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Journey into the Unknown? Economic Consequences of Factor Market Integration under Increasing Returns to Scale

Schäfer, Andreas; Steger, Thomas - CESifo - 2011

What are the dynamic consequences of comprehensive integration shocks? The answer to this question appears all but trivial. We set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level....

Persistent link: https://www.econbiz.de/10009645233

Migration, Capital Formation, and House Prices

Grossmann, Volker; Schäfer, Andreas; Steger, Thomas - CESifo - 2013

with land-intensive production in the non-tradable goods sector (housing). To capture the response to migration on housing … heterogeneous welfare effects of labor market integration. Whereas individuals without residential property lose from immigration … due to increased housing costs, landowners may win. Moreover, we show how the relationship between migration and capital …

Persistent link: https://www.econbiz.de/10010627564

History, Expectations, and Public Policy: Economic Development in Eastern Germany

Schäfer, Andreas; Steger, Thomas - CESifo - 2010

Motivated by the process of economic development in Eastern Germany since the German reunification we set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level. The model features multiple...

Persistent link: https://www.econbiz.de/10008671695