CEPR Discussion Papers - Antérieurs à 2005

2004

Week 19 December 2004 

• DP4797 - Bank Lending and Property Prices in Hong Kong 
  Stefan Gerlach, Peng Wensheng FE, IM 

• DP4804 - Natural Resources and Economic Growth: From Dependence to Diversification 
  Thorvaldur Gylfason IM 

• DP4806 - Macroeconomic Order Flows: Explaining Equity and Exchange Rate Returns 
  Peter Dunne, Harald Hau, Michael Moore FE, IM

• DP4809 - Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues 
  Bálzas Égert, László Halpern, Ronald MacDonald IEP 

• DP4810 - Large Devaluations and the Real Exchange Rate 
  Ariel Thomas Burstein, Martin Eichenbaum, Sérgio Rebelo IM 

• DP4812 - Idiosyncratic Volatility and Product Market Competition 
  José-Miguel Gaspar, Massimo Massa FE 

• DP4814 - Disposition Matters: Volume, Volatility and Price Impact of Behavioural Bias 
  William Goetzmann, Massimo Massa FE

• DP4815 - History versus Geography: The Role of College Interaction in Portfolio Choice and Stock Market Prices 
  Massimo Massa, Andrei Simonov E 

• DP4816 - Theft and Taxes 
  Mihir Desai, Alexander Dyck, Luigi Zingales FE, PP

• DP4819 - Dispersion of Opinion and Stock Returns 
  William Goetzmann, Massimo Massa FE 

• DP4821 - Passive Creditors 
  Koen Schoors, Konstantin Sonin IEP

Week 12 December 2004 

• DP4031 - Job Protection Laws and Agency Problems Under Asymmetric Information 
  Patrick Schmitz LE

• DP4780 - Anti-Dumping Duties and the Byrd Amendment 
  David R Collie, Hylke Vandenbussche IT 

• DP4781 - Intermediation by Aid Agencies 
  Colin Rowat, Paul Seabright IO, PP

• DP4782 - Welfare-Maximizing Operational Monetary and Tax Policy Rules 
  Robert Kollmann IM 

• DP4783 - The Missing Link: The Knowledge Filter and Entrepreneurship in Endogenous Growth 
  Zoltán J Acs, David B Audretsch, Pontus Braunerhjelm, Bo Carlsson IO

• DP4786 - Portfolio Diversification, Proximity Investment and City Agglomeration 
  William Goetzmann, Massimo Massa, Andrei Simonov FE 

• DP4787 - Mutual Fund Competition and Stock Market Liquidity 
  Massimo Massa FE 

• DP4788 - Favouritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization 
  José-Miguel Gaspar, Massimo Massa, Pedro Verga Matos FE 

• DP4789 - Hedging, Familiarity and Portfolio Choice 
  Massimo Massa, Andrei Simonov FE

• DP4790 - Monetary and Fiscal policy Interaction in the Euro Area with Different Assumptions on the PhillipsCurve  
  Peter Bofinger, Eric Mayer IM

• DP4791 - Does Privatization Raise Productivity? Evidence from Comprehensive Panel Data on Manufacturing Firms in Hungary, Romania, Russia and Ukraine 
  J David Brown, John S Earle IEP 

• DP4792 - Job Stability Trends, Layoffs and Transitions to Unemployment - An Empirical Analysis for West Germany 
  Annette Bergemann, Antje Mertens LE 

• DP4793 - When the Punishment Must Fit the Crime: Remarks on the Failure of Simple Penal Codes in Extensive-Form Games 
  George J. Mailath, Volker Nocke, Lucy White IO

• DP4794 - Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital 
  Laura Bottazzi, Marco Da Rin, Thomas F Hellmann FE, IM

• DP4795 - Languages in the EU: The Quest for Equality and Its Cost 
  Jan Fidrmuc, Victor Ginsburgh IEP

• DP4796  - Measuring Trend Output: How Useful Are the Great Ratios? 
  Clifford Attfield, Jonathan Temple IM 

• DP4798 - Risk Shifting, Technology Policy and Sales Contingent Claims: When is Launch Aid to the Aerospace Industry A Subsidy? 
  Kim Kaivanto, Paul Stoneman FE, IO 

• DP4799 - The Welfare Cost of Business Cycles in an Economy with Non-Clearing Markets 
  Franck Portier, Luis Puch IM 

• DP4800 - Growth and Epidemic Diseases 
  Clive Bell, Hans Gersbach IEP, IM 

• DP4803 - The Mystery of Monogamy 
  Eric D Gould, Omer Moav, Avi Simhon IM, LE 

• DP4805 - Robust Monetary Policy in the New-Keynesian Framework 
  Kai Laitemo, Ulf Söderström IM 

Week 5 December 2004 

• DP4773 - Disability Testing and Retirement 
  Helmuth Cremer, Jean-Marie Lozachmeur, Pierre Pestieau  PP

• DP4774 - Retirement Age and Health Expenditures 
  Helmuth Cremer, Jean-Marie Lozachmeur, Pierre Pestieau PP 

• DP4775 - Interest Rate Setting by the ECB: Words and Deeds 
  Stefan Gerlach IM 

• DP4776 - Intra-Household Allocation and the Living Standards of the Elderly in Greece 
  Amanda Gosling, Eleni Karagiannaki LE 

• P4777 - Dictators and Their Viziers: Agency Problems in Dictatorships 
  George Egorov, Konstantin Sonin IEP 

• DP4778 - Too Many to Fail - An Analysis of Time Inconsistency in Bank Closure Policies 
  Viral V Acharya, Tanju Yorulmazer FE 

• DP4779 - The European Bond Markets Under EMU 
  Marco Pagano, Ernst-Ludwig von Thadden FE 

• DP4784 - R&D Policies, Trade and Process Innovation 
  Jan I. Haaland, Hans Jarle Kind  IT 

• DP4785 - Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off 
  José-Miguel Gaspar, Massimo Massa FE 

Week 28 November 2004 

• DP4763 - Structural Change in a Multi-Sector Model of Growth 
  Liwa Rachel Ngai, Christopher Pissarides IM 

• DP4764 - Optimal Taxation in an RBC Model: A Linear-Quadratic Approach 
  Pierpaolo Benigno, Michael Woodford IM 

• DP4765 - Turbulence and Unemployment in a Job Matching Model 
  Wouter Den Haan, Christian Haefke, Gary Ramey IM

• DP4766 - Caution or Activism? Monetary Policy Strategies in an Open Economy 
  Martin Ellison, Lucio Sarno, Jouko Vilmunen  IM

• DP4767 - Industrial Policy for the Twenty-First Century 
  Dani Rodrik IT, PP 

• DP4768 - On the Role of Arbitrageurs in Rational Markets 
  Suleyman Basak, Benjamin Croitoru FE 

• DP4769 - The Coordinated Effects of Mergers in Differentiated Products Markets 
  Kai-Uwe Kühn IO

• DP4770 - Economic and Regulatory Capital: What is the Difference? 
  Abel Elizalde, Rafael Repullo FE

• DP4771 - Content and Advertising in the Media: Pay-TV versus Free-To-Air 
  Martin Peitz, Tommaso Valletti IO 

• DP4772 - Financial Globalization, Growth and Volatility in Developing Countries 
  Ayhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei  IEP, IM, IT 

Week 21 November 2004 

• DP4751 - A Time-Frequency Analysis of the Coherences of the US Business Cycle and the European Business Cycle 
  Andrew Hughes Hallett, Christian Richter IM 

• DP4753 - Dynamic Security Design 
  Bruno Biais, Thomas Mariotti, Guillaume Plantin, Jean Charles Rochet FE 

• DP4754 - Self-Employment Dynamics Across the Business Cycle: Migrants vs Natives 
  Amelie Constant, Klaus F Zimmermann LE

• DP4755 - Liquidity Risk and Corporate Demand for Hedging and Insurance 
  Jean Charles Rochet, Stéphane Villeneuve FE

• DP4756 -Economic Theories of Bundling and their Policy Implications in Abuse Cases: An Assessment in Light of the Microsoft Case 
  Cristina Caffarra, Kai-Uwe Kühn, Robert Stillman IO 

• DP4757 - Capital Structure under Imperfect Enforcement 
  Hans K Hvide, Tore Leite FE 

• DP4758 - Verified Trust: Reciprocity, Altruism and Noise in Trust Games 
  Marius Brülhart, Jean-Claude Usunier LE, PP 

• DP4759 - What Do Deficits Tell us About Debts? Empirical Evidence on Creative Accounting with Fiscal Rules in the EU 
  Jürgen von Hagen, Guntram Wolff PP 

• DP4760 - Do Markets Favour Women's Human Capital More Than Planners? 
  Daniel Münich, Jan Svejnar, Katherine Terrell IEP, LE 

• DP4761 - Financial Market Development and the Rise in Firm Level Uncertainty 
  David Thesmar, Mathias Thoenig LE 

• DP4762 - Strong Contagion with Weak Spillovers 
  Martin Ellison, Liam Graham, Jouko Vilmunen IM 

Week 14 November 2004 

• DP4735 Financial Intermediation with Contingent Contracts and Macroeconomic Risks 
  Hans Gersbach FE, IO 

• DP4741 - Inequality, Technology and the Social Contract 
  Roland Benabou IM, PP

• DP4745 - Financial Globalization and Exchange Rates 
  Philip R. Lane, Gian Maria Milesi-Ferretti IM 

• DP4746 -International Risk Sharing and the Transmission of Productivity Shocks 
  Giancarlo Corsetti, Luca Dedola, Sylvain Leduc  IM 

• DP4747 - Does it Cost to be Virtuous? The Macroeconomic Effect of Fiscal Constraints 
  Fabio Canova, Evi Pappa IM 

• DP4748 - School Choice and Quality 
  Daniele Checchi, Tullio Jappelli IM 

• DP4749 - Forecasting with a Bayesian DSGE Model: An Application to the Euro Area 
  Frank Smets, Rafael Wouters IM

• DP4750 - Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach 
  Frank Smets, Rafael Wouters IM 

• DP4752 - The Rise of Fund Managers in Foreign Exchange 
  Thomas Gehrig, Lukas Menkhoff FE 

Week 7 November 2004 

• DP4695 - Competition, Globalization and the Decline of Inflation 
  Natalie Chen, Jean Imbs, Andrew Scott IM, IT 

• DP4736 - Public Safety and the Moral Dilemma in the Defense Against Terror 
  Raphael Franck, Arye L. Hillman, Miriam Krausz PP

• DP4737 - Citizenship Laws and International Migration in Historical Perspective 
  Graziella Bertocchi, Chiara Strozzi IM, PP, EH

• DP4738 - Growth, History and Institutions 
  Graziella Bertocchi IM, PP, EH

• DP4739 - Inequality and Institutions 
  Alberto Chong, Mark Gradstein IEP,PP 

• DP4740 - Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State 
  Pierpaolo Benigno, Michael Woodford IM 

• DP4742 - Complementarities and Games: New Developments
  Xavier Vives IO 

• DP4743 - Equilibrium Search Unemployment With Explicit Spatial Frictions 
  Etienne Wasmer, Yves Zenou LE

• DP4744 - Intergenerational Education Transmission: Neighbourhood Quality and/or Parents' Involvement 
  Eleonora Patacchini, Yves Zenou PP

Week 31 October 2004 

• DP4685 - Industry/University S&T Transfers: What Can We Learn From Belgian CIS-2 Data? 
  Henri Capron, Michele Cincera IO 

• DP4723 - Distance to the Efficiency Frontier and FDI Spillovers 
  Klara Z Sabirianova Peter, Jan Svejnar, Katherine Terrell,  IEP,IO 

• DP4724 - Bank Loan Components and the Time-Varying Effects of Monetary Policy Shocks 
  Wouter Den Haan, Steven Sumner, Guy Yamashiro IM 

• DP4725 - Banks' Loan Portfolio and the Monetary Transmission Mechanism 
  Wouter Den Haan, Steven Sumner, Guy Yamashiro IM 

• DP4726 - Convergence and Cycles in the Euro Zone 
  Vasco M Carvalho, Andrew Harvey IM 

• DP4727 -Policies for Banking Crises: A Theoretical Framework 
  Rafael Repullo FE

• DP4728 - Two Views of Inequality Over the Life-Cycle 
  Jonathan Heathcote, Kjetil Storesletten, Giovanni L Violante LE 

• DP4729 - A Variance Ratio Related Prediction Tool with Application to the NYSE Index 1825-2002 
  Shmuel Kandel, Shlomo Zilca FE

• DP4730 - The Elusive Welfare Economics of Price Stability As A Monetary Policy Objective: Should New Keynesian Central Bankers Persue Price Stability 
  Willem H Buiter IM 

• DP4731 - On the Optimal Timing of Taxes 
  John Hassler, Per Krusell, Kjetil Storesletten, Fabrizio Zilibotti IM, LE, PP 

• DP4732 - Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks 
  Assaf Razin, Yona Rubinstein, Efraim Sadka IM

• DP4733 - Balance of Power 
  Jan Boone IO

• DP4734 - Properties of Scoring Auctions 
  John Asker, Estelle Cantillon IO 

Week 24 October 2004 

• A Portfolio Choice Model with Utility from Anticipation of Future Consumption and Stock Markets' Mean Reversion 
  Shmuel Kandel, Arik Kuznitz FE

• DP4717 - Resolution of Sovereign Debt Crises: The New Old Framework 
  Richard Portes IM 

• DP4718 - Asset Pricing with Liquidity Risk 
  Viral V Acharya, Lasse Heje Pedersen FE 

• DP4719 - Fear of Outsourcing: Is It Justified? 
  Mary Amiti, Shang-Jin Wei IT 

• DP4720 - EU Enlargement and Beyond: A Simulation Study on EU and Russia Integration 
  Pekka Sulamaa, Mika Widgrén IT 

• DP4721 - Is There Regional Tax Competition? Firm Level Evidence for Belgium 
  Karen Crabbé, Boudewijn Janssen, Hylke Vandenbussche IT 

• DP4722 - Dividend Taxes and Corporate Behaviour: Evidence from the 2003 Dividend Tax Cut 
  Raj Chetty, Emmanuel Saez PP 

Week 17 October 2004 

• DP4657 - Platform Ownership 
  Volker Nocke, Martin Peitz, Konrad O. Stahl  IO 

• DP4659 - Platform Competition in Telecommunications 
  Jeffrey Church, Neil Gandal IO 

• DP4661 - Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries 
  Silvia Ardagna, Francesco Caselli, Timothy Lane IM

• DP4676 - Monetary and Exchange Rate Policy in Korea: Assessments and Policy Issues 
  Barry Eichengreen IM 

• DP4677 - Domestic and International Finance: How Do They Affect Consumption Smoothing? 
  Harry Huizinga, Dantao Zhu IM 

• DP4678 - Creating Competition Out of Thin Air: Market Thickening and Right-to-Choose Auctions 
  Kfir Eliaz, Theo Offerman, Andrew Schotter IO

• DP4683 - The Politics Of Debt Crises 
  Caroline Van Rijckeghem, Beatrice Weder IM 

• DP4688 - Hold-Up Problems and Firm Formation 
  Hans Gersbach, Hans Haller  IO 

• DP4689 - Employment Concentration Across US Counties 
  Klaus Desmet, Marcel Fafchamps IT 

• IP4690 -Tariff Protection, Intellectual Property Rights and North-South Trade with Perfect Price Flexibility 
  Delia Ionascu, Kresimir Zigic IT 

• DP4691- Foreign Ownership and Productivity: New Evidence from the Service Sector and the R&D Lab 
  Rachel Griffith, Stephen Redding, Helen Simpson IT 

• DP4692 - Policies Facilitating Firm Adjustment to Globalization 
  Bernard Hoekman, Beata Smarzynska Javorcik IT 

• DP4693 - International Cooperation on Domestic Policies: Lessons from the WTO Competition Policy Debate 
  Bernard Hoekman, Kamal Saggi IT 

• DP4694 - Dismantling Discrimination Against Developing Countries: Access, Rules and Differential Treatment
  Bernard Hoekman IT 

