The correlations among international real estate markets are surprisingly high, given the degree to which they are segmented. While industrial, office and retail properties exist all around the world, they are not economic substitutes because of locational specificity. In addition, the broad...

A very prominent instrument of regional policy is to foster education and human capital for-mation in economically lagging regions. However, this type of regional policy might actually hurt instead of help the recipient areas. The reason is that individual geographical mobility increases with...

Does trade within a country affect welfare and productivity? What are the magnitude and consequences of costs to such trade? To answer these questions, we exploit unique Canadian data to measure internal trade costs in a variety of ways – they are large, and vary across sectors and...

The study examines the empirical evidence and options for decoupling Asia from the US and EU markets. First, it demonstrates that the strong linkages both within Asia and between Asia and the United States and Europe have not waned in the last 25 years, though the transmission channels have...

What can economists learn from dynamic partial control of chemical reactors? Both chemical reactors and the economy involve many variables that are difficult to fully predict or control. Thus, this paper suggests the use of partial control, which involves indentifying only the key variables that...

The study estimates relative city price convergence using CPI data from July 2001 to June 2008 on 35 Pakistani cities. Two cities Lahore and Karachi are chosen to be the numeraire cities. The half life of relative city price shock has also been estimated. The study finds average half life of...

International trade increases productivity; internal trade should too. The size and consequences of internal trade barriers are unfortunately not well known. Using unique Canadian data and multiple approaches to measure trade costs, we find internal trade barriers are large, especially for poor...

The gravity equation for analysing the trade flows between the Baltic Rim countries have been elaborated in order to test the hypothesis that the knowledge resulting from universal law of nature is also applicable for exploring bilateral trade flows of the countries. The results of the study...

We analyze whether education subsidies to students in poor areas are an effective tool of regional policy. We show that this policy can miss its objectives and actually hurt instead of help the recipient area. The reason is that geographical mobility increases with the personal skill level....