This paper quantitatively analyzes the impact of money stock on optimal monetary and fiscal policy in a stochastic production economy with sticky prices. The numerical results indicate that a sufficient large quantity of money makes a noticeable difference in many aspects of optimal monetary and...

There are diverse mechanisms driving the evolution of social networks. A key open question dealing with understanding their evolution is: How do various preferential linking mechanisms produce networks with different features? In this paper we first empirically study preferential linking...

In this paper, we examine the impacts of changes in Canada’s AgriStability program on crop allocation, particularly the change in the payment trigger associated with the shift from Growing Forward (GF) to Growing Forward 2 (GF2). To examine whether this change could affect production...

This paper studies the long-run welfare effect of the extra volatility of country spread due to the possibility of sudden stops. Both analytical and numerical results show that sudden stops have weaker output impact when the small open economy is more open to trade. However, welfare consequences...

A spatial latent class analysis model that extends the classic latent class analysis model by adding spatial structure to the latent class distribution through the use of the multinomial probit model is introduced. Linear combinations of independent Gaussian spatial processes are used to develop...

From the perspective of institutional analysis, this paper evaluates the place-remaking process of Niucheshui in Singapore. It is found that the redevelopment of Niucheshui since the 1960s has been substantively shaped by the property rights regime over land and buildings. As property rights are...

This paper studies the aspiration-based learning dynamics in symmetric normal-form games played at multiple locations. In particular, the aspiration level in one location is linked to the average performances of players in observable locations. With a decentralized information structure, the...

This is the first paper in the literature to match key business cycle moments and long-run equity returns in a small open economy with production. These results are achieved by introducing three modications to a standard real business cycle model: (1) borrowing and lending costs are imposed to...

Studies have shown that the land market is heavily structured by institutions. Real estate individuals and organizations behave and perform within a framework defined by institutions, which are regarded as a matrix of formal and informal rules of the game in a society (North, 1990). In a market...