idea is that in a realistic model of taxation and auditing, incentives which are sufficient to induce truth-telling when …

which rely not only on labor, but also on capital in the production function. In the presence of capital, the choice of … bargaining, the welfare theorems do not hold, due to a hold-up effect in capital and a hiring externality, so that solving a …

financial wealth, and much less housing wealth, than the household sector in most of Europe. We address this fact using a …

We construct a bilateral search model of the housing market in which agents differ in their flow rewards while …

In a model with housing collateral, the ratio of housing wealth to human wealth shifts the conditional distribution of … consumption growth. In the model, a decrease in house prices reduces the collateral value of housing, increases household exposure …. Regional risk-sharing patterns for US metropolitan areas lend direct support to the housing collateral channel. In times with a …