas Beyer, Roger E A Farmer, Jérôme Henry, Massimiliano Marcellino IM

• DP5267 - Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants 
  Marcela Eslava, John C Haltiwanger Jr, Adriana D. Kugler, Maurice Kugler IEP, IO, LE, PP

• DP5269 - Internet Security, Vulnerability Disclosure and Software Provision 
  Jay-Pil Choi, Chaim Fershtman, Neil Gandal IO

• DP5270 - Where Are We Now? Real-Time Estimates of the Macro Economy 
  Martin D.D. Evans IM

• DP5271 - Data Revisions Are Not Well-Behaved 
  Boragan Aruoba IM

• DP5273 - Income and Democracy 
  Daron Acemoglu, Simon Johnson, James A Robinson, Pierre Yared PP

• DP5274 - A Political Economy Theory of the Soft Budget Constraint 
  James A Robinson, Ragnar Torvik PP

• DP5275 - Effects of Acquisitions on Product and Process Innovation and R&D Performance 
  Elena Cefis, Stephanie Rosenkranz, Utz Weitzel IO

• DP5276 - Optimal Procurement When Both Price and Quality Matter 
  John Asker, Estelle Cantillon IO

• DP5277 - The EU Deposit Insurance Directive: Does One Size Fit All? 
  Harry Huizinga FE

Week  18 September 2005

• DP5172 - Urbanization Externalities, Market Potential and Spatial Sorting of Skills and Firms 
  Giordano Mion, Paolo Naticchioni IT, LE

• DP5239 - A Consistent Weighted Ranking Scheme with an Application to NCAA College Football Rankings 
  Itay Fainmesser, Chaim Fershtman, Neil Gandal IO

• DP5245 - Euler Equation Errors 
  Martin Lettau, Sydney Ludvigson FE, IM

• DP5248 - Who Wins and Who Loses from School Accountability? The Distributional Gain in English Secondary Schools 
  Simon Burgess, Carol Propper, Helen Slater, Deborah Wilson PP

• DP5250 - Modeling Exchange Rate Passthrough After Large Devaluations 
  Ariel Thomas Burstein, Martin Eichenbaum, Sérgio Rebelo IM

• DP5251 - Bribery: Who Pays, Who Refuses, What are the Payoffs? 
  Jennifer Hunt, Sonia Laszlo IEP, LE, PP

• DP5252 - Why Are Some Public Officials More Corrupt Than Others? 
  Jennifer Hunt IEP, LE, PP

• DP5253 - Financial Integration and Systemic Risk 
  Falko Fecht, Hans Peter Grüner FE

• DP5254 - Small Fish - Big Issues The Effect of Trade Policy on the Global Shrimp Market 
  Peter Debaere IT

• DP5255 - Indeterminacy in Dynamic Models: When Diamond Meets Ramsey 
  Teresa Lloyd-Braga, Carine Nourry, Alain Venditti IM

• DP5256 - Effects of Employment Protection on Worker and Job Flows: Evidence from the 1990 Italian Reform 
  Adriana D. Kugler, Giovanni Pica LE

• DP5257 - Efficient Exclusion 
  Espen R Moen, Christian Riis IO

• DP5258 - Vertical Integration and Technology: Theory and Evidence 
  Daron Acemoglu, Philippe Aghion, Rachel Griffith, Fabrizio Zilibotti IO

• DP5259 - The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields 
  Lucio Sarno, Daniel L Thornton, Giorgio Valente FE, IM

Week  11 September 2005

• DP5227 - What's the monetary value of distributive justice? 
  Giacomo Corneo, Christina Fong PP

• DP5231 - Sabotage in Tournaments: Making the Beautiful Game a Bit Less Beautiful 
  Luis Garicano, Ignacio Palacios-Huerta IO, LE

• DP5232 - Non-stationary Hours in a DSGE Model 
  Yongsung Chang, Taeyoung Doh, Frank Schorfheide IM

• DP5233 - Party Discipline and Pork-Barrel Politics 
  Gene Grossman, Elhanan Helpman IT

• DP5234 - A Global Perspective on External Positions 
  Philip R. Lane, Gian Maria Milesi-Ferretti IM

• DP5235 - Cities and Countries 
  Andrew K Rose IM, IT

• DP5237 - 'Aggregation Bias' DOES Explain the PPP Puzzle 
  Jean Imbs, Haroon Mumtaz, Morten O. Ravn, Hélène Rey IM, IT

• DP5238 - A Protectionist Bias in Majoritarian Politics 
  Gene Grossman, Elhanan Helpman IT

• DP5240 - Minority Blocks and Takeover Premia 
  Mike Burkart, Denis Gromb, Fausto Panunzi FE

• DP5241 - Participation Games: Market Entry, Coordination and the Beautiful Blonde 
  Simon P Anderson, Maxim Engers IO

• DP5242 - Experts vs Discounters: Competition and Market Unravelling When Consumers Do Not Know What they Need 
  Uwe Dulleck, Rudolf Kerschbamer IO

• DP5243 - The (Bad?) Timing of Mutual Fund Investors 
  Oded Braverman, Shmuel Kandel, Avi Wohl FE

• DP5244 - Peer Effects and Social Networks in Education and Crime 
  Antoni Calvó-Armengol, Eleonora Patacchini, Yves Zenou LE, PP

• DP5246 - Death and Development 
  Peter L. Lorentzen, John McMillan, Romain Wacziarg IEP

• DP5247 - Level Playing Fields in International Financial Regulation 
  Alan Morrison, Lucy White FE

• DP5249 - Market Definition with Differentiated Products - Lessons from the Car Market 
  Randy Brenkers, Frank Verboven IO

Week  4 September 2005

• DP5181 - Why Are Returns on Swiss Franc Assets So Low? Rare Events May Solve the Puzzle 
  Peter Kugler, Beatrice Weder IM

• DP5217 - The Short-Term Budgetary Implications of Structural Reforms. Evidence from a Panel of EU Countries 
  Servaas Deroose, Alessandro Turrini IM, IT

• DP5219 - Signal Accuracy and Informational Cascades 
  Tuvana Pastine, Ivan Pastine IO

• DP5221 - Fertility: The Role of Culture and Family Experience 
  Raquel Fernández, Alessandra Fogli PP

• DP5222 - Trade Spillovers of Fiscal Policy in the European Union: A Panel Analysis 
  Roel Beetsma, Massimo Giuliodori, Franc Klaassen IM

• DP5223 - The Media and Advertising: A Tale of Two-Sided Markets 
  Simon P Anderson, Jean Jaskold Gabszewicz IO

• DP5224 - What are Firms? Evolution from Birth to Public Companies 
  Steven Kaplan, Berk A. Sensoy, David Strömberg FE

• DP5225 - Job Contact Networks and the Ethnic Minorities 
  Harminder Battu, Paul T Seaman, Yves Zenou LE, PP

• DP5226 - Rethinking the Gains from Immigration: Theory and Evidence from the US 
  Gianmarco I P Ottaviano, Giovanni Peri IT

• DP5228 - Political competition within and between parties: an application to environmental policy 
  Helmuth Cremer, Philippe De Donder, Firouz Gahvari PP

Week  28 August 2005

• DP5207 - Bayesian Analysis of DSGE Models 
  Sungbae An, Frank Schorfheide IM

• DP5208 - Business Groups in Emerging Markets: Paragons or Parasites? 
  Tarun Khanna, Yishay Yafeh FE

• DP5209 - Collateral Damage: Trade Disruption and the Economic Impact of War 
  Reuven Glick, Alan M Taylor IM

• DP5211 - Implementation of Anti-Discrimination Policy: Does Judicial Selection Matter? 
  Timothy Besley, A. Abigail Payne PP