• DP4696 - Monetary Magic? How the Fed Improved the Flexibility of the Economy 
  Tamim Bayoumi, Silvia Sgherri IM 

• DP4697 - Financial Globalization, International Business Cycles and Consumption Risk Sharing 
  Michael J Artis, Mathias Hoffmann IM

• DP 4698 - How Special is the Special Relationship? Using the Impact of US R&D Spillovers on UK Firms as a Test of Technology Sourcing 
  Rachel Griffith, Rupert Harrison, John Van Reenen IO 

• DP4699 - Socially Responsible Trade Integration: A Political Economy Perspective 
  Thierry Verdier IT 

• DP4700 - Optimal Domestic Regulation and the Pattern of Trade 
  David Martimort, Thierry Verdier IT 

• DP4702 - Joint Production in Teams 
  Marco Battaglini IO 

• DP4703 - Accounting for Cross-Country Income Differences 
  Francesco Caselli IM

• DP4704 - Optimal Rewards in Contests 
  Chen Cohen, Todd Kaplan, Aner Sela IO 

• DP4705 - Changes in the Distribution of Male and Female Wages Accounting for Employment Composition Using Bounds 
  Richard William Blundell, Amanda Gosling, Hidehiko Ichimura, Costas Meghir LE 

• DP4706 - Is There a Political Support for the Double Burden on Prolonged Activity? 
  Georges Casamatta, Helmuth Cremer, Pierre Pestieau  PP

• DP4707 - Effective Active Labour Market Policies 
  Jan Boone, Jan C van Ours LE 

• DP4708 - Intermittent Employment: Work Histories of Israeli Men and Women, 1983-1995 
  Shoshana Neuman, Adrian Ziderman LE 

• DP4709 - Wage Differentials in the 1990s in Israel: Endowments, Discrimination and Selectivity 
  Shoshana Neuman, Ronald L Oaxaca LE

• DP4710 -The Macroeconomics of Knowledge Management: Internal Hold-Up versus Technological Competition 
  Mathias Thoenig, Thierry Verdier IO, LE 

• DP4711 - Cross-Skill Redistribution and the Trade-Off  Between Unemployment Benefits and Employment Protection 
  Tito Boeri, José Ignacio Conde-Ruiz, Vincenzo Galasso  LE, PP 

• DP4712 - Welfare Effects of Intellectual Property in a North-South Model of Endogenous Growth with Comparative Advantage 
  Gilles Saint-Paul IM 

• DP4713 - To What Extent Should Less-Developed Countries Enforce Intellectual Property? 
  Gilles Saint-Paul IM 

• DP4714 - The Demographic Transition and the Emergence of Sustained Economic Growth 
  Oded Galor  IM

• DP4715 - Agglomeration and Welfare: The Core-Periphery Model in the Light of Bentham, Kaldor and Rawls 
  Sylvie Charlot, Carl Gaigné, Frédéric Robert-Nicoud, Jacques-François Thisse IT, PP 

• DP4716 - Earnings, Schooling and Economic Reform: New Econometric Evidence 
  Nauro F Campos, Dean Jolliffe IEP, LE

Week 10 October 2004 

• DP4621 - Is There Policy Induced Quality Reversal in Intra-Industry Trade Between Developed and Less-Developed Countries? 
  Michael Kúnin, Kresimir Zigic IO, IT 

• DP4625 - Designing Antitrust Rules for Assessing Unilateral Practices: A Neo-Chicago Approach 
  David S Evans, Atilano Jorge Padilla IO 

• DP4626 - Excessive Prices: Using Economics to Define Administrable Legal Rules 
  David S Evans, Atilano Jorge Padilla IO 

• DP4637 - Measurement Error in Education and Growth Regressions 
  Rob Alessie, Miguel Portela, Coen N Teulings LE 

• DP4642 - External Currency Pricing and the East Asian Crisis
  David Cook, Michael B Devereux IM 

• DP4653 - Rule of Law, Democracy, Openness and Income: Estimating the Interrelationships 
  Roberto Rigobon, Dani Rodrik PP 

• DP4654 - Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the US Business Cycle 
  Stephanie Schmitt-Grohé, Martin Uribe IM 

• DP4655 - Personal Value Priorities of Economists 
  Neil Gandal, Sonia Roccas, Lilach Sagiv, Amy Wrzesniewski  PP 

• DP4656 - Optimal Expectation 
  Markus K Brunnermeier, Jonathan A Parker FE, IM

• DP4658 - Intellectual Property and Standardization Committee Participation in the US Modem Industry 
  Neil Gandal, Nataly Gantman, David Genesove IO 

• DP4660 - Foreign Direct Investment and Spillovers: Gradualism May Be Better 
  Klaus Desmet, Juan A Rojas IT 

• DP4662 - Anatomy of the Rise and Fall of a Price-Fixing Conspiracy: Auctions at Sotheby's and Christie's 
  Orley C Ashenfelter, Kathryn Graddy IO 

• DP4663 - International Cooperation and the Reform of Public Procurement Policies 
  Simon J Evenett, Bernard Hoekman IT 

• DP4664 - Do Elections Always Motivate Incumbents? Learning versus Re-election Concerns 
  Eric Le Borgne, Ben Lockwood PP

• DP4665 - Trade Liberalization in a Globalizing World 
  Riccardo Faini IT 

• DP4666 - Who Runs the IFIs? 
  Riccardo Faini, Enzo Grilli IT 

• DP4667 - Information Sales and Insider Trading 
  Giovanni Cespa FE 

• DP4668-Diamonds are Forever, Wars are Not: Is Conflict Bad for Private Firms? 
  Massimo Guidolin, Eliana La Ferrara PP

• DP4669 - Import Demand Elasticities and Trade Distortions 
  Hiau Looi Kee, Alessandro Nicita, Marcelo Olarreaga IT 

• DP4670 - Political Institutions, Environmental Policy and Growth 
  Laura Marsiliani, Thomas I Renström PP

• DP4671 - Destination- versus Origin-based Commodity Taxation and the Location of Industry 
  Kristian Behrens, Jonathan Hamilton, Gianmarco I P Ottaviano, Jacques-François Thisse IT, PP

• DP4672 - Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance 
  Hedva Ber, Yishay Yafeh FE 

• DP4673 - Equilibrium of Real Financial Markets: Theory and Experimental Evidence 
  Peter Bossaerts FE 

• DP4674 - The Comovement of Credit Default Swap, Bond and Stock Markets: An Empirical Analysis 
  Lars Norden, Martin Weber FE 

• DP4680 - The Brain Drain: Some Evidence from European Expatriates in the US 
  Gilles Saint-Paul LE 

• DP4681 - Do Firms Want to Borrow More? Testing Credit Constraints Using a Directed Lending Program 
  Abhijit Banerjee, Esther Duflo PP

• DP4682 - The Political Economy of Urban Transport System Choice 
  Jan Brueckner, Harris Selod PP 

• DP4684 - Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk 
  Robert P Flood, Andrew K Rose FE, IM 

Week 3 October 2004 

• DP4602 - Heterogeneous Firms, Agglomeration and Economic Geography: Selection and Sorting 
  Richard Baldwin, Toshihiro Okubo IT 

• DP4619 - Voice of the Diaspora: An Analysis of Migrant Voting Behaviour 
  Orla Doyle, Jan Fidrmuc IEP, TE 

• DP4624 - Household Inequality, Welfare and the Setting of Trade Policy 
  Joseph Francois, H. Rojas-Romagosa IT 

• DP4634 - The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity: A Comment 
  Richard Baldwin, Frédéric Robert-Nicoud IT 

• DP4636 - Forecasting Time Series Subject to Multiple Structural Breaks 
  M Hashem Pesaran, Davide Pettenuzzo, Allan G Timmermann FE 

• DP4638 - The Dynamics of City Formation: Finance and Governance 
  J Vernon Henderson, Anthony J. Venables IT 

• DP4639 -Predatory Trading 
  Markus K Brunnermeier, Lasse Heje Pedersen FE 

• DP4643 - Innovative (Imitative) Effort and Tariffs in Developing Countries: Policy Implications of Different Market Conducts, Government Commitment Levels, and Information (A)symmetries 
  Delia Ionascu, Kresimir Zigic IT 

• DP4644 - Population Ageing and International Capital Flows 
  David Domeij, Martin Flodén IM 

• DP4645 - Term Structure of Risk Under Alternative Econometric Specifications 
  Massimo Guidolin, Allan G Timmermann FE 

• DP4646 - Estimates of Personal Sector Wealth for South Africa 
  Janine Aron, John Muellbauer IM

• DP4647 - Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU 
  Sylvester C W Eijffinger, Matteo Governatori IM 

• DP4648 - Corporate Social Responsibility and Managerial Entrenchment 
  Giovanni Cespa, Giacinta Cestone FE 

• DP4649 - Optimal Forecast Combination Under Regime Switching 
  Graham Elliott, Allan G Timmermann IM 

• DP4651 - Money Market Pressure and the Determinants of Banking Crises 
  Tai-Kuang Ho, Jürgen von Hagen IM 

Week 26 September 2004 

• DP4533 - Interpolation and Backdating with A Large Information Set 
  Elena Angelini, Jérôme Henry, Massimiliano Marcellino IM 

• DP4534 - Similarities and Convergence in G7 Cycles 
  Fabio Canova, Matteo Ciccarelli, Eva Ortega IM

• DP4535 - Has the Transmission Mechanism of Euro Monetary Policy Changed in the Run-Up to EMU? 
  Matteo Ciccarelli, Alessandro Rebucci IM 

• DP4536 - Small Sample Confidence Intervals for Multivariate Impulse Response Functions at Long Horizons 
  Elena Pesavento, Barbara Rossi IM

• DP4537 - What Does A Technology Shock Do? A VAR Analysis with Model-based Sign Restrictions 
  Luca Dedola, Stefano Neri IM 

• DP4603 - Estimating the Return to Training and Occupational Experience: The Case of Female Immigrants 
  Sarit Cohen-Goldner, Zvi Eckstein LE 

• DP4608 - The Employment Effects of Severance Payments with Wage Rigidities 
  Pietro Garibaldi, Giovanni L Violante LE 

• DP4610 - The Feldstein-Horioka Fact 
  Domenico Giannone, Michele Lenza 

• DP4623 - Designing Democracies for Sustainability 
  Hans Gersbach, Tobias Kleinschmidt PP

• DP4629 - Mass Migration to Israel and Natives' Transitions from Employment 
  Sarit Cohen-Goldner, Daniele Paserman LE 

• DP4630 - Regional Policy, Integration and the Location of Industry in a Multiregion Framework 
  Rikard Forslid IT 

• DP4635 - Trade Liberalization with Heterogenous Firms 
  Richard Baldwin, Rikard Forslid IT 

• DP4640 - The Dynamic Impact of Immigration on Natives' Labour Market Outcomes: Evidence from Israel 
  Sarit Cohen-Goldner, Daniele Paserman LE 

• DP4641- Competition and Incentives with Motivated Agents 
  Timothy Besley, Maitreesh Ghatak PP 

• DP4650 - Model-based Clustering of Multiple Time Series 
  Sylvia Frühwirth-Schnatter, Sylvia Kaufmann IM 

• DP4652 - The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G-7 
  Michael J Artis, Denise Osborn, Pedro Perez-Vazquez  IM 

Week 19 September 2004 

• DP4605 - A Theory of Wages and Labour Demand with Intra-firm Bargaining and Matching Frictions 
  Pierre Cahuc, Etienne Wasmer LE 

• DP4611 - Neighbourhoods, Households and Income Dynamics: A Semi-Parametric Investigation of Neighbourhood Effects 
  Anne Bolster, Simon Burgess, Ron Johnston, Kelvyn Jones, Carol Propper, Rebecca Sarker LE, PP 

• DP4612 - Do Retail Incentives Work in Privatizations? 
  Matti Keloharju, Samuli Knüpfer, Sami Torstila  FE 

• DP4613 - A Rational Expectations Theory of the Kink in Earnings Reports 
  Ilan Guttman, Ohad Kadan, Eugene Kandel FE 

• DP4614 - A Flexible Economy? Entrepreneurship and Productivity in New Zealand 
  John McMillan IO, PP

• DP4616 - Ethnic Networks and International Trade 
  Gil S Epstein, Ira Gang LE 

• DP4617 - The Influence of Others on Migration Plans 
  Gil S Epstein, Ira Gang  LE 

• DP4618 - Price Dispersion and Consumer Reservation Prices 
  Simon P Anderson, André de Palma IO 

• DP4620 - Antidumping Protection and Productivity Growth of Domestic Firms 
  Jozef Konings, Hylke Vandenbussche IT 

• DP4622 - Comparative Advantage and Heterogenous Firms 
  Andrew Bernard, Stephen Redding, Peter Schott IT 

• DP4627 - Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment 
  Marlene Amstad, Andreas M Fischer IM 

• DP4628 - When Can Changes in Expectations Cause Business Cycle Fluctuations in Neo-Classical Settings? 
  Paul Beaudry, Franck Portier IM 

• DP4631 - Wealth Concentration in a Developing Economy: Paris and France, 1807-1994 
  Thomas Piketty, Gilles Postel-Vinay, Jean Laurent Rosenthal PP EH 

• DP4632 - Top Indian Incomes, 1922-2000 
  Abhijit Banerjee, Thomas Piketty PP EH

• DP4633 - Incentives and Prosocial Behaviour 
  Roland Bénabou, Jean Tirole IO, PP

Week 12 September 2004 

• DP4589 - Competition, Incomplete Discrimination and Versioning 
  Khaled Diaw, Jérôme Pouyet IO

• DP4598 - Cities, Matching and the Productivity Gains of Agglomeration 
  Fredrik Andersson, Simon Burgess, Julia Lane LE

• DP4599 -  Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank
   Olivier Jeanne, Lars E O Svensson IM

• DP4600 - The 'Genome' of NEG Models with Vertical Linkages: A Positive and Normative Synthesis 
  Gianmarco I P Ottaviano, Frédéric Robert-Nicoud IT, PP

• DP4601 - Determinants of International Activity: Evidence from the Chemical Industry 
  Andrea Fosfuri IT

• DP4604 - Jewish Occupational Selection: Education, Restrictions or Minorities? 
  Maristella Botticini, Zvi Eckstein LE

• DP4606 - Is Seniority-Based Pay Used as a Motivation Device? Evidence from Plant Level Data 
  Alberto Bayo-Moriones, José Enrique Galdón Sánchez, Maia Güell LE

• DP4607 - Do Larger Severance Payments Increase Individual Job Duration? 
  Pietro Garibaldi, Lia Pacelli LE

• DP4609 - Pseudo Market Timing: Fact or Fiction? 
  Magnus Dahlquist, Frank de Jong FE

• DP4615 - Towards a Lender of First Resort 
  Daniel Cohen, Richard Portes IM

Week 5 September 2004 

• DP4210 - Viable Taxation 
  Carlo Perroni, Kimberley Ann Scharf  PP 

• DP4581 - From Stagnation to Growth: Unified Growth Theory 
  Oded Galor IM 

• DP4584 - Forecasting (and Explaining) US Business Cycles 
  John Muellbauer, Luca Nunziata IM 

• DP4588 - The 3-Equation New Keynesian Model: A Graphical Exposition 
  Wendy Carlin, David Soskice IM 

• DP4590 - Bilateral Market Power and Vertical Integration in the Spanish Electricity Spot Market 
  Kai-Uwe Kühn, Matilde Machado IO 

• DP4591- The Role of Risk Aversion in Predicting Individual Behaviours 
  Luigi Guiso, Monica Paiella FE, IM 

• DP4592 - The Challenge of Reducing Subsidies and Trade Barriers 
  Kym Anderson IT 

• DP4593 - Vertical versus Horizontal Tax Externalities: An Empirical Test 
  Marius Brülhart, Mario Jametti PP 

• DP4594 - Optimal Monetary Policy with Imperfect Common Knowledge 
  Klaus Adam IM 

