This paper investigates a dynamic general equilibrium model with search. In particular, search externalities are reßected by an increasing returns to scale matching function, which may imply an indeterminate equilibrium. Hence, the model is capable to generate business ßuctuations, driven by...

This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment rate) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large enough shocks initiate unavoidable transitions from one regime to the other. The...

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...

We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets. Theory predicts that with venture capital, the firm size distribution should become more stretched-out to the right, but it’s ambiguous on the effect of banks on large firms....

Migrant integration in Arnsberg has primarily taken place by opening up the core institutions, such as the education system and the labour market, to migrants and by including migrants in the national welfare system. With regard to the housing market, this means that non-Germans have the same...

Antwerp is the largest city in Flanders, with 470,044 inhabitants in 2006. Some 13% of the city’s population consists of foreigners, of whom 8% are non-EU nationals. Antwerp’s municipal housing policy aims to sustain and even increase the diversity within the city. This diversity pertains...

The city of Vienna’s integration policies since the beginning of the 1990s have aimed to achieve equal rights and opportunities for immigrants in all spheres of social and economic, cultural and political life of the local population. Thus, a comprehensive set of measures were implemented to...

Considering the late start of immigration - 10 years ago -, integration policies in Terrassa have developed rather quickly and the implementation of social measures has been undertaken in a dynamic and energetic way. Measures include visiting immigrants in order to prevent problems in apartment...