• DP5212 - Understanding the Effects of Government Spending on Consumption 
  Jordi Galí, J David López-Salido, Javier Vallés Liberal IM

• DP5214 - The Construction and Interpretation of Combined Cross-Section and Time-Series Inequality Datasets 
  Joseph Francois, Hugo Rojas-Romagosa IT

• DP5216 - The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate 
  Marco Buti, Sylvester C W Eijffinger, Daniele Franco IM

Week  21 August 2005

• DP5184 - Land Reforms and Economic Development 
  Hans Gersbach, Lars Siemers IEP

• DP5201 -Political Selection and the Quality of Government: Evidence from South India 
  Timothy Besley, Rohini Pande, Vijayendra Rao PP

• DP5202 - Borders and Growth 
  Enrico Spolaore, Romain Wacziarg IEP, IT

• DP5203 - The Marginal Product of Capital 
  Francesco Caselli, James Feyrer IM

• DP5210 - The Overhang Hangover 
  Jean Imbs, Romain Rancière IM

• DP5213 - Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe? 
  Fiorella De Fiore, Harald Uhlig FE, IM

• DP5215 - The Determinants of Asset Stripping: Theory and Evidence from the Transition Economies 
  Nauro F Campos, Francesco Giovannoni IEP, PP

• DP5218 - Make Trade not War? 
  Philippe Martin, Thierry Mayer, Mathias Thoenig IM, IT

• DP5220 - From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege 
  Pierre-Olivier Gourinchas, Hélène Rey IM

Week  14 August 2005

• DP5171 - The Curse and Blessing of Training the Unemployed in a Changing Economy: the Case of Easy Germany after Unification 
  Michael Lechner, Ruth Miquel, Conny Wunsch LE, PP

• DP5175 - Re-election Threshold Contracts in Politics 
  Hans Gersbach, Verena Liessem PP

• DP5176 - The 'News' View of Economic Fluctuations: Evidence from Aggregate Japanese Data and Sectoral US Data 
  Paul Beaudry, Franck Portier FE, Im

• DP5177 - Estimation and Testing of Dynamic Models with Generalized Hyperbolic Innovations 
  Javier Mencía, Enrique Sentana FE

• DP5178 - Nowcasting GDP and Inflation: The Real Time Informational Content of Macroeconomic Data Releases 
  Domenico Giannone, Lucrezia Reichlin, David Small IM

• DP5187 - Risk Management with Benchmarking 
  Suleyman Basak, Alex Shapiro, Lucie Teplá FE

• DP5199 - Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy 
  Marc Flandreau, John Komlos IM

• DP5200 - Insurance and Opportunities: The Welfare Implications of Rising Wage Dispersion 
  Jonathan Heathcote, Kjetil Storesletten, Giovanni L Violante IM, LE

• DP5204 - M&As Performance in the European Financial Industry 
  José Manuel Campa, Ignacio Hernando FE, IM

• DP5205 - Equilibrium and Efficiency in the Tug-of-War 
  Kai A Konrad, Dan Kovenock PP

• DP5206 - Succession Rules and Leadership Rents 
  Kai A Konrad, Stergios Skaperdas PP

Week  8 August 2005

• DP5168 - The Brain as a Hierarchical Organization 
  Isabelle Brocas, Juan D Carrillo IO, PP

• DP5169 - The Roots of Low European Employment: Family Culture? 
  Yann Algan, Pierre Cahuc LE

• DP5170 - Optimum Income Taxation and Layoff Taxes 
  Pierre Cahuc, Andre Zylberberg LE

• DP5173  - Performance Measurement with Loss Aversion 
  Gordon T Gemmill, Soosung Hwang, Mark Salmon FE

• DP5174 - The Macroeconomic Consequences of Reciprocity in Labour Relations 
  Jean-Pierre Danthine, Andre Kurmann IM

• DP5179 - Business Cycle Sychronization in the Enlarged EU 
  Zsolt Darvas, György Szapáry IM

• DP5180 - Insider Trading in Creit Derivatives 
  Viral V Acharya, Tim Johnson FE

• DP5182 - The Value of Tax Shields IS Equal to the Present Value of Tax Shields 
  Ian Cooper, Kjell G Nyborg FE

• DP5183 - Cotton Textiles and the Great Divergence: Lancashire, India and Shifting Competitive Advantage, 1600-1850 
  Stephen N Broadberry, Bishnupriya Gupta IM EHi

• DP5185 - Informed Lending and Security Design 
  Roman Inderst, Holger M Müller FE

• DP5186 - Intelligence Failures: An Organizational Economics Perspective 
  Luis Garicano, Richard A. Posner IO, PP

• DP5188 - Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic 
  Zsolt Darvas, Andrew K Rose, György Szapáry IM

Week  31 July 2005

• DP5150 - Does External Trade Promote Financial Development? 
  Yongfu Huang, Jonathan Temple IEP

• DP5159 -International Equity Flows and Returns: A Quantitative Equilibrium Approach 
  Rui Albuquerque, Gregory Bauer, Martin Schneider FE, IM

• DP5160 - Do Countries Free Ride on MFN? 
  Rodney D Ludema, Anna Maria Mayda IT

• DP5161 - Age-Specific Cyclical Effects in Job Reallocation and Labour Mobility 
  Anne Gielen, Jan C van Ours LE

• DP5162 - When do Countries Introduce Competition Policy? 
  Rikard Forslid, Jonas Häckner, Astri Muren IT

• DP5163 - Basel II and Bank Lending to Emerging Markets: Micro Evidence from German Banks 
  Thilo Liebig, Daniel Porath, Beatrice Weder, Michael Wedow IM

• DP5164 - German Bank Lending During Financial Crises: A Bank Level Analysis 
  Frank Heid, Thorsten Nestmann, Natalja Von Westernhagen, Beatrice Weder IM

• DP5165 - Globalization and Emerging Markets: With or Without Crash?
  Philippe Martin, Hélène Rey IM, IT

• DP5166 - On the Uniqueness of Optimal Prices Set by Monopolistic Sellers 
  Gerard J van den Berg IO

• DP5167 - Real Effects of Inflation Through the Redistribution of Nominal Wealth 
  Matthias Doepke, Martin Schneider IM, PP

Week  24 July 2005

• DP5132 - Contests with Ties 
  Daniel Cohen, Aner Sela IO

• DP5149 - Long-Run Determinants of Inflation Differentials in a Monetary Union 
  Filippo Altissimo, Pierpaolo Benigno, Diego Rodriguez Palenzuela IM

• DP5151 - Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets 
  Mariassunta Giannetti, Steven Ongena FE, IM

• DP5152 - Coordination in Markets with Consumption Externalities: The Role of Advertising and Product Quality 
  Tuvana Pastine, Ivan Pastine IO

• DP5153 -  Preference Erosion and Multilateral Trade Liberalization 
  Joseph Francois, Bernard Hoekman, Miriam Manchin IT

• DP5154 - Cash-in-the-Market Pricing and Optimal Bank Bailout Policy 
  Viral V Acharya, Tanju Yorulmazer FE

• DP5155 - Voting Transparency in a Monetary Union 
  Hans Gersbach, Volker Hahn IM

• DP5156 - Doha Merchandise Trade Reform: What's at Stake for Developing Countries? 
  Kym Anderson, Will Martin, Dominique van der Mensbrugghe IT

• DP5157 - The Dot-Com Bubble, the Bush Deficits, and the US Current Account 
  Aart Kraay, Jaume Ventura IM

• DP5158 - Making A Difference 
  Patrick Francois PP

Week  17 July 2005

• DP5139 - Imports and Productivity
  László Halpern, Miklós Koren, Adam Szeidl IEP, IM

• DP5140 - Work and Leisure in the US and Europe: Why So Different? 
  Alberto F Alesina, Edward L Glaeser, Bruce Sacerdote IM