• DP4595 - International Trade and Macroeconomic Dynamics with Heteroegenous Firms 
  Fabio Ghironi, Marc J Melitz IM, IT 

• DP4596 - Labour Productivity in the US and the UK During the 19th Century 
  Stephen N Broadberry, Douglas Irwin IM 

• DP4597 - Explaining Anglo-German Productivity Differences in Services Since 1870 
  Stephen N Broadberry  IM 

Week 29 August 2004 

• DP4441 - Economic Integration and Agglomeration in a Middle Product Economy 
  Shin-Kun Peng, Jacques-François Thisse, Ping Wang  IT 

• DP4525 - Exclusive Contracts, Loss to Delay and Incentives to Invest 
  Christian Groh, Giancarlo Spagnolo  IO

• DP4540 - Contract Renewal and Incentives in Public Procurement 
  Dag Morten Dalen, Espen R Moen, Christian Riis  IO, PP 

• DP4575 - Endogenous Fertility Policy 
  Alison L Booth, Facundo Sepulveda PP 

• DP4576 - Interregional Redistribution and Mobility in Federations: A Positive Approach 
  Nico Hansen, Anke Kessler PP 

• DP4580 - Firm-Specific Training 
  Leonardo Felli, Christopher J Harris LE 

• DP4582 - Time Consistent Public Expenditures 
  Paul Klein, Per Krusell, José-Víctor Ríos-Rull PP 

• DP4583 -Exchange Rates and Inflation Under EMU: An Update 
  Patrick Honohan, Philip R. Lane IM 

• DP4585 - Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates 
  Klaus Adam, Roberto M Billi IM

• DP4586 - An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates 
  Francis Breedon, Paolo Vitale 

• DP4587 - Federal Funds Rate Prediction 
  Lucio Sarno, Daniel L Thornton, Giorgio Valente IM 

Week 22 August 2004 

• DP4440 - Trade Costs versus Urban Costs 
  Jean Cavailhès, Carl Gaigné, Jacques-François Thisse IT 

• DP4539 -Poverty Persistence in Sweden 
  Jörgen Hansen, Roger Wahlberg LE 

• DP4542 - Health Care Quality and Economic Inequality 
  Tullio Jappelli, Luigi Pistaferri, Guglielmo Weber IM 

• DP4567 - Trust and Bribery: The Role of the Quid Pro Quo and the Link With Crime 
  Jennifer Hunt  PP 

• DP4568 - Pricing to Firm: An Analysis of Firm- and Product-Level Import Prices 
  László Halpern, Miklós Koren IM, TE 

• DP4569 - The Effects of Structural Reforms on Productivity- and Profitability-Enhancing Reallocation: Evidence from Colombia 
  Marcela Eslava, John C Haltiwanger Jr, Adriana Kugler, Maurice Kugler LE 

• DP4571 - The Severity of the Colombian Conflict: Cross-Country Dataset versus New Micro Data 
  Jorge Restrepo, Michael Spagat, Juan F Vargas PP 

• DP4572 - The Organization of Delegated Expertise 
  Denis Gromb, David Martimort IO 

• DP4573 - Contracting with Diversely Naive Agents 
  Kfir Eliaz, Ran Spiegler  IO 

• DP4574 - Price Competition in a Differentiated Products Duopoly Under Network Effects 
  Krina Griva, Nikolaos Vettas IO 

• DP4577 - Does Microsoft Stifle Innovation? Dominant Firms, Imitation and R&D Incentives 
  Luís M B Cabral, Ben Polak IO 

• DP4578 - Telecommunications Policies: Determinants and Impact 
  Jordi Gual, Francesco Trillas IO 

Week 15 August 2004 

• DP4505 - Does Staying out of the European Integration Process Shelter the Industrial Base of Small Countries? 
  Rikard Forslid IT 

• DP4510 - Purchasing Power Parity and the Euro Area 
  Kees Koedijk, Ben Tims, Mathijs A Van Dijk IM

• DP4511 - Performance Pay and Adverse Selection 
  Espen R Moen, Asa Rosen LE

• DP4526 - Trade Standards and the Political Economy of Genetically Modified Food 
  Kym Anderson, Richard Damania, Lee Ann Jackson IT

• DP4530 - A Guided Tour of the Market Microstructure Approach to Exchange Rate Determination 
  Paolo Vitale IM 

• DP4531 - Monetary Policy in an Estimated Open-Economy Model with Imperfect Pass-Through 
  Jesper Lindé, Marianne Nessen, Ulf Söderström IM 

• DP4532 - Conditional versus Contingent Fees 
  Winand Emons IO

• DP4538 - Growth Accelerations 
  Ricardo Hausmann, Lant Pritchett, Dani Rodrik IM, IT, PP 

• DP4541 - Sectoral Regulators and the Competition Authority: Which Relationship is Best? 
  Pedro Pita Barros, Steffen Hoernig IO 

• DP4543 - The Impact of Competition on Bank Orientation and Specialization 
  Hans Degryse, Steven Ongena FE 

• DP4566 - Measuring Tax Efficiency: A Tax Optimality Index 
  Pascalis Raimondos-Møller, Alan D Woodland PP

• DP4570 - The Colombian Conflict: Uribe's First 17 Months 
  Jorge Restrepo, Michael Spagat PP 

• DP4579 - Economic and Political Liberalizations 
  Francesco Giavazzi, Guido Tabellini  IM, PP

Week 8 August 2004 

• DP4492 - Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard 1874-1913 
  Eugene Canjels, Gauri Prakash-Canjels, Alan M Taylor IM 

• DP4502 - Bigger and Better: A Dynamic Regulatory Mechanism for Optimum Quality 
  Gianni De Fraja, Alberto Iozzi IO 

• DP4503 - Efficiency Wages Revisited: The Internal Reference Perspective 
  Jean-Pierre Danthine, Andre Kurmann IM 

• DP4512 - Distrust - The Hidden Cost of Control 
  Armin Falk, Michael Kosfeld LE 

• DP4514 - A General Test of Gaming Pascal Courty 
  Gerald Marschke IO, LE 

• DP4516 -Interest Rate Determination in the Interbank Market 
  Vítor Gaspar, Gabriel Pérez-Quirós, Hugo Rodriguez FE, IM 

• DP4517 - Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows and Exchange Rates? 
  Harald Hau, Hélène Rey FE, IM 

• DP4518 - The Term Structure of Real Rates and Expected Inflation 
  Andrew Ang, Geert Bekaert FE

• DP4522 - Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data? 
  Jordi Galí, Pau Rabanal IM 

• DP4527 - Spatial Determinants of Productivity: Analysis for the Regions of Great Britain 
  Patricia Rice, Anthony J. Venables IT

• DP4528 - Deflationary Bubbles 
  Willem H Buiter, Anne Sibert IM 

• DP4529 - Price Clustering in the FX Market: A Disaggregate Analysis Using Central Bank Intervention 
  Andreas M Fischer IM 

Week 1 August 2004 

• DP4490 - GM Food Crop Technology: Implications For Sub-Saharan Africa 
  Kym Anderson, Lee Ann Jackson IT 

• DP4494 - Productivity, Tradability and the Long-Run Price Puzzle 
  Paul R Bergin, Reuven Glick, Alan M Taylor IM 

• DP4495 - The Purchasing Power Parity Debate 
  Mark P Taylor, Alan M Taylor IM 

• DP4496 - Oil and the Macroeconomy Since the 1970s 
  Robert Barsky, Lutz Kilian IM 

• DP4508 - The Economics of Special and Differential Trade Regimes 
  Paola Conconi, Carlo Perroni IT 

• DP4513 - Knowledge Disclosure, Patents and Optimal Organization of Research and Development 
  Sudipto Bhattacharya, Sergei Guriev IO

• DP4515 - Labour Market Prospects, Search Intensity and Transition from College to Work 
  Peter Berkhout, Bas van der Klaauw, Aico van Vuuren LE 

• DP4519 - Lobbying on Entry 
  Enrico C Perotti, Paolo Volpin FE 

• DP4520 - Performance and Behaviour of Family Firms: Evidence from the French Stock Market 
  David Sraer, David Thesmar FE, IO 

• DP4521 - The Real Effects of the Euro: Evidence from Corporate Investments 
  Arturo Bris, Yrjö Koskinen, Mattias Nilsson FE, IM 

• DP4523 - Social Networks and Labour Market Transitions 
  Yann Bramoullé, Gilles Saint-Paul IM, LE 

• DP4524 - Who is the Enemy? 
  Gil S Epstein, Ira Gang  PP 

Week 25 July 2004 

• DP4471 - Pitfalls of a State-Dominated Financial System: The Case of China 
  Genevieve Boyreau-Debray, Shang-Jin Wei  TE 

• DP4474 - The Buffer-Stock Model and the Aggregate Propensity to Consume: A Panel-Data Study of the US States 
  Maria Jose Luengo-Prado, Bent E Sorensen IM 

• DP4478 - Unmarried Parenthood and Redistributive Politics 
  Lena Cecilia Edlund, Laila Haider, Rohini Pande LE, PP 

• DP4479 - The Dynamics of R&D and Innovation in the Short-Run and in the Long-Run 
  Laura Bottazzi, Giovanni Peri IM

• DP4482 - Business Cycles in Emerging Economies: The Role of Interest Rates 
  Pablo Andrés Neumeyer, Fabrizio Perri IM 

• DP4486 - A Prism into the PPP Puzzles: The Micro-Foundations of Big Mac Real Exchange Rates 
  David Parsley, Shang-Jin Wei  IM, IT, IEP

• DP4501 - Stock and Bond Returns with Moody Investors 
  Geert Bekaert, Eric Engstrom, Steve Grenadier FE 

• DP4504 - Learning on the Quick and Cheap: Gains from Trade Through Imported Expertise 
  James Markusen, Tom Rutherford IT 

• DP4506 - Managerial Incentives and Collusive Behaviour 
  Giancarlo Spagnolo FE, IO 

• DP4509 - Defense R&D in the Anti-Terrorist Era 
  Manuel Trajtenberg IO

Week 11 July 2004 

• DP4443 - The Education, Labour Market and Health Consequences of Child Labour 
  Kathleen Beegle, Rajeev H Dehejia, Roberta Gatti LE 

• DP4460 - Risk Sharing and EMU 
  Jacques Mélitz  IM 

• DP4468 - Testing the Home Market Effect in a Multi-Country World: The Theory 
  Kristian Behrens, Andrea Lamorgese, Gianmarco IP Ottaviano, Takatoshi Tabuchi  IT 

• DP4469 - Productivity Improvements in Public Organizations 
  Hans Gersbach, Marten Keil IO 

• DP4470 - Horizontal and Vertical Indirect Tax Competition: Theory and Some Evidence From the USA 
  Michael P Devereux, Ben Lockwood, Michela Redoano PP 

• DP4473 - The Economics of US-Style Contingent Fees and  UK-Style Conditional Fees 
  Winand Emons, Nuno Garoupa IO 

• DP4475 - Growth Effects of the Exchange-Rate Regime and the Capital Account Openness in A Crisis-Prone World Market: A Nuanced View 
  Assaf Razin, Yona Rubinstein IM

• DP4476 - Transparency and International Portfolio Holdings 
  Gaston Gelos, Shang-Jin Wei FE, TE 

• DP4477 - Optimal Integration: Strategies for the Multinational Firm 
  Gene Grossman, Elhanan Helpman, Adam Szeidl  IT 

• DP4480 - Group Decision-Making in the Shadow of Disagreement 
  Kfir Eliaz, Debraj Ray, Ronny Razin  PP 

• DP4481 - Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment 
  Tamim Bayoumi, Doug Laxton, Paolo Pesenti IM 

• DP4484 - First and Second Prizes in Imperfectly Discriminating Contests 
  Stefan Szymanski, Tommaso Valletti  IO 

• DP4485 - Was There A Nasdaq Bubble in the Late 1990s? 
  Lubos Pástor, Pietro Veronesi FE 

• DP4487 - Macroeconomic Effects of Nominal Exchange Rate Regimes: New Insights into the Role of Price Dynamics 
  Robert Kollmann  IM 

• DP4488 - Banking Deregulation and Industry Structure:  Evidence from the French Banking Reforms of 1985 
  Marianne Bertrand, Antoinette S Schoar, David Thesmar  FE, IO

Week 4 July 2004 

• DP4287 - Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring 
  Antje Brunner, Jan Pieter Krahnen FE 

• DP4434 - Product Market Competition, Returns to Skill and Wage Inequality 
  Maria Guadalupe LE 

• DP4437 - Are Different Rules of Origin Equally Costly? Estimates from NAFTA 
  Céline Carrere, Jaime de Melo IT 

• DP4449 - Privatization and Stock Market Liquidity 
  Bernardo Bortolotti, Frank de Jong, Giovanna Nicodano, Ibolya Schindele  FE, TE 

• DP4454 - General Equilibrium Effects and Voting into a Crisis 
  Hans-Jörg Beilharz, Hans Gersbach PP, TE

• DP4456- Price Discovery in Tick Time 
  Bart Frijns, Peter Schotman  FE

• DP4457 -Characterizing the Business Cycle for Accession Countries 
  Michael J Artis, Massimiliano Marcellino, Tommaso Proietti IM 

• DP4461 - The Success of Job Applications: A New Approach to Programme Evaluation 
  Armin Falk, Rafael Lalive, Josef Zweimüller LE 

• DP4462 - Quid Pro Quo in IPOs: Why Book-Building is Dominating Auctions 
  François Degeorge, Francois Derrien, Kent L Womack  FE 

• DP4463 - Asymmetric Shocks and Risk Sharing in a Monetary Union: Updated Evidence and Policy Implications for Europe 
  Sebnem Kalemli-Ozcan, Bent E Sorensen, Oved Yosha  IM 

• DP4464 - Fairness and Incentives in a Multi-Task Principle-Agent Model 
  Ernst Fehr, Klaus Schmidt IO

• DP4465 - Sovereign Risk Premia in the European Bond Market 
  Kerstin Bernoth, Ludger Schuknecht, Jürgen von Hagen IM, PP 

• DP4466 - Curb Your Innovation: Corporate Conservatism in the Presence of Imperfect Intellectual Property Rights 
  Mariagiovanna Baccara, Ronny Razin IO

Week 27 June 2004 

• DP4395 Financial Market Integration and Economic Growth in the EU 
  Luigi Guiso, Tullio Jappelli, Mario Padula, Marco Pagano FE, IM

• DP4418 - Institutions, Trade Policy and Trade Flows 
  Marion Jansen, Hildegunn Kyvik Nordås IT

• DP4425 - Executive Compensation and Competition in the Banking and Financial Sectors 
  Vicente Cuñat, Maria Guadalupe LE

• DP4436 - Trade Policy and the Household Distribution of Income 
  Joseph Francois, H. Rojas-Romagosa IT

• DP4444 - Preferences for Rigid Versus Individualized Wage Setting 
  Tito Boeri, Michael C Burda  LE

• DP4445 - Quantitative Goals for Monetary Policy 
  Antonio Fatás, Ilian Mihov, Andrew K Rose IM

• DP4447 - The Case for Open-Market Purchases in a Liquidity Trap 
  Alan J Auerbach, Maurice Obstfeld  IM

• DP4450 - Winners and Losers Under Various Dual Majority Rules for the EU Council of Ministers 
  Richard Baldwin, Mika Widgrén  IT 

• DP4452 - Financial Repression in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714 
  Peter Temin, Hans-Joachim Voth IM

• DP4453 - Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862 
  Peter Temin, Hans-Joachim Voth IM

• DP4455 - Dynamic Mechanism Design with Hidden Income and Hidden Auctions 
  Matthias Doepke, Robert M Townsend PP

• DP4458 - Institutions and the Fundamental Cause of Long-Run Growth 
  Daron Acemoglu, Simon Johnson, James A Robinson 

Week 20 June 2004 

• DP4422 - Spanning Tests in Return and Stochastic Discount Factor Mean Variance Frontiers: A Unifying Approach 
  Francisco Peñaranda, Enrique Sentana FE 

