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The paper shows how aggregate AS-AD can be derived within the standard neoclassical dynamic setting known as the Ramsey-Cass- Koopmans (RCK) model. AS-AD is the stationary equilibrium of the deterministic dynamic general equilibrium framework. The derivation builds a permanent income type...
Persistent link: https://www.econbiz.de/10010494535
Persistent link: https://www.econbiz.de/10011695835
Why have housing reforms failed to achieve the desired improvements in housing in the Philippines? A review of trends in government housing strategies shows that while many problems in housing are linked to institutional barriers in the land and financial markets, government reforms focused on...
Persistent link: https://www.econbiz.de/10011429690
marginal costs of steam coal supply in Europe. Increasing Chinese demand for steam coal will lead to a growing need for … long run marginal costs of supply for Europe and the US but significant effects for China. …
Persistent link: https://www.econbiz.de/10010293356
This paper examines the international transmission effects that a positive supply shock in emerging economies may have … countries and analyze the impact of a supply shock in an emerging economy, the People's Republic of China (PRC), on inflation … supply shock in the PRC. Specifically, Japan is under a greater deflationary pressure than the US because of its vertical …
Persistent link: https://www.econbiz.de/10010397229
imperfectly implemented policies may lead to detrimental environmental outcomes due to supply side responses. We use the … future sales to decline, would supply more of their resource between the announcement of the Acid Rain Program and its … implementation; moreover, the incentive to increase supply would be stronger for owners of high-sulfur coal. This would, all else …
Persistent link: https://www.econbiz.de/10010282063
This paper provides new evidence on the effect of school construction projects on home prices, academic achievement, and public school enrollment. Taking advantage of the staggered implementation of a comprehensive school construction project in a poor urban district, we find that, by six years...
Persistent link: https://www.econbiz.de/10010282353
This paper develops a growth model with land, housing services, and other goods that is capable of explaining a substantial portion of the movements in housing prices over the past forty years. Under certainty, the model exhibits a balanced aggregate growth, but with underlying sectoral change....
Persistent link: https://www.econbiz.de/10010283524
This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a...
Persistent link: https://www.econbiz.de/10010294012
for the U.K. Thereby, we explicitly disentangle credit supply and demand and allow the interest rate charged on loans to …
Persistent link: https://www.econbiz.de/10010294876