• DP5141 - How to Exit from Fixed Exchange Rate Regimes
  Ahmet Atil Asici, Nadezhda Ivanova, Charles Wyplosz IM

• DP5142 - How Inefficient is the 1/N Asset-Allocation Strategy? 
  Victor DeMiguel, Lorenzo Garlappi, Raman Uppal FE

• DP5143 - The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets 
  Ales Cerny, David K Miles, Lubomir Schmidt FE, PP

• DP5144 - Preferential Trade Arrangements and the Pattern of Production and Trade when Inputs are Differentiated 
  Joseph Francois IT

• DP5145 - Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions 
  Patrick W. Schmitz IO

• DP5146 - Attitude-Dependent Altruism, Turnout and Voting 
  Julio Rotemberg PP

• DP5147 - Revolutionary Effects of New Information Technologies 
  Gerard J van den Berg LE

• DP5148 - Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach 
  Lorenzo Garlappi, Raman Uppal, Tan Wang FE

Week  10 July 2005

• DP5104 - Trade Liberalization, Intermediate Inputs and Productivity: Evidence from Indonesia  
  Mary Amiti, Jozef Konings  IO, IEP, IT  

• DP5128 - The Neuroconomics of Mind Reading and Empathy  
  Ernst Fehr, Tania Singer  LE  

• DP5129 - The Ties that Divide. A Network Analysis of the International Monetary System  
  Marc Flandreau, Clemens Jobst  IM   

• DP5130 - Democracy, Property Rights, Redistribution and Economic Growth  
  Mark Gradstein  PP  

• DP5131 - Exogenous Oil Supply Shocks: How Big Are They and How Much do they Matter for the US Economy?  
  Lutz Kilian  IM  

• DP5133 - Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law  
  Zsuzsanna Fluck, Colin Mayer  FE  

• DP5134 - Voting Rules and Budget Allocation in an Enlarged EU  
  Heikki Kauppi, Mika Widgrén  IT  

• DP5135 - Market Structure in Services and Market Access in Goods  
  Joseph Francois, Ian Wooton   IT  

• DP5136 - North, South and Distance in the Gravity Model  
  Jacques Mélitz  IM, IT  

• DP5137 -Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade  
  Giorgio Fazio, Ronald MacDonald, Jacques Mélitz  IM  

• DP5138 - Political Competition and Economic Performance: Theory and Evidence from the United States  
  Timothy Besley, Torsten Persson, Daniel Sturm  IEP, IM, PP  

Week  3 July 2005

• DP5120 - Social Learning in Continuous Time: When are Informational Cascades More Likely to be Inefficient?  
  Tuvana Pastine   FE, IO, IM  

• DP5121 - Is There a Diversification Discount in Financial Conglomerates?  
  Luc Laeven, Ross Levine  FE  

• DP5122 - The WTO Promotes Trade, Strongly But Unevenly  
  Arvind Subramanian, Shang-Jin Wei   IEP, IT  

• DP5123 - Liquidity Risk in Securities Settlement  
  Johan Devriese, Janet Mitchell   FE  

• DP5124 - The Optimal Amount of Falsified Testimony  
  Winand Emons, Claude Fluet   IO  

• DP5125 - Decentralization and Electoral Accountability: Incentives, Separation and Voter Welfare  
  Jean Hindricks, Ben Lockwood  PP  

• DP5126 - Products and Productivity  
  Andrew Bernard, Stephen Redding, Peter Schott  

• DP5127 - Neuroeconomic Foundation of Trust and Social Preferences  
  Ernst Fehr, Urs Fischbacher, Michael Kosfeld  LE  

Week  26 June 2005

• DP5099 - Education, Matching and the Allocative Value of Romance 
  Alison L Booth, Melvyn G Coles LE

• DP5115 - The Behavioural Effects of Minimum Wages 
  Armin Falk, Ernst Fehr, Christan Zehnder LE

• DP5116 - Why Do Most Italian Young Men Live With Their Parents? Intergenerational Transfers and Household Structure 
  Marco Manacorda, Enrico Moretti LE

• DP5117 - Wealth Transfers, Contagion and Portfolio Constraints 
  Anna Pavlova, Roberto Rigobon FE, IM

• DP5118 - Optimal Privatization Using Qualifying Auctions 
  Jan Boone, Jacob K. Goeree IO

• DP5119 - CEO-Firm Match and Principal-Agent Problem 
  Fei Li, Masako Ueda FE

Week  19 June 2005

• DP5108 - A Structural Non-Stationary Model of Job Search: Stigmatization of the Unemployed by Job Offers or Wage Offers? 
  Stefan Lollivier, Laurence Rioux LE

• DP5109 - Endowment Versus Finance: A Wooden Barrel Theory of International Trade 
  Jiandong Ju, Shang-Jin Wei IEP, IT

• DP5110 - Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns 
  Carlo A Favero IM

• DP5111 - Factor Price Equality and the Economies of the United States 
  Andrew Bernard, Stephen Redding, Peter Schott IT

• DP5112 - Peripheral Diversity and Redistribution 
  Klaus Desmet, Ignacio Ortuño-Ortín, Shlomo Weber PP

• DP5113 - Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth 
  Bent E Sorensen, Yi-Tsing Wu, Oved Yosha, Yu Zhu IM

• DP5114 - Using Copulas to Construct Bivariate Foreign Exchange Distributions with an Application to the Sterling Exchange Rate Index 
  Matthew Hurd, Mark Salmon, Christoph Schleicher FE

Week  12 June 2005

• DP5097 - A Test of Trade Theories when Expenditure is Home Biased
  Marius Brülhart, Federico Trionfetti, IT

• DP5098 - The Stability Threshold and Two Facts of Polarization
  Ori Haimanko, Michel Le Breton, Shlomo Weber, PP

• DP5100 - Making Sense of Bolkestein-Bashing: Trade Liberalization Under Segmented Labour Markets
  Gilles Saint-Paul,IM, LE

• DP5101 - Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey

  Fabio Canova, Carlo A Favero, IM

  DP5102 - The Savings Behaviour of Temporary and Permanent Migrants in Germany
  Thomas Bauer, Mathias Sinning, LE

  DP5103 - Changes in Infrastructure and Tariff Barriers: Local Vs. Global Impacts

  Kristian Behrens, Andrea Lamorgese, Gianmarco I P Ottaviano, Takatoshi Tabuchi, IT

  DP5105 - Zero Returns to Compulsory Schooling in Germany: Evidence and Interpretation

  Jörn-Steffen Pischke, Till von Wachter, LE

  DP5106 - Patience Capital and the Demise of the Aristocracy

  Matthias Doepke, Fabrizio Zilibotti, IM

  DP5107 - Turning a Blind Eye: Costly Enforcement, Credible Commitment and Minimum Wage Law

  Arnab K Basu, Nancy H Chau, Ravi Kanbur, LE,PP

  DP5097 - A Test of Trade Theories when Expenditure is Home Biased

  Marius Brülhart, Federico Trionfetti, IT

Week  06 June 2005

• DP5091 - Does Labour Market Risk Increase the Size of the Public Sector? Evidence from Swedish Municipalities 
  Jonas Vlachos, IT

• DP5093 - A Simple Scheme to Improve the Efficiency of Referenda 
  Alessandra Casella, Andrew Gelman, PP

• DP5094 - Money Supply and the Implementation of Interest Rate Targets
  Andreas Schabert , IM

• DP5095 - Lending Booms and Lending Standards 
  Giovanni Dell'Ariccia, Robert Marquez , FE

• DP5096 - Market Definition in the Printed Media Industry. Theory and Practice 
  Elena Argentesi, Marc Ivaldi, IO

Week  29 May 2005

• DP4990 - Cooperation in International Banking Supervision 
  Cornelia Holthausen, Thomas Roende FE, IO 