• DP4424 -Is Deposit Insurance A Good Thing, And If So, Who Should Pay for It? 
  Alan Morrison, Lucy White FE

• DP4428 - Technology, Organization and Productivity in Services: Lessons from Britain and the United States Since 1870 
  Stephen N Broadberry, Sayantan Ghosal IM

• DP4430 - Heterogenous Wage Formation Under A Common Monetary Policy 
  Torben M Andersen IM 

• DP4431 - Relative and Absolute Incentives: Evidence on Worker Productivity 
  Oriana Bandiera, Iwan Barankay, Imran Rasul PP

• DP4432 - Estimating the Gains From Trade in Limit Order Markets 
  Burton Hollifield, Robert A. Miller, Patrik Sandås, Joshua Slive FE 

• DP4433 - Monetary Union: Fiscal Stabilization In The Face of Asymmetric Shocks 
  Tatiana Kirsanova, Mathan Satchi, David Vines IM 

• DP4435 - Reversing the Perspective: Multinationals fromMiddle-Income Countries 
  Peter Debaere IT 

• DP4438 - Cities and Cultures 
  Gianmarco I P Ottaviano, Giovanni Peri IT 

• DP4439 - Regulated Efficiency, World Trade Organization Accession and the Motor Vehicle Sector in China 
  Joseph Francois, Dean Spinanger IT

• DP4442 - Trade in the Triad: How Easy is the Access to Large Markets? 
  Lionel Fontagne, Thierry Mayer, Soledad Zignago IT

• DP4448 - Investor Sentimaent and Pre-Issue Markets 
  Francesca Cornelli, David Goldreich, Alexander P Ljungqvist FE

Week 13 June 2004 

• DP4344 - Manipulations in Contests 
  Chen Cohen, Aner Sela IO

• DP4401 - Small Sample Properties of Forecasts From Autoregressive Models Under Structural Breaks 
  M Hashem Pesaran, Allan G Timmermann IM

• DP4402 - Real Time Econometrics 
  M Hashem Pesaran, Allan G Timmermann FE

• DP4410 - Robin Hood's Compromise: Land Reforms,  Inequality, Redistribution and Moral Hazard 
  Oriana Bandiera, Gilat Levy PP

• DP4411 - Changes in Equity Ownership and Changes in the Market Value of the Firm 
  Karl Lins, John J. McConnell, Henri Servaes FE

• DP4412 -Economic and Environmental Effectiveness of a Technology-based Protocol 
  Barbara Buchner, Carlo Carraro IT

• DP4413 - Managing Volatility in Transition Economies: The Experience of the Central and Eastern European Countries 
  Fabrizio Coricelli, Elena Ianchovichina TE

• DP4414 -Five Puzzles in the Behaviour of Productivity, Investment and Innovation 
  Robert J Gordon  IM

• DP4415 - Two Centuries of Economic Growth: Europe Chasing the American Frontier 
  Robert J Gordon  IM

• DP4416 - Why Was Europe Left at the Station when America's Productivity Locomotive Departed? 
  Robert J Gordon  IM

• DP4420 - Markets in China and Europe on the Eve of the Industrial Revolution 
  Wolfgang Keller, Carol Shiue IM, IT

• DP4421 - Who's Who in Crime Networks: Wanted - The Key Player 
  Coralio Ballester, Antoni Calvó-Armengol, Yves Zenou PP

• DP4423 - A Decision-Theoretic Basis for Choice Shifts in Groups 
  Kfir Eliaz, Debraj Ray, Ronny Razin PP

• DP4426 - Technology Shocks and Job Flows 
  Jose David Lopez-Salido, Claudio Michelacci IM, LE

• DP4429 - Spurious Growth in German Output Data, 1913-1938 
  Albrecht Ritschl IM

Week 6 June 2004 

• DP4398 - Flexible Majority Rules for Central Banks 
  Hans Gersbach, Bernhard Pachl  IM, PP

• DP4403 - Japan's Banking Crisis: Who Has the Most to Lose? 
  Hideki Miyajima, Yishay Yafeh  FE

• DP4404 - Constitutions and Commitment: Evidence on the Relation Between Institutions and the Cost of Capital 
  Nathan Sussman, Yishay Yafeh FE

• DP4407 - A Small Corner of Intertemporal Public Finance - New Developments in Monetary Economics: Two Ghosts, Two Eccentricities, a Fallacy, a Mirage and a Mythos 
  Willem H Buiter IM

• DP4408 - Central Bank Communication and Output Stabilization 
  Sylvester C W Eijffinger, Marco Hoeberichts, Mewael F. Tesfaselassie IM 

• DP4409 - Does the Length of the Period Really Matter for the Identification and the Modelling of Monetary Policy Shocks? 
  Clémentine Gallès, Franck Portier IM

• DP4417 - Does Regulatory Harmonization Increase Bilateral Asset Holdings? 
  Jonas Vlachos FE, IT

• DP4419 - From Thought to Practice: Appropriation and Endogenous Market Structure with Imperfect
  Intellectual Property Rights Mariagiovanna Baccara, Ronny Razin IO

• DP4427 - Macroeconomic Consequences of Terror: Theory and the Case of Israel 
  Zvi Eckstein, Daniel Tsiddon  IM

Week 31 May 2004 

• DP4389 - Differences in Exchange Rate Pass-Through in the Euro Area 
  José Manuel Campa, Jose Manuel González Mìnguez IM

• DP4390 - Sources of Gains from International Portfolio Diversification 
  José Manuel Campa, Nuno Fernandes IM

• DP4391 - Exchange Rate Pass-Through into Import Prices 
  José Manuel Campa, Linda S Goldberg IM

• DP4393 - Multidimensional Cheap Talk 
  Gilat Levy, Ronny Razin  IO

• DP4396 - Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation 
  Daniele Paserman LE, PP

• DP4397 - Speed and Quality of Collective Decision-Making II: Incentives for Information Provision 
  Hans Peter Grüner, Elisabeth Schulte IO, PP

• DP4399 -On the Efficacy of Reforms: Policy Tinkering, Institutional Change and Entrepreneurship 
  Murat Iyigun, Dani Rodrik  IT, PP

• DP4400 -Shareholder Value Creation in European M&As 
  José Manuel Campa, Ignacio Hernando IM

• DP4405 - Bargained Wages, Wage Drift and the Design of the Wage-Setting System 
  Ana Rute Cardoso, Pedro Portugal LE

• DP4406 - Globalization, Roundaboutness and Relative Wages
  Joseph Francois, Kevin Blaine Grier, Douglas Nelson  IT, LE

Week 23 May 2004 

• DP4383 - International Lending of Last Resort and Moral Hazard: A Model of the IMF's Catalytic Finance 
  Giancarlo Corsetti, Bernardo Guimarães, Nouriel Roubini IM

• DP4384 - The Stabilizing Role of Government Size 
  Javier Andrés, Rafael Doménech, Antonio Fatás  IM

• DP4385 -Inflation in Open Economies with Complete Markets
  Marco Celentani, José Ignacio Conde-Ruiz, Klaus Desmet  IM

• DP4386 - Ramsey Monetary Policy and International Relative Prices 
  Ester Faia, Tommaso Monacelli  IM

• DP4387 - Dualism and Aggregate Productivity 
  Jonathan Temple IM

• DP4388 - Non-Keynesian Fiscal Consolidation in the EU? Ex Post Evidence and Ex Ante Analysis 
  Gabriele Giudice, Alessandro Turrini, Jan in't Veld  IM

• DP4392 - Subadditivity Tests for Neutral Separation with an Application to US Railroads 
  Marc Ivaldi, Gerard McCullough IO

• DP4394 - What Triggers Early Retirement? Results from Swiss Pension Funds 
  Monika Bütler, Olivia Huguenin, Federica Teppa  PP

Week 16 May 2004 

• DP4316 - Are all Those Calling Plans Really Necessary? The Limited Gains From Complex Tariffs 
  Eugenio J Miravete IO

• DP4377 - Towards a Monthly Business Cycle Chronology for the Euro Area 
  Emanuel Mönch, Harald Uhlig IM

• DP4378 -Trust and Trustworthiness Among Europeans: South-North Comparison 
  Fabian Bornhorst, Andrea Ichino, Karl Schlag, Eyal Winter LE, PP

• DP4380 - Asset Prices and International Spillovers: An Empirical Investigation 
  Lucio Sarno, Giorgio Valente  FE, IM

• DP4381 - Targeted Remedial Education for Underperforming Teenagers: Costs and Benefits 
  Victor Lavy, Analia Schlosser LE, PP

• DP4382 - Preliminary Data and Econometric Forecasting: An Application with the Bank of Italy Quarterly Model 
  Fabio Busetti  IM 

Week 02 May 2004 

• DP4364 - Crises and Capital Requirements in Banking 
  Alan Morrison, Lucy White  FE

• DP4368 - Country and Industry Dynamics in Stock Returns 
  Luis Catão, Allan G Timmermann FE

• DP4372 - The Macroeconomic Effects of Fiscal Rules in the US States 
  Antonio Fatás, Ilian Mihov IM

• DP4373 - Anti-Trust Policy and National Growth: Some Evidence from Italy 
  Elisabetta Allegra, Mario Forni, Michele Grillo, Lara Magnani  IM

• DP4374 - How Private Creditors Fared in Emerging Debt Markets, 1970-2000 
  Christoph Klingen, Beatrice Weder, Jeromin Zettelmeyer FE, IM

• DP4375 - Chinese Currency Controversies 
  Barry Eichengreen IM, IT

Week 21st April 2004 

• DP4371 -From 'Hindu Growth' to Productivity Surge: The Mystery of the Indian Growth Transition 
  Dani Rodrik, Arvind Subramanian IT

• DP4370 - A Simple Model of Optimal Monetary Policy with Financial Constraints 
  Michael B Devereux, Doris Poon IM

• DP4369 - Innovation and Competitive Pressure 
  Xavier Vives IO

• DP4367 - Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations 
  Ulrich Bindseil, Kjell G Nyborg, Ilya Strebulaev FE

• DP4366 - Business Environment and Firm Entry: Evidence from International Data 
  Leora Klapper, Luc Laeven, Raghuram G Rajan FE

• DP4365 - Exchange Rates and Fundamentals: Evidence on the Economic Value of Predictability 
  Abhay Abhyankar, Lucio Sarno, Giorgio Valente  IM

• DP4356 - What Explains the Location of Industry in Britain, 1871-1931 
  Nicholas Crafts, Abay Mulatu IM

• DP4354 - Can Private Giving Promote Economic Segregation?
  Ignatius J Horstmann, Kimberley Ann Scharf, Al Slivinski PP

• DP4351 - Fire the Manager to Improve Performance? Managerial Turnover and Incentives After Privatization in the Czech Republic 
  Jan Fidrmuc, Jana Fidrmuc  TE

• DP4348 - Financial Institutions and the Wealth of Nations: Tales of Development 
  Jian Tong, Chenggang Xu TE

Week 14th April 2004 

• DP4327 - Did European Labour Markets Become More Competitive in the 1990's? Evidence from Estimated Worker Rents 
  Gilles Saint-Paul IM, LE 

• DP4328 - Why are European Countries Diverging in their Unemployment Experience? 
  Gilles Saint-Paul IM, LE

• DP4332 - The Impact of Location on Firm Growth 
  David B Audretsch, Dirk Dohse IO

• DP4360 - Why are Long Rates Sensitive to Monetary Policy? 
  Tore Ellingsen, Ulf Söderström IM

• DP4361 - How to Subvert Democracy: Montesinos in Peru 
  John McMillan, Paolo Zoido PP

• DP4362 - The Paradox of Competence 
  Hans Gersbach PP

Week 14th April 2004 

• DP4304 - Regional Treatment Intensity as an Instrument for the Evaluation of Labour Market Policies 
  Markus Frölich, Michael Lechner  LE

• DP4310 - Market Integration and Economic Development: A Long-Run Comparison 
  Wolfgang Keller, Carol Shiue IT

• DP4311 - International Vertical Specializations, Imperfect Competition and Welfare 
  Ai Ting Goh, Jacques Olivier IT

• DP4347 - Rule-of-Thumb Consumers and the Design of Interest Rate Rules 
  Jordi Galí, Jose David Lopez-Salido, Javier Vallés IM

• DP4350 - Does Market Liberalization Reduce Gender Discrimination? Econometric Evidence from Hungary, 1986-98 
  Nauro F Campos, Dean Joliffe LE, TE 

• DP4355 - Wage Mobility: Do Institutions Make a Difference? A Replication Study Comparing Portugal and the UK 
  Ana Rute Cardoso LE

• DP4357 - Part-Time Employment Traps and Childcare Policy 
  Alison L Booth, Melvyn G Coles LE

Week 7th April 2004 

• DP4333 - Bagging Time Series Models 
  Atsushi Inoue, Lutz Kilian IM

• DP4335 - The Real Effects of Financial Integration 
  Jean Imbs IM

• DP4338 - Fundamentals and Joint Currency Crises 
  Casper G de Vries, Philipp Hartmann, Stefan Straetmans IM

• DP4339 - Are Foreign Ownership and Good Institutions Substitutes? The Case of Non-Traded Equity 
  Cecile Denis, Harry Huizinga FE

• DP4340 - Market Stress and Herding 
  Soosung Hwang, Mark Salmon FE

• DP4341 - A Meta-Analysis of the Effect of Common Currencies on International Trade 
  Andrew K Rose IM, IT 

• DP4342 - To Purgatory and Beyond: When and How Should the Accession Countries from Central and Eastern Europe Become Full Members of EMU? 
  Willem H Buiter  IM, TE 

• DP4343 - A Minimum of Rivalry: Evidence from Transition Economies on the Importance of Competition for Innovation and Growth 
  Wendy Carlin, Mark E Schaffer, Paul Seabright IO, TE

• DP4345 -The Dynamics of Seller Reputation: Theory and Evidence from eBay 
  Luís M B Cabral, Ali Hortaçsu IO

• DP4346 - The Impact of Globalization on the Equity Cost of Capital 
  Gikas A Hardouvelis, Dimitrios Malliaropoulos, Richard Priestley  FE

• DP4358 - A Nation of Poets and Thinkers - Less so with Eastern Enlargement? Austria and Germany 
  Dalia Marin  IT, LE, TE 

Week 28th March 2004 

• DP4260 - Bank Mergers, Competition and Liquidity 
  Elena Carletti, Philipp Hartmann, Giancarlo Spagnolo 
  FE, IO, IM

• DP4289 - Are There Asymmetries in the Effects of Training on the Conditional Male Wage Distribution? 
  Wiji Arulampalam, Alison L Booth, Mark L Bryan LE 

• DP4293 - Public Debt Management in Brazil 
  Francesco Giavazzi, Alessandro Missale  IM 

• DP4301 - Financial Factors, Macroeconomic Information and the Expectations Theory of the Term Structure of Interest Rates 
  Andrea Carriero, Carlo A Favero, Iryna Kaminska 
  FE, IM 

• DP4325 - Cross-Border Mergers as Instruments of Comparative Advantage 
  J Peter Neary  IT 

• DP4329 - The Determinants of Output Per Contributor in Open Source Projects: An Empirical Examination 
  Chaim Fershtman, Neil Gandal  IO 

• DP4330 - A New Way to Measure Competition 
  Jan Boone IO 

• DP4331 - Asymptotic Analysis of Large Auctions 
  Gadi Fibich, Arieh Gavious, Aner Sela IO 

• DP4334 - Optimal Simple and Implementable Monetary and Fiscal Rules 
  Stephanie Schmitt-Grohé, Martin Uribe IM 

• DP4336 - Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium 
  Javier Andrés, J David López-Salido, Edward Nelson IM 

• DP4337 - Money and the Natural Rate of Interest: Structural Estimates for the UK, the US and the euro area 
  Javier Andrés, J David López-Salido, Edward Nelson IM 

Week 21st March 2004 

• DP4283 -Money Illusion and Coordination Failure 
  Ernst Fehr, Jean-Robert Tyran IM 

• DP4286 - Universal Banks and Relationships with Firms 
  Ralf Elsas, Jan Pieter Krahnen FE 

