This paper estimates a small open economy Dynamic Stochastic General Equilibrium (DSGE) model for Pakistan using Bayesian simulation approach. Model setup is based on new Keynesian framework, characterized by nominal rigidity in prices with habit formation in household’s consumption. The core...

This study develops a game-theoretic framework to examine the preservation and capitalization effects of government farmland preservation policies. More specifically, emphasis is given to the effects of such policies on the number and type of land buyers, the distribution of offer price, and the...

The paper describes a theoretical approach to determine the downturn LGD for residential mortgages, which is compliant with the regulatory requirement and thus suited to be used for validation, at least as it can give benchmark results. The link between default rates and recovery rates is in...