• DP5086 - Factor Supplies and the Direction of Technological Change 
  Helena Svaleryd, Jonas Vlachos IT

• DP5092 - The Killing Game: Reputation and Knowledge in Non-Democratic Succession 
  Georgy Egorov, Konstantin Sonin IEP

Week  22 May 2005

• DP5075 - A Theory of Brinkmanship, Conflicts, and Commitments 
  Michael Schwarz, Konstantin Sonin IEP

• DP5076 - Is Political Risk Company-Specific? The Market Side of the Yukos Affair 
  Alexei Goriaev, Konstantin Sonin FE, IEP

• DP5077 - The Benefits of Separating Early Retirees from the Unemployed: Simulation Results for Belgian Wage Earners 
  Raphael Desmet, Alain Jousten, Sergio Perelman PP 

• DP5078 - Networks of Relations and Social Capital 
  Steffen Lippert, Giancarlo Spagnolo IO 

• DP5079 - The Worldwide Economic Impact of the Revolutionary and Napoleonic Wars 
  Kevin H O'Rourke IT EHi

• DP5080 - The Simple Geometry of Transmission and Stabilization in Closed and Open Economies 
  Giancarlo Corsetti, Paolo Pesenti IM

• DP5081 - Offshore Financial Centres: Parasites or Symbionts? 
  Andrew K Rose, Mark Spiegel FE, IM 

• DP5082 - Outsourcing and Technological Change 
  Ann P Bartel, Saul Lach, Nachum Sicherman IO 

• DP5083 - Immigration and Prices 
  Saul Lach IO

• DP5084 - The Toehold Puzzle 
  Sandra Betton, B Espen Eckbo, Karin S Thorburn FE

• DP5085 - The French Zones D'Education Prioritaire: Much Ado About Nothing? 
  Roland Bénabou, Francis Kramarz, Corinne Prost LE, PP

• DP5087 - Is the Division of Labour Limited By the Extent of the Market? Evidence from French Cities 
  Gilles Duranton, Hubert Jayet  IT

• DP5088 - The Real Effect of Banking Crises 
  Giovanni Dell'Ariccia, Enrica Detragiache, Raghuram G Rajan FE 

• DP5089 - Culture: An Empirical Investigation of Beliefs, Work and Fertility 
  Raquel Fernández, Alessandra Fogli  IM, LE, PP 

• DP5090 - Income and Wealth Concentration in Switzerland Over the 20th Century 
  Fabian Dell, Thomas Piketty, Emmanuel Saez PP

Week  15 May 2005

• DP5056 - Rule-Based Monetary Policy Under Central Banking Learning 
  Kosuke Aoki, Kalin Nikolov IM 

• DP5057 - Does Self-Employment Reduce Unemployment? 
  David B Audretsch, Martin A Carree, A R Roy Thurik, A J van Stel  IO

• DP5058 - Refugees, Asylum Seekers and Policy in Europe 
  Timothy J. Hatton, Jeffrey G Williamson IT, LE

• DP5059 - Global View of Economic Growth 
  Jaume Ventura IM 

• DP5060 - Strategic R&D Location by Multinational Firms: Spillovers, Technology Sourcing and Competition 
  Rene Belderbos, Elissavet Lykogianni, Reinhilde Veugelers IO, IT

• DP5061 - SMEs and Bank Lending Relationships: The Impact of Mergers 
  Hans Degryse, Nancy Masschelein, Janet Mitchell FE

• DP5062 - Political Predation and Economic Development 
  Jean-Paul Azam, Robert H Bates, Bruno Biais IEP

• DP5063 - Alliances in the Air: Some Worldwide Evidence 
  Philippe Gagnepain, Pedro L Marín Uribe IO 

• DP5064 - Advertising Content 
  Simon P Anderson, Régis Renault IO

• DP5065 - Gifted Kids or Pushy Parents? Foreign Acquisitions and Plant Performance in Indonesia 
  Jens Arnold, Beata Smarzynska Javorcik IT 

• DP5066 - India's De-Industrialization Under British Rule: New Ideas, New Evidence 
  David Clingingsmith, Jeffrey G Williamson IT 

• DP5067 - Is It Trust we Model? An Attempt to Calculate the Non-Calculative 
  Stephanie Rosenkranz, Utz Weitzel IO

• DP5068 - Formation of Social Capital in Central and Eastern Europe: Understanding the Gap Vis-a-Vis Developed Countries 
  Jan Fidrmuc, Klarita Gerxhani IEP

• DP5069 - Labour Mobility During Transition: Evidence from the Czech Republic 
  Jan Fidrmuc IEP 

• DP5070 - Why and Where do Headquarters Move? 
  Vanessa Strauss-Kahn, Xavier Vives IO, IT 

• DP5071 - Robust Monetary Policy in a Small Open Economy 
  Kai Leitemo, Ulf Söderström IM 

• DP5072 - Monetary Policy with Judgement: Forecast Targeting 
  Lars E O Svensson IM

• DP5073 -The Impact of the Terms of Trade on Economic Development in the Periphery, 1870-1939: Volatility and Secular Change 
  Christopher Blattman, Jason Hwang, Jeffrey G Williamson IT 

• DP5074 - The 'Tampa' Effect. Australian Asylum Policy in International Perspective 
  Timothy J. Hatton, Audrey Lim LE 

Week 8 May 2005

• DP5029 - Real Exchange Rate Overshooting RBC Style 
  David Meenagh, Patrick Minford, Eric Nowell, Prakriti Sofat IM 

• DP5040 - On the Optimal Progressivity of the Income Tax Code 
  Juan Carlos Conesa, Dirk Krueger PP

• DP5042 - Forming Rational Expectations and When it is Right to be 'Wrong' 
  Maria Demertzis, Andrew Hughes Hallett IM

• DP5043 - In Praise of Fiscal Restraint and Debt Rules. What the Euro Zone Might Do Now 
  Andrew Hughes Hallett IM

• DP5048 - Must Try Harder. Evaluating the Role of Effort in Educational Attainment 
  Gianni De Fraja, Tania Oliveira, Luisa Zanchi PP

• DP5050 - Measuring Income Elasticity for Swiss Money Demand: What Do the Cantons Say About Financial Innovation? 
  Andreas M Fischer IM 

• DP5052 - Should Uniform Pricing Contraints be Imposed on Entrants? 
  Steffen Hoernig IO

• DP5053 - Inattentive Consumers 
  Ricardo A.M.R. Reis IM

• DP5054 -The Time-Series Properties of Aggregate Consumption: Implications for the Costs of Fluctuations 
  Ricardo A.M.R. Reis IM 

• DP5055 - Who is Against Immigration? A Cross-Country Investigation of Individual Attitudes Towards Immigration 
  Anna Maria Mayda  IT

Week 24 April 2005

• DP5016 - The Insiders' Dilemma: An Experiment on Merger Formation 
  Tobias Lindqvist, Johan Stennek IO 

• DP5017 - Explaining The Equity Risk Premium 
  Laurian Lungu, Patrick Minford  IM

• DP5018 - Peer Effects in Austrian Schools 
  Nicole Schneeweis, Rudolf Winter-Ebmer LE 

• DP5019 - Stochastic Optimization and Worst Case Analysis in Monetary Policy Design 
  Stan Žakovic, B Rustem, Volker Wieland IM

• DP5020 - The Role of Risk Aversion and Intertemporal Substitution in Dynamic Consumption-Portfolio Choicewith Recursive Utility 
  Harjoat S. Bhamra, Raman Uppal FE 

• DP5021 - Betting on Hitler - The Value of Political Connections in Nazi Germany 
  Thomas Ferguson, Hans-Joachim Voth IM EHi

• DP5030 - The Affectionate Society: Does Competition for Partners Promote Friendliness? 
  Hans Gersbach, Hans Haller  IO