• DP4295 - Aggregate Supply and Potential Output 
  Assaf Razin IM 

• DP4319 - Railway (De)Regulation: A European Efficiency Comparison 
  Guido Friebel, Marc Ivaldi, Catherine Vibes IO 

• DP4320 - Spillover Effects, Bank Lending and Growth 
  Sumru G Altug, Murat Usman IM 

• DP4321 - Regional Policy Design: An Analysis of Relocation, Efficiency and Equity 
  Karen-Helene Midelfart IT 

• DP4322 - Continuous Preferences Can Cause Discontinuous Choices: An Application to the Impact of Incentives on Altruism 
  Paul Seabright PP 

• DP4323 - Location Choices under Quality Uncertainty 
  Charalambos Christou, Nikolaos Vettas IO 

• DP4324 - Welfare Reform in European Countries: A Micro-Simulation Analysis 
  Herwig Immervoll, Henrik Kleven, Claus Thustrup Kreiner, Emmanuel Saez  PP 

• DP4326 - The Structure of Simple 'New Economic Geography' Models 
  Frédéric Robert-Nicoud  IT 

Week 14th March 2004

• DP4292 - Private Donations for International Development 
  John Micklewright, Anna Wright PP 

• DP4306 - Tournaments: There Is More Than Meets the Eye 
  Gil S Epstein, Shmuel Nitzan LE 

• DP4307 - Gender Gaps in Unemployment Rates in OECD Countries 
  Ghazala Azmat, Maia Güell, Alan Manning LE 

• DP4308 - Social Contacts and Occupational Choice 
  Samuel Bentolila, Claudio Michelacci, Javier Suárez LE 

• DP4312 - Trade and Multinationals: The Effect of Economic Integration on Taxation and Tax Revenue 
  Hans Jarle Kind, Karen-Helene Midelfart, Guttorm Schjelderup IT 

• DP4313 - Lobbying, Information Transmission and Unequal Representation 
  Lars Frisell, Johan Lagerlöf PP 

• DP4314  - The Yield Spread as a Symmetric Predictor of Output and Inflation 
  Gikas A Hardouvelis, Dimitrios Malliaropoulos FE 

• DP4315 - Dynamic Price Competition with Capacity Constraints and Strategic Buyers 
  Gary Biglaiser, Nikolaos Vettas  IO 

• DP4317 - Global Monetary Policy Under a Dollar Standard 
  Michael B Devereux, Kang Shi, Juanyi Xu IM 

• DP4318 - Regulation and Incentives in European Aviation 
  Philippe Gagnepain, Pedro L Marín Uribe IO 

Week  7th March 2004 

• DP4279 - Heterogeneous Information About the Term Structure of Interest Rates, Least-Squares Learning and Optimal Interest Rate Rules 
  Sylvester C W Eijffinger, Eric Schaling, Mewael F. Tesfaselassie IM 

• DP4281 - Endogenous Minimum Participation in Internationaln Environmental Treaties 
  Carlo Carraro, Carmen Marchiori, Sonia Oreffice IT 

• DP4285 - Trading European Sovereign Bonds: The Microstructure of the MTS Trading Platforms 
  Yiu Chung Cheung, Frank de Jong, Barbara Rindi FE 

• DP4288 - Calvo Contracts: A Critique 
  Patrick Minford, David Peel IM 

• DP4290 - Investment Prices and Exchange Rates: Some Basic Facts 
  Ariel Thomas Burstein, Joao C Neves, Sérgio Rebelo IM 

• DP4291 - Privatization Methods and Economic Growth in Transition Economies 
  John Bennett, Saul Estrin, James Maw, Giovanni Urga TE 

• DP4296 -The Cross-Sectional Implications of Rising Wage Inequality in the United States 
  Jonathan Heathcote,Kjetil Storesletten, Giovanni L Violante LE 

• DP4297 - Political Influence in a New Anti-Dumping Regime: Evidence from Mexico 
  Joseph Francois, Gunnar Niels IT 

• DP4298 - Experiments on Unemployment Benefit Sanctions and Job Search Behaviour 
  Jan Boone, Abdolkarim Sadrieh, Jan C van Ours  LE 

• DP4299 - Emissions Trading Regimes and Incentives to Participate in International Climate Agreements 
  Barbara Buchner, Carlo Carraro IT 

• DP4300 - The Expenditure Switching Effect and the Choice Between Fixed and Floating Exchange Rates 
  Ozge Senay, Alan Sutherland IM 

• DP4302 - Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations 
  Claudio Michelacci LE 

• DP4303 - Gender Segregation in Employment Contracts 
  Barbara Petrongolo LE 

• DP4305 - Smuggling Humans: A Theory of Debt-Financed Migration 
  Guido Friebel, Sergei Guriev LE, TE 

• DP4309 -International Trade and Child Labour: Cross-Country Evidence 
  Eric V Edmonds, Nina Pavcnik IT 

Week  29th February 2004 

• DP4236 - Retail Mergers: Buyer Power and Product Variety 
  Roman Inderst, Greg Shaffer IO 

• DP4241 - On-the-Job Training, Firing Costs and Employment 
  Pilar Diaz-Vazquez, Dennis Snower LE 

• DP4242 - The Firm as a Pool of Factor Complementarities 
  Assar Lindbeck, Dennis Snower LE 

• DP4243 - Unemployment in the EU: Institutions, Prices and Growth 
  Marika Karanassou, Hector Sala, Dennis Snower LE 

• DP4260 - Bank Mergers, Competition and Liquidity 
  Elena Carletti, Philipp Hartmann, Giancarlo Spagnolo IO 

• DP4273 - Who is in Favour of Enlargement? Determinants of Support for EU Membership in the Candidate
  Countries Referenda Orla Doyle, Jan Fidrmuc TE 

• DP4274 -The Demand for High-Skilled Workers and Immigration Policy 
  Thomas Bauer, Astrid Kunze LE 

• DP4275 - Ex Post Inefficiency in a Political Agency Model 
  Catherine Casamatta, Caroline De Paoli PP 

• DP4276 - Balancedness of Real-Time Hierarchical Resource Allocation 
  Timothy Van Zandt IO 

• DP4277 - Structure and Returns to Scale of Real-Time Hierarchical Resource Allocation 
  Timothy Van Zandt IO 

• DP4278 - Multiple Creditors and Information Rights: Theory and Evidence from US Firms 
  Luigi Guiso, Raoul Minetti FE 

• DP4280 - Dealing with Destabilizing 'Market Discipline' 
  Daniel Cohen, Richard Portes IM 

• DP4283 - Money Illusion and Coordination Failure 
  Ernst Fehr, Jean-Robert Tyran FE 

• DP4284 - Investments Abroad and Performance at Home: Evidence from Italian Multinationals 
  Davide Castellani, Giorgio Barba Navaretti IT 

• DP4294 - Timeliness, Trade and Agglomeration 
  James Harrigan, Anthony J. Venables IT 

Week 22nd February 2004

• DP4223 -The Effect of Disability on Labour Market Outcomes in Germany: Evidence from Matching 
  Michael Lechner, Rosalia Vazquez-Alvarez LE 

• DP4226 -How do Electoral Rules Shape Party Structures, Government Coalitions and Economic Policies? 
  Torsten Persson, Gérard Roland, Guido Tabellini  IM, PP, TE 

• DP4244 - The HP-Filter in Cross-Country Comparisons 
  Albert Marcet, Morten Ravn IM 

• DP4246 - Does the WTO Make Trade More Stable? 
  Andrew K Rose IT 

• DP4247 - Monetary Policy and Lexicographic Preference Ordering 
  John Driffill, Zeno Rotondi  IM 

• DP4248 - Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century 
  Marc Flandreau, Nathan Sussman IM 

• DP4249 - Go For Broke or Play it Safe? Dynamic Competition with Choice of Variance 
  Axel Anderson, Luís M B Cabral IO 

• DP4250 - Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Credit Rating Announcements 
  Lars Norden, MartinWeber  FE 

• DP4253 - Social Insurance and Redistribution with Moral Hazard and Adverse Selection 
  Robin Boadway, Manuel Leite-Monteiro, Maurice G. Marchand, Pierre Pestieau PP 

• DP4254 - Fiscal Policy with Agents Differing in Altruism and in Ability 
  Philippe Michel, Pierre Pestieau PP 

• DP4255 - How Often Should you Open the Door? Optimal Monitoring to Screen Heterogeneous Agents 
  Andrea Ichino, Gerd Muehlheusser LE 

• DP4259 - The Geography of UK International Trade 
  Henry Overman, L Alan Winters IT 

• DP4265 - Credit Risk Transfer and Financial Sector Performance 
  Ian W Marsh, Wolf Wagner FE 

• DP4270 - When do 'Female' Occupations Pay More? 
  Heiko Harmgart, Stepan Jurajda LE 

• DP4272 - Term Limits and Electoral Accountability 
  Michael Smart, Daniel Sturm PP 

Week 15th February 2004

• DP4184 - Labour and the Market Value of the Firm 
  Monika Merz, Eran Yashiv LE 

• DP4240 - Spatial Wage Disparities: Sorting Matters! 
  Pierre-Philippe Combes, Gilles Duranton, Laurent Gobillon IT 

• DP4245 - Easy Targets and the Timing of Conflict 
  Helmut Bester, Kai A Konrad PP 

• DP4251 -International Monetary Policy Coordination and Financial Market Integration 
  Alan Sutherland IM 

• DP4252 - Bureaucrats or Politicians? 
  Alberto F Alesina, Guido Tabellini PP 

• DP4257 - Policy Instrument Choice and non-coordinated Monetary Policy in Interdependent Economies 
  Giovanni Lombardo, Alan Sutherland IM 

• DP4258 - Occupational Choice Across Generations 
  Amelie Constant, Klaus F Zimmermann LE 

• DP4261 - Competition of Politicians for Wages and Office 
  Hans Gersbach PP 

• DP4263 - Can Coasean Bargaining Justify Pigouvian Taxation? 
  Stephanie Rosenkranz, Patrick Schmitz IO 

• DP4264 - Reserve Prices in Auctions as Reference Points 
  Stephanie Rosenkranz, Patrick Schmitz IO 

• DP4266 - Extensive and Intensive Growth in a Neoclassical Framework 
  Andreas Irmen IM, TE 

• DP4267 - Federal Tax Arrears in Russia: Liquidity Problems, Federal Redistribution or Russian Resistance? 
  Maria Ponomareva, Ekaterina Zhuravskaya TE 

• DP4268 - A Scapegoat Model of Exchange Rate Fluctuations 
  Philippe Bacchetta, Eric van Wincoop IM 

• DP4269 - Deep Habits 
  Morten Ravn, Stephanie Schmitt-Grohé, Martin Uribe IM 

• DP4271 - Real and Nominal Wage Rigidities and the Rate of Inflation: Evidence from West German Microdata 
  Thomas Bauer, Holger Bonin, Uwe Sunde LE 

Week 8th February 2004

• DP4201 - Intergenerational Transfer of Human Capital and Optimal Education Policy 
  Helmuth Cremer, Pierre Pestieau PP 

• DP4203 - Gender Wage Gaps by Education in Spain: Glass Floors versus Glass Ceilings 
  Juan José Dolado, Vanesa Llorens LE 

• DP4215 - After, Before and During: Returns to Education in Hungary (1986-1998) 
  Nauro F Campos, Dean Jolliffe LE, TE 

• DP4224 - Universal Banks and Relationships with Firms 
  Ralf Elsas, Jan Pieter Krahnen FE 

• DP4225 - Creating Low-Skilled Jobs by Subsidising Market-Contracted Household Work 
  Tilman Brück, John P Haisken-DeNew, Klaus F Zimmermann  LE 

• DP4227 - The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis 
  Jürgen von Hagen, Jizhong Zhou IM 

• DP4228 - Circular Movements and Time Away From the Host Country 
  Amelie Constant, Klaus F Zimmermann LE 

• DP4230 - Biases of Professional Exchange Rate Forecasts: Psychological Explanations and an Experimentally-Based Comparison to Novices 
  Peter Bofinger, Johannes Leitner, Robert Schmidt IM 

• DP4231 - Overconfidence and Delegated Portfolio Management 
  Frederic Palomino, Abdolkarim Sadrieh FE 

• DP4232 - Regulation of Multinational banks: A Theoretical Inquiry 
  Giacomo Calzolari,Gyöngyi Lóránth FE 

• DP4233 - The Economic Value of Cultural Diversity: Evidence from US Cities 
  Gianmarco I P Ottaviano, Giovanni Peri IT 

• DP4234 -Economic Geography and Wages 
  Mary Amiti, Lisa Cameron IT 

• DP4235 - Should One Rely on Professional Exchange Rate Forecasts? An Empirical Analysis of Professional Forecasts for the €/US$ Rate 
  Peter Bofinger, Robert Schmidt IM 

• DP4237 - Are all those Calling Plans Really Necessary? The Limited Gains From Complex Tariffs 
  Eugenio J Miravete IO 

• DP4238 - Creative Destruction and Productivity Growth in an Emerging Economy: Evidence from Slovenian Manufacturing 
  Jan De Loecker, Jozef Konings TE 

• DP4239 - A New Test of Capital Structure 
  Colin Mayer, Oren Sussman  FE 

• DP4256 - Asset Prices with Heterogenous Beliefs 
  Suleyman Basak  FE 

• DP4262 - Specific Knowledge and Performance Measurement
  Michael Raith IO 

Week 1st February 2004 

• DP4174 - Monopoly Practises and Competitive Behaviour in the French Satellite Pay-TV Market 
  Michele Cincera, Abdul Noury  IO 

• DP4179 - Speed and Quality of Collective Decision-Making, Imperfect Information Processing 
  Hans Peter Grüner, Elisabeth Schulte  IO, PP 

• DP4183 - European Unemployment and Turbulence Revisited in a Matching Model 
  Lars Ljungqvist, Thomas J Sargent LE 

• DP4185 - Cooperative and Non-Cooperative R&D Policy in an Economic Union 
  Jan Haaland, Hans Jarle Kind  IT 

• DP4189 -Charitable Giving as a Gift Exchange: Evidence From a Field Experiment 
  Armin Falk PP 

• DP4194 - Enterprise Finance and Investment in Listed Hungarian Firms 
  Enrico C Perotti, Luka Vesnaver  TE 

• DP4197 - Should Courts Always Enforce What Contracting Parties Write? 
  Luca Anderlini, Leonardo Felli, Andrew Postlewaite IO 

• DP4216 - Effects of Employment Protection and Product Market Regulations on the Italian Labour Market 
  Adriana Kugler, Giovanni Pica LE 

• DP4217 - Aggregate Supply and Potential Output 
  Assaf Razin IM 

• DP4218 - Optimal Policy with Low-Probability Extreme Events
  Lars E O Svensson IM 

• DP4219 - Go Public or Stay Private: A Theory of Entrepreneurial Choice 
  Arnoud W A Boot, Radhakrishnan Gopalan, Anjan Thakor FE 

• DP4220 - Improving the SGP Through a Proper Accounting of Public Investment 
  Olivier J Blanchard, Francesco Giavazzi IM 

• DP4221 - Riding the South Sea Bubble 
  Peter Temin, Hans-Joachim Voth IM 

• DP4222 - Prudent Monetary Policy: Applications of Cautious LQG Control and Prediction 
  Frederick van der Ploeg IM

• DP4229 -Implementing Optimal Policy Through Inflation-Forecast Targeting 
  Lars E O Svensson, Michael Woodford  IM 

Week 24th January 2004

• DP4138 - The Origins of Spatial Interaction 
  Wolfgang Keller, Carol Shiue IT 

• DP4176 - Strategic Financial Innovation in Segmented Markets 
  Rohit Rahi, Jean-Pierre Zigrand FE 

• DP4186 - Do Vertical Mergers Facilitate Upstream Collusion? 
  Volker Nocke, Lucy White IO 

• DP4190 - Optimal Dynamic Taxation with Indivisible Labour 
  Parantap Basu, Laura Marsiliani, Thomas I Renström PP 