• DP5031- Information Exchange and Competition in Communications Networks 
  Carlo Cambini, Tommaso Valletti IO

• DP5032 - Implementation Cycles in the New Economy 
  Pasquale Scaramozzino, Jonathan Temple, Nir Vulkan IM

• DP5033 - Dual Employment Protection Legislation: A Framework for Analysis 
  Juan José Dolado, Marcel Jansen, Juan Francisco Jimeno-Serrano LE

• DP5034 - Regional and Sub-Global Climate Blocs. A Game-Theoretic Perspective on Bottom-up Climate Regimes 
  Barbara Buchner, Carlo Carraro  IT, PP 

• DP5035 - A Study of Inefficient Going Concerns in Bankruptcy
  Julian R Franks, Gyöngyi Lóránth  FE, IEP

• DP5036 - Regulating Financial Conglomerates 
  Xavier Freixas, Gyöngyi Lóránth, Alan Morrison FE

• DP5037 - A Cross-Country Financial Accelerator: Evidence from North America and Europe 
  Ashoka Mody, Lucio Sarno, Mark P Taylor IM

Week 17 April 2005

• DP4675 -Deconstructing the Art of Central Banking 
  Tamim Bayoumi, Silvia Sgherri IM 

• DP5000 - Welfare Trade-Offs in US Rail Mergers 
  Marc Ivaldi, Gerard McCullough IO 

• DP5001 - Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors 
  Alexander P Ljungqvist, Felicia Marston, Laura T Starks, Kelsey D. Wei, Hong Yan FE

• DP5002 - The Impact of TFP Growth on Steady-State Unemployment 
  Christopher Pissarides, Giovanna Vallanti IM

• DP5003 - Dynamic Monopoly Pricing and Herding 
  Subir Bose, Gerhard O Orosel, Marco Ottaviani, Lise Vesterlund IO 

• DP5011 - Efficient Tuition & Fees, Examinations and Subsidies 
  Robert J. Gary-Bobo, Alain Trannoy  PP

• DP5012 -Awareness of General Equilibrium Effects and Unemployment 
  Hans Gersbach, Achim Schniewind  IO, LE

• DP5013 - Democratic Mechanisms: Double Majority Rules and Flexible Agenda Costs 
  Hans Gersbach  PP

• DP5014 - Optimality and Renegotiation in Dynamic Contracting 
  Marco Battaglini IO

• DP5015 - The Costs of Remoteness: Evidence from German Division and Reunification 
  Stephen Redding, Daniel Sturm IT 

• DP5022 - Parallel Trade, International Exhaustion and Intellectual Property Rights: A Welfare Analysis 
  Stefan Szymanski, Tommaso Valletti  IO

• DP5023 - Reciprocal Dumping with Bertrand Competition 
  Richard Friberg, Mattias Ganslandt IO 

• DP5024 - Finite State Dynamic Games with Asymmetric Information: A Framework for Applied Work 
  Chaim Fershtman, Ariel Pakes  IO 

• DP5025 - The Effects of Technical Change on Labour Market Inequalities 
  Andreas Hornstein, Per Krusell, Giovanni L Violante  IM, LE 

• DP5026 - The Replacement Problem in Frictional Economies: An 'Equivalence Result' 
  Andreas Hornstein, Per Krusell, Giovanni L Violante IM, LE 

• DP5027 - Funding Modes of German Banks: Structural Changes and its Implications 
  Lars Norden, Martin Weber FE 

• DP5028 - Agglomeration and the Adjustment of the Spatial Economy 
  Pierre-Philippe Combes, Gilles Duranton, Henry G. Overman  IT 

Week 10 April 2005

• P4991 - Cannabis Prices and Dynamics of Cannabis Use 
  Jan C van Ours, Jenny Williams PP

• DP4992 - The Public Management of Environmental Risk: Separating Ex Ante and Ex Post Monitors 
  Yolande Hiriart, David Martimort, Jérôme Pouyet IO

• DP5004 - Intermodal and Intramodal Competition in Passenger Rail Transport 
  Marc Ivaldi, Catherine Vibes IO 

• DP5005 - Implementing the Stability and Growth Pact: Enforcement and Procedural Flexibility 
  Roel Beetsma, Xavier Debrun IM 

• DP5006 - Offsetting the Incentives: Rise Shifting and Benefits of Benchmarking in Money Management 
  Suleyman Basak, Anna Pavlova, Alex Shapiro FE

• DP5007 - Does Fertility Respond to Financial Incentives? 
  Guy Laroque, Bernard Salanié LE, PP 

• DP5008 - Shock Identification of Macroeconomic Forecasts Based on Daily Panels 
  Marlene Amstad, Andreas M Fischer IM

• DP5009 - City Structure, Job Search and Labour Discrimination. Theory and Policy Implications 
  Harris Selod, Yves Zenou LE, PP

• DP5010 - Money and the Size of Transactions 
  Joseph Zeira FE, IM 

Week 03 April  2005

• DP4987 -Where is the Market? Evidence from Cross-Listings
  Michael Halling, Marco Pagano, Otto Randl, Josef Zechner FE 

• DP4993 - Entry, Cost Reduction and Competition in The Portuguese Mobile Telephone Industry 
  Philippe Gagnepain, Pedro Pereira IO

• DP4994 -A Model of Corporate Liquidity 
  Ronald W Anderson, Andrew Carverhill FE 

• DP4995 - Equilibria in a Dynamic Global Game: The Role of Cohort Effects 
  Paul Heidhues, Nicolas Melissas IO 

• DP4996 - Two at the Top: Quality Differentiation in Markets with Switching Costs 
  Thomas Gehrig, Rune Stenbacka IO

• DP4997 - Unemployment and Right-Wing Extremist Crime 
  Armin Falk, Josef Zweimüller  LE 

• DP4998 - Product Specific Rules of Origin in EU and US Preferential Trading Agreements: An Assessment 
  Olivier Cadot, Céline Carrere, Jaime de Melo, Bolorma Tumurchudur IT 

• DP4999 -Rules of Origin as Export Subsidies 
  Olivier Cadot, Antoni Estevadeordal, Akiko Suwa Eisenmann IT

Week 27 March  2005

• DP4981 - Monetary Policy in Real Time 
  Domenico Giannone, Lucrezia Reichlin, Luca Sala IM

• DP4982 - Testing for Reference Dependence: An Application to the Art Market 
  Alan Beggs, Kathryn Graddy IO

• DP4983 - Demand and Distance: Evidence on Cross-Border Shopping 
  Marcus Asplund, Richard Friberg, Fredrik Wilander IM, IO, IT

• DP4984 -  Home Production, Market Production and the Gender Wage Gap: Incentives and Expectations 
  Stefania Albanesi, Rasmus Lentz, Claudia Olivetti IM, LE

• DP4985 - Income Distribution and Demand-Induced Innovations 
  Reto Foellmi, Josef Zweimüller IM

• DP4986 - How Changes in Financial Incentives Affect the Duration of Unemployment 
  Rafael Lalive, Jan C van Ours, Josef Zweimüller LE

• DP4988 - Non-Discretionary and Automatic Fiscal Policy in the EU and the OECD 
  Jacques Mélitz IM

• DP4989 - Commercial Television and Voter Information 
  Andrea Prat, David Strömberg 

Week 20 March 2005

• DP4969 - Information Channels in Labour Markets. On the Resilience of Referral Hiring 
  Alessandra Casella, Nobuyuki Hanaki LE, PP 

• DP4970 - The Need for Institutional Changes in the Global Financial System: An Analytical Framework 
  Stijn Claessens, Geoffrey R D Underhill FE, IEP

• DP4971 - Reforming the Formula: A Modest Proposal for Introducing Development Outcomes in IDA Allocation Procedures 
  Ravi Kanbur IT 

• DP4972 - Bertrand Equilibria and Sharing Rules 
  Steffen Hoernig IO

• DP4973 - The Clash of Liberalizations: Preferential vs. Multilateral Trade Liberalization in the European Union 
  Baybars Karacaovali, Nuno Limão IT 

• DP4974 - Money Demand and Macroeconomic Stability Revisited 
  Andreas Schabert, Christian Stoltenberg IM 

• DP4975 - Jump-and-Rest Effects of US Business Cycles 
  Maximo Camacho, Gabriel Pérez-Quirós IM 

• DP4976 - A Comparison of Direct and Iterated Multistep AR Methods for Forecasting Macroeconomic Time Series 
  Massimiliano Marcellino, James H Stock, Mark W Watson IM

• DP4977 - Leading Indicators: What Have We Learned? 
  Massimiliano Marcellino  IM 

• DP4978 - Trade Costs and Location of Foreign Firms in China
  Mary Amiti, Beata Smarzynska Javorcik IT 

• DP4979 - Firm Size and the Quality of Entreprenuers 
  Hans K Hvide FE, IO, LE

• DP4980 - Can we Trust Private Firms as Suppliers of Vaccines for the Avian Influenza? 
  Rikard Forslid IO

Week 13 March 2005

• DP4940 - Vive la Révolution! Long Term Returns of 1968 to the Angry Students 
  Eric Maurin, Sandra McNally LE, PP 

• DP4941 - Time Consistency of Fiscal and Monetary Policy: A Solution 
  Torsten Persson, Mats Persson, Lars E O Svensson IM, PP 

• DP4942 - Learning Foreign Languages.Theoretical and Empirical Implications of the Selten and Pool Model
  Victor Ginsburgh, Ignacio Ortuño-Ortín, Shlomo Weber PP

• DP4955 - Agency Conflicts, Investment and Asset Pricing 
  Rui Albuquerque, Neng Wang  FE

• DP4956 - Insurance Policies for Monetary Policy in the Euro Area 
  Keith Küster, Volker Wieland IM  

• DP4957 - A Phillips Curve for China 
  Jörg Scheibe, David Vines IM

• DP4958 - Forecasting the Spot Exchange Rate with the Term Structure of Forward Premia: Multivariate Threshold Cointegration 
  Michel R van Tol, Christian C Wolff FE 

• DP4959 - Time Variation in Term Premia: International Evidence 
  Ron Jongen, Willem F C Verschoor, Christian C Wolff FE

• DP4960 - Loss Functions in Option Valuation: A Framework  for Model Selection 
  Dennis Bams, Thorsten Lehnert, Christian C Wolff FE 

• DP4961 - Do Mergers Improve Information? Evidence from the Loan Market 
  Fabio Panetta, Fabiano Schivardi, Matthew Shum FE, IO

• DP4962 - How Changes in Benefits Entitlement Affect the Duration of Unemployment 
  Jan C van Ours, Milan Vodopivec LE 

• DP4963 -Product Market Integration, Wages and Inequality 
  Torben M Andersen, Allan Sorensen LE

• DP4964 - Productivity Spillovers, Terms of Trade and the 'Home Market Effect' 
  Giancarlo Corsetti, Philippe Martin, Paolo Pesenti IM, IT 

• DP4965 - Trade and Growth with Heterogeneous Firms 
  Richard Baldwin, Frédéric Robert-Nicoud IT 

• DP4966 - On Sustainable Pay-As-You-Go Systems 
  Gabrielle Demange FE 

• DP4967 - Liquidity, Risk-Taking and the Lender of Last Resort
  Rafael Repullo FE

• DP4968 - Favouritism and Financial Incentives: A Natural Experiment 
  Neil Rickman, Rob Witt PP

Week 6 February 2005

• DP4954 - The Impact of Turkey's Membership on EU Voting 
  Richard Baldwin, Mika Widgrén IT

• DP4953 - The Foreign Service and Foreign Trade: Embassies as Export Promotion 
  Andrew K Rose IT

• DP4952 - Belief in a Just World and Redistributive Politics 
  Roland Bénabou, Jean Tirole PP

• DP4951 - Allocation of Prizes in Asymmetric All-Pay Auctions 
  Chen Cohen, Aner Sela IO 

• DP4950 - Did Inflation Really Soar After the Euro Cash Changeover? Indirect Evidence from ATM Withdrawals 
  Paolo Angelini, Francesco Lippi IM 

• DP4949 - Do Locational Spillovers Pay? Empirical Evidence from German IPO Data 
  David B Audretsch, Erik E Lehmann IO 

• DP4948 - Monetary Policy with Single Instrument Feedback Rules 
  Bernardino Adao, Isabel Horta Correia, Pedro Teles IM 

• DP4947 - The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800 
  Stephen N Broadberry, Bishnupriya Gupta  IM, EH

• DP4946 - Demand for Education and Labour Market Outcomes: Lessons from the Abolition of Compulsory Conscription in France 
  Eric Maurin, Theodora Xenogiani LE, PP 

• DP4945 - Assessing the Foreign Control of Production of Technology: The Case of a Small Open Economy 
  Michele Cincera, Bruno van Pottelsberghe, Reinhilde Veugelers  IO 

• DP4944 - Financing and the Protection of Innovators 
  Gerard Llobet, Javier Suárez FE 

• DP4943 - Neoclassical Growth and the 'Trivial' Steady State 
  Hendrik Hakenes, Andreas Irmen IO 

• DP4939 - Marriage and the City 
  Pieter A Gautier, Michael Svarer, Coen N Teulings LE 

• DP4933 - Rising Trade Costs? Agglomeration and Trade with Endogenous Transaction Costs 
  Gilles Duranton, Michael Storper IT 

• DP4902 - Exclusive Dealing, Entry and Mergers 
  Chiara Fumagalli, Massimo Motta, Lars Persson IO 

Week 27 February 2005

• DP4938 - Forms of Democracy, Policy and Economic Development 
  Torsten Persson IEP, IM, PP

• DP4937 - How Transition Paths Differ: Enterprise Performance in Russia and China 
  Sumon Kumar Bhaumik, Saul Estrin IEP

• DP4936 - A Simple Model of Economic Geography à la Helpman-Tabuchi 
  Yasusada Murata, Jacques-François Thisse IT

• DP4935 - Do Risk Premia Protect from Banking Crises? 
  Hans Gersbach, Jan Wenzelburger  FE, IM 

• DP4934 -Optimal Sliding Scale Regulation: An Application to Regional Electricity Distribution in England and Wales 
  David Hawdon, Lester Hunt, Paul L Levine, Neil Rickman IO, PP 

Week 20 February 2005

• DP4907 - A Theory of Influence: The Strategic Value of Public Ignorance 
  Isabelle Brocas, Juan D Carrillo IO, PP

• DP4908 - Regional Wage and Employment Responses to Market Potential in the EU 
  Keith Head, Thierry Mayer IT 

• DP4909 - Parameter Instability, Model Uncertainty and the Choice of Monetary Policy 
  Carlo A Favero, Fabio Milani IM 

• DP4910 - The Predictive Power of the Yield Spread: Further Evidence and A Structural Interpretation 
  Carlo A Favero, Iryna Kaminska, Ulf Söderström IM 

• DP4911 - Monetary Policies for Developing Countries: The Role of Institutional Quality 
  Haizhou Huang, Shang-Jin Wei  IEP, IM 

• DP4912 -Identifying Technology Spillovers and Product Market Rivalry 
  Nicholas Bloom, Mark Schankerman, John Van Reenen IO 

• DP4913 - Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets 
  George Chacko, Luis M Viceira FE

• DP4914 - The Term Structure of the Risk-Return Tradeoff 
  John Y Campbell, Luis M Viceira FE