• DP4193 - Labour Market Frictions, Job Insecurity and the Flexibility of the Employment Relationship 
  Niko Matouschek, Paolo Ramezzana, Frédéric Robert-Nicoud LE 

• DP4202 - Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap 
  Willem H Buiter IM 

• DP4204 - Which Countries Export FDI, and How Much? 
  Assaf Razin, Yona Rubinstein, Efraim Sadka IM 

• DP4205 - Codes in Organizations 
  Jacques Crémer, Luis Garicano, Andrea Prat IO

• DP4206 - The U-Shaped Investment Curve: Theory and Evidence 
  Sean Cleary, Paul E M Povel, Michael Raith  FE 

• DP4207 - What Makes an Entrepreneur and Does it Pay? Native Men, Turks and Other Migrants in Germany 
  Amelie Constant, Yochanan Shachmurove, Klaus F Zimmermann LE 

• DP4208 - Competitive Risk Sharing Contracts with One-Sided Commitment 
  Dirk Krueger, Harald Uhlig FE, IM 

• DP4209 - General Accounting, Solidarity and Pension Losses
  Casper G de Vries, Coen N Teulings FE, LE 

• DP4211- Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment 
  Robin Burgess, Rohini Pande PP 

• DP4212 - The Integration of EU Banking Markets 
  Jordi Gual IO 

• DP4213 - Relative Wage Variation and Industry Location 
  Andrew Bernard, Stephen Redding, Peter Schott,Helen Simpson IT 

• DP4214 - Working for God? 
  Ritva Reinikka, Jakob Svensson PP 

Week 17th January 2004

• DP4142 - Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium-Size Enterprises in Russia and Bulgaria 
  Francesca Pissarides, Miroslav Singer, Jan Svejnar TE 

• DP4143 - Ownership and Firm Performance After Large-Scale Privatization 
  Evzen Kocenda, Jan Svejnar TE 

• DP4144 - Investment, Wages and Ownership During the Transition to a Market Economy: Evidence from Slovenian Firms 
  Janez Prasnikar, Jan Svejnar TE 

• DP4154  - Wage Bargaining with On-The-Job Search: Theory and Evidence 
  Pierre Cahuc, Fabien Postel-Vinay, Jean-Marc Robin LE 

• DP4167 - Tariff Evasion and Customs Corruption: Does PSI Help? 
  José Anson, Olivier Cadot, Marcelo Olarreaga IT 

• DP4182 - Awareness and Stock Market Participation 
  Luigi Guiso, Tullio Jappelli FE 

• DP4187 - Inequality, Democracy and the Emergence of Institutions 
  Mark Gradstein IM, PP, TE 

• DP4188 - Political Bargaining in a Federation: Buchanan meets Coase 
  Mark Gradstein PP 

• DP4191 - A Heliocentric Journey into Germany's Great Depression 
  Mark Weder IM 

• DP4192 - Do Shareholders vote Strategically? Evidence on the Advisory Role of Annual General Meetings 
  Ernst Maug, Kristian Rydqvist FE 

• DP4195 - Golden Rice and the Looming GMO Trade Debate: Implications for the Poor 
  Kym Anderson, Chantal Pohl Nielsen IT 

• DP4196 - Will China's WTO Accession Worsen Rural Poverty? 
  Kym Anderson, Jikun Huang, Elena Ianchovichina IT 

• DP4198 - Does the Market Provide Sufficient Employment Protection? 
  Roberto Burguet, Ramón Caminal LE 

• DP4199 - Empirical Labour Search: A Survey 
  Zvi Eckstein, Gerard J van den Berg LE 

• DP4200 - Individual Mortality and Macroeconomic Conditions from Birth to Death 
  Maarten Lindeboom, France Portrait, Gerard J van den Berg LE 

Week 11th January 2004

• DP4118 - Explaining Differences in Hospital Performance: Does the Answer Lie in the Labour Market? 
  Simon Burgess, Denise Gossage, Carol Propper LE 

• DP4127 - A Meta-Analysis of the International Gender Wage Gap 
  Doris Weichselbaumer, Rudolf Winter-Ebmer LE 

• DP4136 - Spatial Inequality in Education and Health Care in China 
  Ravi Kanbur, Xiaobo Zhang IT 

• DP4158 - What Happened to Asian Exports During the Crisis? 
  Rupa Duttagupta, Antonio Spilimbergo IM 

• DP4165 - On Model Selection and Markov Switching: A Empirical Examination of Term Structure Models with Regime Shifts 
  John Driffill, Turalay Kenc, Martin Sola, Fabio Spagnolo FE, IM 

• DP4166 - Rules of Origin in North-South Preferential Trading Arrangements with an Application to NAFTA 
  José Anson, Olivier Cadot, Jaime de Melo, Antoni Estevadeordal, Akiko Suwa Eisenmann, Bolorma Tumurchudur  IT 

• DP4168 - India's Trade Policy For Sale: How Much? Who Buys? 
  Olivier Cadot, Jean-Marie Grether, Marcelo  Olarreaga IT 

• DP4169 - Optimal Capital Allocation Using RAROC(tm) and EVA 
  Neal Stoughton, Josef Zechner FE 

• DP4172 - Reducing Start-Up Costs for New Firms: The Double Dividend on the Labour Market 
  Uwe Dulleck, Paul Frijters, Rudolf Winter-Ebmer LE 

• DP4173 - Aggregate Consequences of Limited Contract Enforceability 
  Thomas F Cooley, Ramon Marimon, Vincenzo Quadrini IM 

• DP4175 - Efficiency Gains and Myopic Antitrust Authority in a Dynamic Merger Game 
  Massimo Motta, Helder Vasconcelos IO 

• DP4177 - Independence and Heterogeneity in Games of Incomplete Information 
  Robin Mason, Akos Valentinyi IO 

• DP4178 - Temporary Contracts and Employee Effort 
  Axel Engellandt, Regina Riphahn LE 

• DP4180 - Confidence Building on Euro Conversion: Theory and Evidence from Currency Options 
  Joost Driessen, Enrico C Perotti FE, IM 

• DP4181 - Stakeholders, Transparency and Capital Structure 
  Andres Almazan, Javier Suárez, Sheridan Titman FE

---

2003

Week 21st December 2003 

• DP4148 - Multinational Bank Regulation with Deposit Insurance and Diversification Effects 
  Gyöngyi Lóránth, Alan Morrison FE 

• DP4150 - Why the Apple Doesn't Fall: Understanding Intergenerational Transmission of Human Capital 
  Sandra Black, Paul Devereux, Kjell G Salvanes LE 

• DP4151 - Signalling and Commitment: Monetary versus Inflation Targeting 
  Hans Gersbach, Volker Hahn  IM 

• DP4153 - Efficiency Wages, Urban Unemployment and Housing Consumption 
  Yves Zenou LE 

• DP4155 - Price Discrimination in Markets for Experts' Services 
  Uwe Dulleck, Rudolf Kerschbamer IO 

• DP4156 - Self-Selection of Migrant Workers: Migration Premium and (no) Returns to Skills 
  Eran Yashiv IM, LE 

• DP4157 - Does Prestige Matter More than Profits? Evidence from Entrepreneurial Choice 
  Mariassunta Giannetti, Andrei Simonov FE 

• DP4159 - Inequality and Political Consensus 
  Hans Peter Grüner PP 

• DP4160 - Strategic Asset Allocation in a Continuous Time VAR Model 
  John Y Campbell, George Chacko, Jorge Rodriguez, Luis M Viceira FE 

• DP4161 - How Do Legal Differences and Learning Affect Financial Contracts? 
  Steven Kaplan, Frederic Martel, Per Johan Strömberg FE 

• DP4162 - Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations 
  Alexander P Ljungqvist, Felicia Marston, William J Wilhelm Jr FE 

• DP4163 - Conflicts of Interest and Efficient Contracting in IPOs 
  Alexander P Ljungqvist FE 

• DP4164 - Cross-Border Tax Externalities: Are Budget Deficits too Small? 
  Willem H Buiter, Anne Sibert IM, IT 

• DP4170 - Global Sourcing 
  Pol Antràs, Elhanan Helpman IT 

• DP4171 - Absorptive Capacity, R&D Spillovers and Public Policy 
  Dermot Leahy, J Peter Neary IT 

Week 14th December 2003 

• DP4139 - Corporate Venture Capital: The Upside of Failure and Competition for Talent 
  Gilles Chemla, Jean-Etienne de Bettignies FE 

• DP4141- Naomi Klein and the Anti-Globalization Movement 
  Paul Segerstrom IT

• DP4145 - Bottled Water - A Case of Pointless Trade? 
  Richard Friberg, Mattias Ganslandt IO, IT  

• DP4146 - The Impact of Divorce on School Performance: Evidence from France, 1968-2002 
  Thomas Piketty PP 

• DP4147 - Job Tenure, Wages and Technology: A Reassessment Using Matched Worker-Firm Panel Data 
  Pauline Givord, Eric Maurin LE 

• DP4149 - Does Responsive Pricing Increase Efficiency? Evidence from Pricing Experiments in an Internet Café 
  Pascal Courty, Mario Pagliero IO 

• DP4152 - Globalization and the Evolution of the Supply Chain: Who Gains and Who Loses? 
  Masahisa Fujita, Jacques-François Thisse IT 

Week 07th December 2003 

• DP4129 - Globalization and the Empowerment of Talent 
  Dalia Marin, Thierry Verdier IO, IT 

• DP4130 - High-Tech Clusters, Technology Spillovers and Trade Secret Laws 
  Andrea Fosfuri, Thomas Roende  IO, IT

• DP4132 - Credit Risk and Dynamic Capital Structure Choice 
  Thomas Dangl, Josef Zechner FE 

• DP4133 - Opening the Black Box: Structural Factor Models versus Structural VARs 
  Mario Forni, Marco Lippi, Lucrezia Reichlin IM 

• DP4134 - Mark-ups, Gaps and the Welfare Costs of Business Fluctuations 
  Jordi Galí, Mark Gertler, Jose David Lopez-Salido IM 

• DP4135 - The Learning Cost of Interest Rate Reversals 
  Martin Ellison  IM 

• DP4137 -Top Indian Incomes, 1956-2000 
  Abhijit Banerjee, Thomas Piketty PP 

• DP4140 - A Theory of North-South Trade and Globalization 
  Elias Dinopoulos, Paul Segerstrom IT

Week of  30th November 2003 

• DP4122 - Monetary Union with Voluntary Participation
  William Fuchs, Francesco Lippi IM 

• DP4123 - A Strategic Interpretation of Legal Transplants 
  Nuno Garoupa, Anthony Ogus PP 

• DP4124 - The Dynamics of Repeat Migration: A Markov Chain Analysis 
  Amelie Constant, Klaus F Zimmermann LE 

• DP4125 - Information Variables for Monetary Policy in a Small Structural Model of the Euro Area 
  Francesco Lippi, Stefano Neri  IM 

• DP4126 - Performance of Inflation Targeting Based on Constant Interest Rate Projections 
  Seppo Honkapohja, Kaushik Mitra IM 

• DP4128 - Rhetoric in Economic Research: The Case of Gender Wage Differentials 
  Doris Weichselbaumer, Rudolf Winter-Ebmer LE 

• DP4131 - Escalating Penalties for Repeat Offenders 
  Winand Emons IO 

Week of  23rd November 2003 

• DP4113 - A Note on Optimal Law Enforcement with Legal Aid 
  Nuno Garoupa, Frank Stephen  PP 

• DP4115 - Good Jobs, Bad Jobs and Redistribution 
  Kjell Erik Lommerud, B. Sandvik, Odd Rune Straume PP 

• DP4116 - Information Sharing and Cumulative Innovation in Business Networks 
  Gilles Saint-Paul  IM 

• DP4117 - Three Models of Imperfect Transparency in Monetary Policy 
  Maria Demertzis, Andrew Hughes Hallett IM 

• DP4119 - Is Economic Activity in the G7 Synchronized? Common Shocks versus Spillover Effects 
  Alain Monfort, Jean-Paul Renne, Rasmus Rüffer, Giovanni Vitale IM 

• DP4120 - Nonparametric Estimation of a DependentCompeting Risks Model for Unemployment Durations 
  Gerard J van den Berg, A Gijsbert C van Lomwel, Jan C van Ours LE 

Week of  16th November 2003 

• DP4103 - Monotone Equilibria in Bayesian Games of Strategic Complementarities 
  Timothy Van Zandt, Xavier Vives   IO 

• DP4111 - Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates 
  Klaus Adam, Roberto M Billi   IM 

• DP4112 - Endogeneity of Currency Areas and Trade Blocs: Evidence from the Inter-war Period 
  Albrecht Ritschl, Nikolaus Wolf  IM 

• DP4114 - Monetary Policy Rules, Asset Prices and Exchange Rates 
  Jagjit S Chadha, Lucio Sarno, Giorgio Valente  IM 

• DP4121 - Exchange Rate Policy and Endogenous Price Flexibility 
  Michael B Devereux   IM 

Week of 9 November 2003 

• DP4077 -Market Access for Sale: Latin America's Lobbying for US Tariff Preferences 
  Hiau Looi Kee, Marcelo Olarreaga, Peri Silva IT 

• DP4081 - An Experimental Study of Storable Votes 
  Alessandra Casella, Andrew Gelman, Thomas R Palfrey PP 

• DP4105 - Underpricing in Discriminatory and Uniform-Price Treasury Auctions 
  David Goldreich FE 

• DP4108 - The Dynamics of the Colombian Civil Conflict: A New Data Set 
  Jorge Restrepo, Michael Spagat, Juan F Vargas PP 

• DP4109 - Government Procurement: Market Access, Transparency, and Multilateral Trade Rules 
  Simon J Evenett, Bernard Hoekman IT 

• DP4110 - Trading Market Access for Competition Policy Enforcement 
  Bernard Hoekman, Kamal Saggi  IT 

Week of  02nd November 2003 

• DP4099 - Technology Transfer and Spillovers in International Joint Ventures 
  Thomas Müller, Monika Schnitzer IO, IT, TE 

• DP4101 - On the Indeterminacy of Determinacy and Indeterminacy 
  Andreas Beyer, Roger E A Farmer IM 

• DP4104 - Duration Dependence in Stock Prices: An Analysis of Bull and Bear Markets 
  Asger Lunde, Allan G Timmermann FE 

• DP4106 - Identifying the Monetary Transmission Mechanism Using Structural Breaks 
  Andreas Beyer, Roger E A Farmer IM 

• DP4107 - Subsidies to Poor Regions and Inequalities: Some Unpleasant Arithmetic 
  Vincent Dupont, Philippe Martin IT 

Week of October 26, 2003 

• DP4094 - On-the-Job Search in a Matching Model with Heterogeneous Jobs and Workers
  Juan José Dolado, Marcel Jansen, Juan Francisco Jimeno-Serrano LE 

• DP4095 - On Footloose Industries, Asymmetric Information and Wage Bargaining 
  Nancy H Chau, Ravi Kanbur IT, LE 

• DP4096 - The Demand for Coordination 
  Wouter Dessein, Jesus Santos IO 

• DP4097 - Taxation and Venture Capital-Backed Entrepreneurship 
  Christian Keuschnigg, Soren Bo Nielsen PP 

• DP4100 - Growth Strategies 
  Dani Rodrik IM,PP 

• DP4102 - The European Phillips Curve: Does the NAIRU Exist? 
  Marika Karanassou, Hector Sala, Dennis Snower LE 

Week of October 19, 2003 

• DP4076 - The Informational Role of the Business Cycle 
  Harris Dellas IM 

• DP4082 - The Case for Inflation Stability 
  Fabrice Collard, Harris Dellas  IM 

• DP4083 -Poole in the New Keynesian Model 
  Fabrice Collard, Harris Dellas  IM 

• DP4089 - Credible Vertical Preemption 
  Ralph Siebert IO 

• DP4090 - The Impact of R&D Subsidies on the Introduction of New Products by Incumbent Firms 
  Ralph Siebert IO 