• DP4915 - Trends in Hours, Balanced Growth and the Role of Technology in the Business Cycle 
  Jordi Galí IM 

• DP4916 - Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes 
  Viral V Acharya, Kose John, Rangarajan K Sundaram FE

• dP4917 - Full Equilibrium Relevant Market Test: Application to Computer Servers 
  Marc Ivaldi, Szabolcs Lörinz IO

• DP4918 - Are the Welfare State and Distribution Really that Bad for the Economy? Effects of Reciprocal Altruism, Consumer Rivalry and Second Best 
  Frederick van der Ploeg PP

• DP4919 - Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value? 
  Saul Estrin, Lihui Tian IEP 

• DP4920 - Current Account Theory and the Dynamics of US Net Foreign Liabilities 
  Giancarlo Corsetti, Panagiotis T Konstantinou IM 

• DP4921 - Why is Long-Horizon Equity Less Risky? A Duration-based Explanation of the Value Premium 
  Martin Lettau, Jessica Wachter FE

• DP4922 - Euler Equation Errors 
  Martin Lettau, Sydney Ludvigson FE

• DP4923 - International Financial Adjustment 
  Pierre-Olivier Gourinchas, Hélène Rey FE, IM

• DP4924 - Managerial Leverage is Limited By the Extent of the Market: Hierarchies, Specialization and the Utilization of Lawyers' Human Capital 
  Luis Garicano, Thomas Hubbard IO 

• DP4925 - Strategic Experimentation and Disruptive Technological Change 
  Fabiano Schivardi, Martin Schneider IO

• DP4926 - City Structure, Job Search and Labour Discrimination. Theory and Policy Implications 
  Harris Selod, Yves Zenou PP

• DP4927 - Job Security and Job Protection 
  Andrew E Clark, Fabien Postel-Vinay LE

• DP4928 - Je T'aime, Moi Non Plus: Bilateral Opinions and International Trade 
  Anne-Célia Disdier, Thierry Mayer IT

• DP4929 - Trade Protection and Industry Wage Structure inPoland 
  Chor-Ching Goh, Beata Smarzynska Javorcik IT 

• DP4930 - Asset Pricing Implications of Pareto Optimality with Private Information 
  Narayana Kocherlakota, Luigi Pistaferri FE

• DP4931 - Does Longevity Cause Growth? 
  Moshe Hazan, Hosny Zoabi PP

• DP4932 - The Corporate Governance of Defined-Benefit Pension Plans: Evidence from the United Kingdom 
  Joâo Francisco P.D. Cocco, Paolo Volpin FE

Week 13 February 2005

• DP4891 - Intermediation in Innovation 
  Heidrun C. Hoppe, Emre Ozdenoren IO 

• DP4892 - The Economics of Books 
  Marcel Canoy, Frederick van der Ploeg, Jan C van Ours  IO 

• DP4893 - Pricing Behaviour and the Introduction of the Euro: Evidence from a Panel of Restaurants 
  Eugenio Gaiotti, Francesco Lippi IM 

• DP4894 - Firms' Productivity Growth and R&D Spillovers: An Analysis of Alternative Technological Proximity Measures 
  Michele Cincera IO

• DP4897 - Back to Keynes? 
  Frederick van der Ploeg IM 

• DP4900 - Autopsy on an Empire: Understanding Mortality in Russia and the Former Soviet Union 
  Elizabeth Brainerd, David M Cutler  IEP

• DP4901 - Structuring and Restructuring Sovereign Debt: The Role of Seniority 
  Patrick Bolton, Olivier Jeanne IM 

• DP4903 - Foreign Direct Investment, Competitive Pressure and Spillovers. An Empirical Analysis of Spanish Firm Level Data 
  Alessandro Sembenelli, Georges Siotis IO, IT 

• DP4904 - The Demise of Investment Banking Partnerships: Theory and Evidence 
  Alan Morrison, William J Wilhelm Jr FE

• DP4905 - Entrepreneurship Capital - Determinants and Impact
  David B Audretsch, Max Keilbach IO

• DP4906 - Legal, Actual and Desirable Independence: A Case Study of the Bank of Israel 
  Alex Cukierman  IM, PP 

Week 6 February 2005

• DP 4886 - Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies 
  Viral V Acharya, Heitor Almeida, Murillo Campello FE

• DP4887 - Location Choice and Employment Decisions: A Comparison of German and Swedish Multinationals 
  Sascha O. Becker, Karolina Ekholm, Robert Jäckle, Marc-Andreas Muendler IT 

• DP4888 - The US Current Account and the Dollar 
  Olivier Blanchard, Francesco Giavazzi, Filipa Sa  FE, IM, IT

• DP4889 - Credit Crunch and Keynesian Contraction: Argentina in Crisis 
  Javier Garcia Fronti, Marcus Miller, Lei Zhang IM 

• DP4890 - Party Governance and Political Competition with an Application to the American Direct Primacy 
  Micael Castanheira, Benoît Crutzen, Nicolas Sahuguet PP

• DP4895 - Globalization and Disinflation: The Efficiency Channel 
  Prakash Loungani, Assaf Razin IM

• DP4896 - Rolling Back the Public Sector - Differential Effects on Unemployment, Investment and Growth 
  Frederick van der Ploeg IM

• DP4899 - Demand Reduction and Pre-emptive Bidding in Multi-Unit License Auctions 
  Jacob K. Goeree, Theo Offerman, Randolph Sloof IO 

Week 30 January 2005

• DP4865 - The Decline of Activist Stabilization Policy: Natural Rate Misperceptions, Learning and Expectations 
  Athanasios Orphanides, John C Williams IM 

• DP4866 - The Reform of October 1979: How it Happened and Why 
  David E Lindsey, Athanasios Orphanides, Robert H Rasche IM 

• DP4880 - Optimal Monetary Policy Rules, Asset Prices and Credit Frictions 
  Ester Faia, Tommaso Monacelli IM 

• DP4881 - Child Labour, Crop Shocks and Credit Constraints 
  Kathleen Beegle, Rajeev H Dehejia, Roberta Gatti LE, PP

• DP4882 - Retirement Expectations, Pension Reforms and Their Effect on Private Wealth Accumulation 
  Renata Bottazzi, Tullio Jappelli, Mario Padula IM 

• DP4883 - On the Community Patent 
  Steffen Hoernig IO

• DP4884 - Preferential Trade Agreements as Stumbling Blocks for Multilateral Trade Liberalization: Evidence for the US 
  Nuno Limao IT

• DP4885 - Experimental Evidence on the Persistence of Output and Inflation 
  Klaus Adam IM

Week 23 January 2005

• DP4862 - Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change 
  Harald Hau, Massimo Massa, Joël Peress IM 

• DP4864 - Policy-oriented Parties and the Choice Between Social and Private Insurance 
  Philippe De Donder, Jean Hindricks PP 

• DP4868 - Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard? 
  Klara Z Sabirianova Peter, Jan Svejnar, Katherine Terrell IEP 

• DP4870 - Relational Delegation 
  Ricardo Alonso, Niko Matouschek IO 

• DP4872 - A Multi-Country Approach to Factor-Proportions Trade and Trade Costs 
  James Markusen, Anthony J. Venables IT 

• DP4873 -  Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence 
  B Espen Eckbo, Karin S Thorburn FE

• DP4874 - Indeterminacy and Unemployment Fluctuations with Constant Returns to Scale in Production 
  Frédéric Dufourt, Teresa Lloyd-Braga, Leonor Modesto IM 

• DP4875 - Disenfranchisement in Linguistically Diverse Societies: The Case of the European Union 
  Victor Ginsburgh, Ignacio Ortuño-Ortín, Shlomo Weber PP