• DP4091 - Does Anonymity Matter in Electronic Limit Order Markets? 
  Thierry Foucault, Sophie Moinas, Erik Theissen  FE 

• DP4092 - Late Informed Betting and the Favourite-Longshot Bias 
  Marco Ottaviani, Peter Sorensen FE,IO 

• DP4093 - Does the Separation of Regulatory Powers Reduce the Threat of Capture? Evidence from the US Maritime Bureaucracy 
  Pedro L Marín Uribe, Richard Sicotte IO 

• DP4098 - Understanding the Recovery Rates on Defaulted Securities 
  Viral V Acharya, Sreedhar T Bharath, Anand Srinivasan 

Week of October 12th, 2003 

• DP4075 - Incentive Contracts and Elections for Politicians with Multi-Task Problems 
  Hans Gersbach, Verena Liessem PP 

• DP4078 - Location of R&D and High-Tech Production by Vertically-Integrated Multinationals 
  Karolina Ekholm, Katarina Hakkala IT 

• DP4079 - Unionization Structures and Innovation Incentives 
  Justus Haucap, Christian Wey IO 

• DP4080 - Auctions with Private Entry Costs 
  Todd Kaplan, Aner Sela IO 

• DP4086 - Media Capture and Wealth Concentration 
  Giacomo Corneo PP 

• DP4087 - What Caused the Early Millennium Slowdown? Evidence Based on Vector Autoregressions 
  Gert Peersman IM 

• DP4088 - Measuring Heterogeneity in the Returns to Education in Norway Using Educational Reforms 
  Arild Aakvik, Kjell J Salvanes, Kjell Vaage LE 

Week of October 5th, 2003 

• DP4034 - Trading Volume with Career Concerns
  Amil Dasgupta, Andrea Prat FE, IO 

• DP4067 -C-CAPM and the Cross-Section of Sharpe Ratios 
  Paul Söderlind FE 

• DP4068 - Is There Evidence of Pessimism and Doubt in Subjective Distributions? A Comment on Abel 
  Paolo Giordani, Paul Söderlind FE 

• DP4070 - Microeconomic Sources of Equity Risk 
  Michael R Wickens FE, IM 

• DP4073 - A Quantitative Exploration of the Opportunistic Approach to Disinflation 
  Yunus Aksoy, Athanasios Orphanides, David Small, Volker Wieland, David Wilcox IM

• DP4074 -The Impact of Length of the School Year on Student Performance and Earnings: Evidence from the German Short School Years 
  Jörn-Steffen Pischke LE, PP 

• DP4084 - Does Binding of Feedback Influence Myopic Loss Aversion? An Experimental Analysis 
  Thomas Langer, Martin Weber FE 

• DP4085 - Knowledge Diffusion, Supplier's Technological Effort and Technology Transfer via Vertical Relationships 
  Ai Ting Goh  IT

Week of September 28, 2003 

• DP4064  - Fertility and Financial Incentives in France 
  Guy Laroque, Bernard Salanié LE, PP

• DP4065 - Inter-regional and International Trade: Seventy Years After Ohlin 
  Kristian Behrens, Carl Gaigné, Gianmarco I P Ottaviano, Jacques-François Thisse IT 

• DP4066 - Who Integrates? 
  Stefan Buehler, Armin Schmutzler IO 

• DP4069 - Competitive Non-Linear Pricing in Duopoly Equilibrium: The Early US Cellular Telephone Industry 
  Eugenio J Miravete, Lars-Hendrik Röller IO 

• DP4071 - EU Conciliation Committee: Council 56 versus Parliament 6 
  Stefan Napel, Mika Widgrén IT, PP

• DP4072 - Optimal Information Management: Organizations versus Markets 
  Micael Castanheira, Mikko Leppämäki 

Week of September 21, 2003 

• DP4033 - Panel Index VAR Models: Specification, Estimation, Testing and Leading Indicators 
  Fabio Canova, Matteo Ciccarelli  IM 

• DP4055 - On the Causes of Overlending: Are Guarantees on Deposits the Culprit? 
  Mariassunta Giannetti FE, IM 

• DP4056 - Ownership and Control in Joint Ventures: Theory and Evidence 
  Robert Hauswald, Ulrich Hege FE 

• DP4057 - Corruption and Openness 
  Zvika Neeman, Daniele Paserman, Avi Simhon PP 

• DP4058 - Efficiency Wages and Unemployment in Cities: The Case of High Relocation Costs 
  Yves Zenou LE 

• DP4059 - Kleptocracy and Divide-and-Rule: A Model of Personal Rule 
  Daron Acemoglu, James A Robinson, Thierry Verdier PP 

• DP4061 - Immigration and Inter-Regional Mobility in the UK, 1982-2000 
  Tim Hatton, Massimiliano Tani  LE 

• DP4063 - Welfare Implications of User Innovation 
  Joachim Henkel, Eric von Hippel IO 

Week of September 14, 2003 

• DP4036 - Responsive Pricing 
  Pascal Courty, Mario Pagliero  IO 

• DP4045 - The Changing Distribution of Male and Female Wages, 1978-2000: Can the Simple Skills Story be Rejected? 
  Amanda Gosling LE 

• DP4049 - Where Does the Political Budget Cycle Really Come From? 
  Anton Brender, Allan Drazen IM, PP 

• DP4050 - Mixed Signals in Defending the Exchange Rate: What do the Data Say? 
  Allan Drazen, Stefan Hubrich IM 

• DP4051 - Takeovers and the Dynamics of Information Flows 
  Gilles Chemla FE, IO 

• DP4052 - Immigrating to Opportunity: Estimating the Effect of School Quality Using a Natural Experiment on Ethiopians in Israel 
  Eric D Gould, Victor Lavy, Daniele Paserman LE, PP 

• DP4053 - Taxing Risky Investment 
  Michael P Devereux PP 

• DP4054 - An Economic Model of Child Custody 
  Marco Francesconi, Aabhinay Muthoo PP 

• DP4060 -International Good Market Segmentation and Financial Market Structure 
  Suleyman Basak, Benjamin Croitoru FE 

• DP4062 - Microfoundations of Urban Agglomeration Economies 
  Gilles Duranton, Diego Puga IT 

Week of September 7, 2003 

• DP4041 - Distance and FDI When Contracts are Incomplete 
  Gianmarco I P Ottaviano, Alessandro Turrini IT 

• DP4043 - Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects 
  Hans Gersbach IO, LE 

• DP4044 - Democratic Public Good Provision 
  John Hassler, Kjetil Storesletten, Fabrizio Zilibotti PP 

• DP4046 - The Labour Market Effects of Payroll Taxes in a Middle-Income Country: Evidence from Colombia
  Adriana Kugler, Maurice Kugler  LE 

• DP4047 - Durable Goods with Quality Differentiation 
  Roman Inderst IO 

• DP4048 - Communication Externalities in Cities 
  Sylvie Charlot, Gilles Duranton IT 

Week of August 31, 2003 

• DP4032 - Trade Liberalization and Developing Countries Under the Doha Round 
  Joseph Francois, Hans van Meijl, Frank van Tongeren 

• DP4035 - Dynamic Yardstick Regulation 
  Antoine Faure-Grimaud, Soenje Reiche IO 

• DP4037 - Properties of Optimal Forecasts 
  Andrew J Patton, Allan G Timmermann FE 

• DP4038 - Relative Performance Evaluation Contracts and Asset Market Equilibrium 
  Sandeep Kapur, Allan G Timmermann FE 

• DP4039 - Inside-Outside Money Competition 
  Ramon Marimon, Juan Pablo Nicolini, Pedro Teles IM 

• DP4040 -National versus International Mergers in Unionised Oligopoly 
  Kjell Erik Lommerud, Lars Sørgard, Odd Rune Straume IO, PP 

Week of August 17, 2003 

• DP4016 - The Optimal Capital Structure of an Economy 
  Hans Gersbach 

• DP4017- Investor Protection and Equity-Holdings: An Explanation of Two Puzzles? 
  Mariassunta Giannetti, Yrjö Koskinen 

• DP4020 - Mark-Up Fluctuations and Fiscal Policy. Stabilization in a Monetary Union 
  Roel Beetsma, Henrik Jensen 

• DP4021 - Heterogeneity in R&D Cooperation Strategies 
  Rene Belderbos, Martin A Carree, Bert Diederen, Boris Lokshin, Reinhilde Veugelers 

• DP4022 - Real-Time Hierarchical Resource Allocation with Quadratic Costs 
  Timothy Van Zandt 

• DP4023 - Trade Reforms and Wage Inequality in Colombia 
  Orazio Attanasio, Pinelopi Goldberg, Nina Pavcnik 

• DP4024 - Institutional Subversion: Evidence from Russian Regions
  Irina Slinko, Evgeny Yakovlev, Ekaterina Zhuravskaya 

• DP4025 - Uncertainty and Company Investment Dynamics: Empirical Evidence for UK Firms 
  Nicholas Bloom, Stephen R Bond, John Van Reenen 

• DP4028 - The Spatial Aspects of Crime 
  Yves Zenou 

• DP4029 - Urban Labour Economic Theory 
  Yves Zenou 

Week of August 10, 2003 

• DP4001- Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence 
  Willem H Buiter 

• DP4002 - Stock Prices and IPO Waves 
  Lubos Pástor, Pietro Veronesi 

• DP4003 - Unilingual versus Bilingual Education System: A Political Economy Analysis 
  Javier Ortega, Thomas Tangeraas 

• DP4004 - Foreign Aid Designed to Diminish Terrorist Atrocities can Increase Them
  Michael Mandler, Michael Spagat 

• DP4005 - Precautionary Saving and Consumption Smoothing Across Time and Possibilities 
  Miles S Kimball, Philippe Weil 

• DP4006 - Dynamic Optimal Taxation with Private Information 
  Stefania Albanesi, Christopher Sleet 

• DP4007 - Government Gains from Self-Restraint: A Bargaining Theory of Inefficient Redistribution Policies 
  Allan Drazen, Nuno Limao 

• DP4008 - The Macroeconomics of Delegated Management 
  Jean-Pierre Danthine, John B Donaldson 

• DP4009 - Auctions with Weakly Asymmetric Interdependent Values 
  Gadi Fibich, Arieh Gavious, Aner Sela 

• DP4012 - Monetary Policy Rules in an Interdependent World 
  Robert Kollmann 

• DP4014 - The Transmission Mechanism in a Changing World 
  Michael J Artis, Ana Beatriz C Galvao, Massimiliano Marcellino 

• DP4018 - Heckscher-Ohlin Theory and Individual Attitudes. Towards Globalization 
  Kevin H O'Rourke 

Week of August 03, 2003 

• DP3946 - Does 'Non-Committed' Government Always Generate Lower Social Welfare then its 'Committed' Counter-Part 
  Kresimir Zigic 

• DP3971- Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence 
  Augustin Landier, David Thesmar  

• DP3980 - The BMW Model: Simple Macroeconomics for Closed and Open Economies - A Requiem for the IS/LM-AS/AD and the Mundell-Fleming Model 
  Peter Bofinger, Eric Mayer, Timo Wollmershaeuser 

• DP3992 - The Proper Scope of Governments When Costs are Contractible 
  Dag Morten Dalen, Espen R Moen 

• DP3995- International Product Market Integration, Rents and Wage Formation 
  Torben M Andersen, Allan Sorensen 

• DP3998 - Cross-Border Acquisitions and Greenfield Entry: Profitability and Stock Market Value 
  Pehr-Johan Norbäck, Lars Persson 

Week of July 20, 2003 

• DP3986 - Equilibrium Search Unemployment, Endogenous Participation and Labour Market Flows 
  Pietro Garibaldi, Etienne Wasmer 

• DP3993 - Does Education Raise Productivity or Just Reflect It? 
  Arnaud Chevalier, Colm Harmon, Ian Walker, Yu Zhu 

• DP3994 - Disruptive Technologies and the Emergence of Competition 
  Ron Adner, Peter Zemsky

• DP3996 - Credit, Wages and Bankruptcy Laws 
  Bruno Biais, Thomas Mariotti 

• DP3997 - Model Uncertainty, Thick Modelling and the Predictability of Stock Returns 
  Marco Aiolfi, Carlo A Favero 

• DP3999 - The Spatial Distribution of Economic Activities in the EU 
  Pierre-Philippe Combes, Henry Overman 

Week of July 13, 2003 

• DP3955 -Pension Fund Governance and the Choice Between Defined Benefit and Defined Contribution
  Timothy Besley, Andrea Prat 

• DP3958 - Core-Periphery Patterns of Generalized Transport Costs: France, 1978-98 
  Pierre-Philippe Combes, Miren Lafourcade 

• DP3961 - Executive Compensation as an Agency Problem 
  Lucian Arye Bebchuk, Jesse Fried 

• DP3969 - Coagglomeration and Growth 
  Salvador Barrios, Luisito Bertinelli, Eric Strobl 

• DP3975 - Precautionary Bidding in Auctions 
  Péter Esö, Lucy White 

• DP3976 - Endogenous Contracts Under Bargaining in Competing Vertical Chains 
  Chrysovalantou Milliou, Emmanuel Petrakis, Nikolaos Vettas 

• DP3977 - Multiple Equilibria and Minimum Wages in Labour Markets with Informational Frictions and Heterogenous Production Technologies 
  Gerard J van den Berg 

• DP3979 - The Effect of Search Frictions on Wages 
  Gerard J van den Berg, Aico van Vuuren 

• DP3981 - Business Cycles, the Current Account and Administered Protection in Mexico 
  Joseph Francois, Gunnar Niels 

• DP3983 - Monetary Fundamentals and Exchange Rate Dynamics under Different Nominal Regimes 
  Lucio Sarno, Giorgio Valente, Mark E Wohar 

• DP3985 - The Empirics of Agglomeration and Trade 
  Keith Head, Thierry Mayer 

Week of July 6, 2003 

• DP 3950 - Aging Population and Education Finance 
  Mark Gradstein, Michael Kaganovich 

• DP3966 - Social Networks and Crime Decisions: The Role of Social Structure in Facilitating Delinquent Behaviour 
  Antoni Calvo Armengol, Yves Zenou 

• DP3967 - Density, Social Networks and Job Search Methods: Theory and Application to Egypt 
  Jackline Wahba, Yves Zenou 

• DP3968 - Mismatch, Transport Mode and Search Decisions in England 
  Elenora Patacchini, Yves Zenou 

• DP3970 - It's All About Connections: Evidence on Network Formation 
  Armin Falk, Michael Kosfeld 

• DP3971 - Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence 
  Augustin Landier, David Thesmar 

• DP3972 - Red Tape and Corruption 
  Sergei Guriev 

• DP3973 - Provincial Protectionism 
  Konstantin Sonin 

• DP3974 - Innovations, Patent Growth and Endogenous Growth 
  Joseph Zeira 

• DP3982 - Cultural Diversity, Status Concerns and the Organization of Work 
  Chaim Fershtman, Hans K Hvide, Yoram Weiss 

Week of June 29, 2003 

• DP3942 - Foreclosure with Incomplete Information 
  Lucy White

• DP3945 - Bureaucracy as a Mechanism to Generate Information 
  Walter Novaes, Luigi Zingales

• DP3947 - It Takes Two: An Explanation of the Democratic Peace 
  Gilat Levy, Ronny Razin 

• DP3948 - Careerist Judges 
  Gilat Levy 

• DP3957 - Estimating the Probability of Leaving Unemployment Using Uncompleted Spells from Repeated Cross-Section Data 
  Maia Güell, Luojia Hu 

• DP3959 - Product Choice and Product Switching 
  Andrew Bernard, Stephen Redding, Peter Schott 

• DP3960 - Agglomeration and Regional Growth 
  Richard Baldwin, Philippe Martin 

• DP3962 - Adaptive Learning and Monetary Policy Design 
  George W Evans, Seppo Honkapohja 

• DP3963 - The Transmission of US Shocks to Latin America 
  Fabio Canova 

• DP3964 - Tender Offers and Leverage 
  Holger M Müller, Fausto Panunzi 

Week of June 22, 2003 

• DP3932 - Globalization and Dirty Industries: Do Pollution Havens Matter? 
  Jaime de Melo, Jean-Marie Grether 

• DP3933 -Fiscal Policy and Monetary Integration in Europe 
  Jordi Galí, Roberto Perotti 

• DP3944 - Accession to the WTO and EU Enlargement: What Potential for Trade Increase? 
  Oxana Koukhartchouk, Mathilde Maurel 

• DP3949 - Recursive Preferences and Balanced Growth 
  Roger E A Farmer, Amartya Lahiri 

• DP3951 - R&D Cooperation Between Firms and Universities: Some Empirical Evidence from Belgian Manufacturing 
  Bruno Cassiman, Reinhilde Veugelers 

• DP3952 - Foreign Ownership and Corporate Income Taxation: An Empirical Evaluation 
  Harry Huizinga, Gaetan Nicodeme 

• DP3953 - Informative Advertising and Product Differentiation 
  Charalambos Christou, Nikolaos Vettas 

• DP3954 - The Manufacturer's Suggested Retail Price 
  Stephanie Rosenkranz 

• DP3956 - The Macroeconomics of Shareholder Pressure 
  David Thesmar 

Week of June 15, 2003 

• DP3926 - The Effects of Employment Protection: Learning from Variable Enforcement 
  Tito Boeri, Juan Francisco Jimeno-Serrano 

• DP3928 - Backward-Looking Interest Rate Rules, Interest Rate Smoothing and Macroeconomic Instability 
  Jess Benhabib, Stephanie Schmitt-Grohé, Martin Uribe 

• DP3930 - Reconciling Stability and Growth: Smart Pacts and Structural Reforms 
  Roel Beetsma, Xavier Debrun 

• DP3931 - How Binding are Legal Limits? Transitions from Temporary to Permanent Work in Spain 
  Maia Güell, Barbara Petrongolo 

• DP3934 - Taylor Rules and the Predictability of Interest Rates 
  Paul Söderlind, Ulf Söderström, Anders Vredin 

• DP3938 - Understanding the Opportunistic Approach to Disinflation 
  Patrick Minford, Naveen Srinivasan 

• DP3939 - Government Finance in the Wake of Currency Crises 
  A Craig Burnside, Martin Eichenbaum, Sérgio Rebelo 

• DP3940 -A Product Market Theory of Worker Training 
  Hans Gersbach, Armin Schmutzler 

• DP3941 - Overconfidence and Trading Volume 
  Markus Glaser, Martin Weber 

• DP3943 - Efficient Pricing of Large Value Interbank Payment Systems 
  Cornelia Holthausen, Jean-Charles Rochet 

Week of June 08, 2003 

• DP3865 - Banks and Markets: the Changing Character of European Finance 
  Raghuram G Rajan, Luigi Zingales 

• DP3880 - The Political Economy of European Merger Control: Evidence Using Stock Market Data 
  Tomaso Duso, Damien J Neven, Lars-Hendrik Röller 

• DP3919 - Business Cycles with Free Entry Ruled by Animal Spirits 
  Rodolphe Dos Santos Ferreira, Teresa Lloyd-Braga 

• DP3920 - Optimal State-Contingent Regulation under Limited Liability 
  Robert Gary-Bobo, Yossi Spiegel 

• DP3924 - Families as Shocks 
  Luis Cubeddu, José-Víctor Ríos-Rull 

• DP3925 - Policy Interaction, Expectation and Liquidity Trap 
  George W Evans, Seppo Honkapohja 

• DP3927 - Asset Prices and Business Cycles with Costly External Finance 
  Joao F Gomes, Amir Yaron, Lu Zhang 

• DP3935 - Surviving a Standards War: Lessons Learned from the Life and Death of DIVX 
  David Dranove, Neil Gandal 

• DP3936 - Wages and International Trade 
  Francis Kramarz 

• DP3937 - Francs or Ranks? Earnings Mobility in France, 1967-1999 
  Mosche Buchinsky, Gary S Fields, Denis Fougère, Francis Kramarz 

Week of June 01, 2003 

• DP3840 - Russia's European Economic Integration: Escapism and Realities 
  Carl B Hamilton 

• DP3908 - Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run 
  Ricarda Demarmels, Andreas M Fischer 

• DP3911 - Representative versus Direct Democracy: The Role of Informational Asymmetries 
  Anke Kessler 

• DP3912 - The Dynamics of Local Employment in France 
  Pierre-Philippe Combes, Thierry Magnac, Jean-Marc Robin 

• DP3918 - The Central Banker as a Risk Manager: Quantifying and Forecasting Inflation Risks 
  Lutz Kilian, Simone Manganelli 

• DP3921 - The Effect of Financial Rewards on Students' Achievements: Evidence from a Randomized
  Edwin Leuven, Hessel Oosterbeek, Bas van der Klaauw 

• DP3922 - Job Search with Nonparticipation 
  Paul Frijters, Bas van der Klaauw 

• DP3923 - Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem 
  John Driffill, Zeno Rotondi 

---

Week of May 25, 2003 

• DP3905 - Household Labour Supply and Welfare Participation in Sweden 
  Lennart Flood, Jörgen Hansen, Roger Wahlberg 

• DP3906 - Teen Births Keep American Crime High 
  Jennifer Hunt 

• DP3907 - Delegated Job Design 
  Hans K Hvide, Todd Kaplan 

• DP3909 - The Monetary Consequences of A Free Trade Area of the Americas 
  Barry Eichengreen, Alan M Taylor 

• DP3910 - The Euro is Good After All: Evidence from Corporate Valuations 
  Arturo Bris, Yrjö Koskinen, Mattias Nilsson 

• DP3913 -International Unions 
  Alberto F Alesina, Ignazio Angeloni, Federico Etro 

• DP3914 - The Political Economy of Bank and Equity Dominance 
  Enrico C Perotti, Ernst-Ludwig von Thadden 

• DP3915 - Financial Distress and Bank Restructuring of Small to Medium Size UK Companies 
  Julian R Franks, Oren Sussman 

• DP3916 - Incentives and Invention in Universities 
  Saul Lach, Mark Schankerman 

• DP3917 - Loan Pricing Under Basel Capital Requirements 
  Rafael Repullo, Javier Suárez 

Week of May 18, 2003 

• DP3742 - Crises and Punishment: Moral Hazard and the Pre-1914 International Financial Architecture 
  Marc Flandreau 

• DP3849 - Icelandic Fisheries Management: Fees versus Quotas 
  Thorvaldur Gylfason 

• DP3896 - The Macroeconomics of Early Retirement 
  José Ignacio Conde-Ruiz, Vincenzo Galasso 

• DP3901 - Insisting on a Non-negative Price: Oligopoly, Uncertainty, Welfare and Multiple Equilibria 
  Johan Lagerlöf 

• DP3902 - The Elusive Gains from International Financial Integration 
  Pierre-Olivier Gourinchas 

• DP3903 - Incentives to Borrow and the Demand for Mortgage Debt: An Analysis of Tax Reforms 
  Tullio Jappelli 

• DP3904 - On the Trend Recognition and Forecasting Ability of Professional Traders 
  Thomas Langer 

Week of May 11, 2003 

• DP3890 -Are Household Portfolios Efficient? An Analysis Conditional on Housing 
  Loriana Pelizzon, Guglielmo Weber 

• DP3891 - The Determinants of Employee Crime in the UK 
  Neil Rickman, Rob Witt 

• DP3892 - Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero 
  Günter Coenen, Athanasios Orphanides, Volker Wieland 

• DP3893 - Leading Indicators for Euro Area Inflation and GDP Growth 
  Anindya Banerjee, Massimiliano Marcellino, Igor Masten 

• DP3894 - Exchange Rate Pass-Through in Candidate Countries 
  Fabrizio Coricelli, Bostjan Jazbec, Igor Masten 

• DP3895 - The Zero-Interest Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan 
  Günter Coenen, Volker Wieland 

• DP3897 - The Future of Monetary Aggregates in Monetary Policy Analysis 
  Edward Nelson 

• DP3898 - Money and the Transmission Mechanism in the Optimizing IS-LM Specification 
  Edward Nelson 

• DP3899 - Taylor Rules in Practice: How Central Banks can Intercept Sunspot Expectations 
  Mark Weder 

• DP3900 - The Price of Future Liquidity: Time-Varying Liquidity in the US Treasury Market 
  David Goldreich, Bernd Hanke, Purnendu Nath 

Week of May 4, 2003 

• DP3651 - The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse 
  Harald Hau 

• DP3873 -How do Firms Agglomerate? A Study of FDI in France 
  Matthieu Crozet, Thierry Mayer, Jean-Louis Mucchielli 

• DP3881 - Tax Incentives to Saving and Borrowing 
  Tullio Jappelli, Luigi Pistaferri 

• DP3882 - The New Comparative Economics 
  Simeon Djankov, Edward L Glaeser, Florencio López-de-Silanes, Andrei Shleifer 

• DP3883 - Freidman's Money Supply Rule versus Optimal Interest Rate Policy 
  George W Evans, Seppo Honkapohja 

• DP3884 - Are we Better Off if our Politicians Have More Information? 
  Johan Lagerlöf 

• DP3885 - On the Influence of Extreme Parties in Electoral Competition with Policy-Motivated Candidates 
  Georges Casamatta, Philippe de Donder 

• DP3886 - Citizen Candidacy with Asymmetric Information 
  Georges Casamatta, Wilfried Zantman 

• DP3887 - Monetary-Fiscal Mix and Inflation Performance: Evidence from the US 
  Carlo A Favero, Tommaso Monacelli 

• DP3888 - Strategic Choice of Financing Systems in Regulated and Interconnected Industries 
  Anna Bassanini, Jerome Pouyet 

• DP3889 - Cross-Country Determinants of Mergers and Acquisitions 
  Stefano Rossi, Paolo Volpin 

Week of April 27, 2003 

• DP3871 - Employment Protection and Globalization in Dynamic Oligopoly 
  Gerda Dewit, Dermot Leahy, Catia Montagna 

• DP3872 - Information Diffusion in International Markets 
  Alejandro Izquierdo, Jacques Morisset, Marcelo Olarreaga  

• DP3874 - The Response of the Informal Sector to Trade Liberalization 
  Penny Koujianou Goldberg, Nina Pavcnik 

• DP3875 - The Role of Human Capital Investments in the Location Decisions of Firms 
  Niko Matouschek, Frédéric Robert-Nicoud 

• DP3876 -Airbus versus Boeing Revisited: International Competition in the Aircraft Market 
  Douglas Irwin, Nina Pavcnik 

• DP3877 - Trade, Wages and the Political Economy of Trade Protection: Evidence from the Colombian Trade Reforms 
  Penny Koujianou Goldberg, Nina Pavcnik 

• DP3878 - An Equilibrium Approach to International Merger Policy 
  Luís M B Cabral 

• DP3879 - The Effectiveness of Structural Policy in the European Union: An Empirical Analysis for the EU-15 during the Period 1995-2001 
  Maaike Beugelsdijk, Sylvester C W Eijffinger 

Week of April 20, 2003 

• DP3854 - Monopoly Rights can Reduce Income Big Time 
  Berthold Herrendorf, Arilton Teixeira 

• DP3856 - Prisoners' Other Dilemma 
  Matthias Blonski, Giancarlo Spagnolo 

• DP3864 - Entrepreneurs and New Ideas 
  Bruno Biais, Enrico C. Perotti 

• DP3867 - Learning and Syndication in Venture Capital Investments 
  Catherine Casamatta, Carole Haritchabalet 

• DP3868 - Portfolio Choice with Internal Habit Formation: A Life-Cycle Model with Uninsurable Labour Income Risk 
  Francisco J Gomes, Alex Michaelides 

• DP3869 - Deflation: Prevention and Cure 
  Willem H Buiter 

• DP3870 - Fatal Attraction 
  Tamim Bayoumi, Antonio Fazio, Manmohan Kumar, Ronald MacDonald 

Week of April 13, 2003 

• DP3779 - Trade, Finance, Specialization and Synchronization
  Jean Imbs 

• DP3855 - Opportunistic Political Cycles: Test in a Young Democracy Setting 
  Akhmed Akhmedov, Alexei Ravitchev, Ekaterina Zhuravskaya 

• DP3857 - Decentralization and Political Institutions
  Ruben Enikolopov, Ekaterina Zhuravskaya 

• DP3858 - A Nationwide Laboratory Examining Trust and Trustworthiness by Integrating Behavioural Experiments into Representative Surveys 
  Ernst Fehr, Urs Fischbacher, Jürgen Schupp, Bernhard von Rosenbladt, Gert Georg Wagner 

• DP3859 - The Wrong Kind of Transparency 
  Andrea Prat 

• DP3860 -Is Strong Reciprocity a Maladaption? On the Evolutionary Foundations of Human Altruism 
  Ernst Fehr, Joseph Henrich 

• DP3861 - How Large are Search Frictions? 
  Pieter Gautier, Coen N. Teulings 

• DP3862 - Paying for Performance: The Effect of Teachers' Financial Incentives on Students' Scholastic Outcomes 
  Victor Lavy 

• DP3863 - Education, Growth and Income Inequality 
  Coen N Teulings, Thijs van Rens 

• DP3866 - Endogenous Policy Leads to Inefficient Risk-Sharing
  Marco Celentani, José Ignacio Conde-Ruiz, Klaus Desmet 

Week of March 30, 2003

• DP3835 - Determinants of Interregional Mobility in Russia: Evidence from Panel Data 
  Yuri Andrienko, Sergei Guriev 

• DP3837 - University Spillovers: Strategic Location and New Firm Performance 
  David B Audretsch, Erik E Lehmann, Susanne Warning 

• DP3847 - The Effect of Employment Protection on Worker Effort: A Comparison of Absenteeism During and After Probation
  Andrea Ichino, Regina Riphahn 

• DP3848 - Aggregate Growth and the Efficiency of Labour Reallocation 
  Simon Burgess, Daniel Mawson 

• DP3850 - Optimal Public Policy for Venture Capital Backed Innovation 
  Christian Keuschnigg 

• DP3853 - What are Falling Transport Costs doing to Spatial Concentration Across US Counties? 
  Klaus Desmet, Marcel Fafchamps 

Week of March 23, 2003

• DP3852 - Optimal Financial Market Integration and Security Design 
  Viral V Acharya, Alberto Bisin 

• DP3851 - Regulation and Investment 
  Alberto F Alesina, Silvia Ardagna, Giorgio Nicoletti, Fabio Schiantarelli 

• DP3849 - Icelandic Fisheries Management: Fees versus Quotas 
  Thorvaldur Gylfason, Martin Weitzman 

• DP3846 - Digital Goods and the New Economy 
  Danny Quah 

• DP3845 - Trade Liberalization and Globalization: A Survey 
  Arye L Hillman 

• DP3844 - Stock Prices, News and Economic Fluctuations 
  Paul Beaudry, Franck Portier 

• DP3843 - Which Investors Fear Expropriation? Evidence from Investors' Stock Picking 
  Mariassunta Giannetti, Andrei Simonov 

• DP3842 - Efficiency-Enhancing Signalling in the Samaritan's Dilemma 
  Johan Lagerlöf 

• DP3841 - On the Desirability of an Efficiency Defense in Merger Control 
  Paul Heidhues, Johan Lagerlöf 

• DP3839 - Weddings with Uncertain Prospects - Mergers under Asymmetric Information 
  Thomas Borek, Stefan Buehler, Armin Schmutzler 

• DP3838 - Agglomeration and Economic Geography 
  Gianmarco I P Ottaviano, Jacques-François Thisse 

• DP3836 - Infrastructure Quality in Deregulated Industries: Is there an Underinvestment Problem? 
  Men-Andri Benz, Stefan Buehler, Armin Schmutzler 

• DPP3834 - Clean Evidence on Peer Pressure 
  Armin Falk, Andrea Ichino

• DP3833 - Export Pricing of Foreign Firms in Hungary: Estimations for 1992-96
  László Halpern, Miklós Koren