• DP4876 - How to Win Twice at an Auction: On the Incidence of Commissions in Auction Markets 
  Victor Ginsburgh, Patrick Legros, Nicolas Sahuguet IO

• DP4877 - Is Poland the Next Spain? 
  Francesco Caselli, Silvana Tenreyro IEP, IM 

• DP4878 - Benefits of Broad-based Option Pay 
  Roman Inderst, Holger M Müller FE

• DP4879 - The Effects of Globalization on Worker Training 
  Hans Gersbach, Armin Schmutzler IO 

Week 16 January 2005

• DP4852 - Wealth Accumulation and Portfolio Choice with Taxable and Tax-Deferred Accounts 
  Francisco J Gomes, Alexander Michaelides, Valery Polkovnichenko FE, IM

• DP4853 - Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence 
  Francisco J Gomes, Alexander Michaelides FE, IM

• DP4854 - Central Bank Forecasts and Disclosure Policy: Why it Pays to be Optimistic 
  Sylvester C W Eijffinger, Mewael F. Tesfaselassie IM

• DP4855 - World Finance and the US 'New Economy': Risk Sharing and Risk Exposure 
  Marcus Miller, Lei Zhang IM

• DP4856 - Pill, Patch or Shot? Subjective Expectations and Birth Control Choice 
  Adeline Delavande PP

• DP4857 - Does Distance Matter in Spillover? 
  Muraközy Balázs, László Halpern  IEP

• DP4858 - Firm-Specific Capital, Nominal Rigidities and the Business Cycle 
  David E Altig, Lawrence Christiano, Martin Eichenbaum, Jesper Lindé IM 

• DP4859 - Gains From Trade in Used Goods: Evidence from the Global Market for Automobiles 
  Sofronis Clerides IO

• DP4860 - Growth, Distance to Frontier and Composition of Human Capital 
  Philippe Aghion, Costas Meghir, Jérôme Vandenbussche IM

• DP4861 - Earnings Manipulation and Incentives in Firms 
  Guido Friebel, Sergei Guriev FE, IO

• DP4863 - The Evolution of Retirement 
  José Ignacio Conde-Ruiz, Vincenzo Galasso, Paola Profeta LE, PP

• DP4867 - Financial Markets and Wages 
  Claudio Michelacci, Vincenzo Quadrini IM, LE

• DP4869 - Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis 
  Balázs Égert, László Halpern IEP

• DP4871 - Privatization and Restructuring in Concentrated Markets 
  Pehr-Johan Norbäck, Lars Persson IO

Week 9 January 2005

• DP4827 - The Effects of Permanent Technology Shocks on Labour Productivity and Hours in the RBC Model 
  Jesper Lindé IM

• DP4830 The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time 
  Athanasios Orphanides, Simon van Norden IM

• DP4834 - Class and Tastes: The Effects of Income and Preference Heterogeneity on Redistribution 
  Raquel Fernández, Gilat Levy PP

• DP4835 - The Role of Asymmetries and Regime Shifts in the Term Structure of Interest Rates 
  Richard Clarida, Lucio Sarno, Mark P Taylor, Giorgio Valente IM

• DP4837 - Cultural Biases in Economic Exchange 
  Luigi Guiso, Paola Sapienza, Luigi Zingales FE, IT

• DP4838 - Trade-Inducing Quality Standards for Used Durables 
  Sofronis Clerides, Costas Hadjiyiannis IO, IT

• DP4839 - Do Foreign Investors Care About Labour Market Regulations? 
  Beata Smarzynska Javorcik, Mariana Spatareanu IT

• DP4841 - Playing it Safe with Low Conditional Fees versus Being Insured by High Contingent Fees 
  Winand Emons IO

• DP4842 - Estimating the Effects of Fiscal Policy in OECD Countries 
  Roberto Perotti IM

• DP4843 - The Macroeconomics of Subsistence Points 
  Morten O. Ravn, Stephanie Schmitt-Grohé, Martín Uribe IM

• DP4844 - Inflation Scares and Forecast-Based Monetary Policy 
  Athanasios Orphanides, John C Williams IM

• DP4845 - Granger Causality of the Inflation-Growth Mirror in Accession Countries 
  Max Gillman, Anton Nakov IM

• DP4846 - Economic Fluctuations in Central and Eastern Europe: The Facts 
  Péter Benczúr, Attila Rátfai IM

• DP4847 - Macroeconomic Asymmetry in the European Union: The Difference Between New and Old Members 
  Yuliya Demyanyk, Vadym Volosovych IM

• DP4849 - The Impact of Consumer Loss Aversion on Pricing 
  Paul Heidhues, Botond Köszegi IO

• DP4851 - Long run Effects of Public Sector Sponsored Training in West Germany 
  Michael Lechner, Ruth Miquel, Conny Wunsch LE

Week 2 January 2005

• DP4802 - Exchange Rate Volatility and Labour Markets in the CEE Countries 
  Ansgar Belke, Leo Kaas, Ralph Setzer IM 

• DP4807 - Endogenous Market Incompleteness with Investment Risks 
  Césaire A. Meh, Vincenzo Quadrini IM

• DP4808 - Bundling and the Unanimity Rule 
  Ulrich Erlenmaier, Hans Gersbach PP

• DP4811 - What We Don't Know About the Monetary Transmission Mechanism and Why We Don't Know It 
  Andreas Beyer, Roger E A Farmer IM 

• DP4813 - Can Buybacks Be A Product of Shorter Shareholder Horizons? 
  José-Miguel Gaspar, Massimo Massa, Pedro Verga Matos, Rajdeep Patgiri FE

• DP4817 - Advertising and Pricing at Multiple-Output Firms: Evidence from US Thrift Institutions 
  Robert DeYoung, Evren Örs FE

• DP4818 - Mutual Funds and the Market for Liquidity 
  Massimo Massa, Ludovic Phalippou FE

• DP4820 - Shareholder Diversification and IPOs 
  Andrij Bodnaruk, Eugene Kandel, Massimo Massa, Andrei Simonov FE

• DP4822 - Businessman Candidates: Special-Interest Politics in Weakly Institutionalized Environments 
  Scott Gehlbach, Konstantin Sonin IEP 

• DP4823 - What You Sell is What You Lend? Explaining Trade Credit Contracts 
  Mike Burkart, Tore Ellingsen, Mariassunta Giannetti FE 

• DP4824 - Are European Business Cycles Close Enough to be Just One? 
  Maximo Camacho, Gabriel Pérez-Quirós, Lorena Saiz IM 

• DP4825 -Shooting the Auctioneer 
  Roger E A Farmer IM 

• DP4826 - Globalization and Disinflation: A Note 
  Assaf Razin IM 

• DP4828 - Monetary Policy Uncertainty and the Stock Market 
  Alberto Locarno, Massimo Massa FE

• DP4829 - Limits of Arbitrage and Corporate Financial Policy 
  Massimo Massa, Urs Peyer, Zhenxu Tong FE

• DP4831 - Mergers with Product Market Risk 
  Albert Banal - Estanol, Marco Ottaviani IO 

• DP4832 - Liquidity Risk, Leverage and Long-Run IPO Returns 
  B Espen Eckbo, Øyvind Norli FE 

• DP4833 - The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence 
  B Espen Eckbo, Øyvind Norli FE

• DP4836 - Globalization and Union Opposition to Technological Change 
  Kjell Erik Lommerud, Frode Meland, Odd Rune Straume PP 

• DP4840 - Divide et Impera: Optimal Leniency Programmes 
  Giancarlo Spagnolo IO 

• DP4848 - On the Fit and Forecasting Performance of New Keynesian Models 
  Marco Del Negro, Frank Schorfheide, Frank Smets, Rafael Wouters IM

• DP4850 - Earnings Manipulation and Incentives in Firms 
  Guido Friebel, Sergei Guriev FE, IO