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Although discrete hours choice models have become the workhorse in labor supply analyses. Yet, they are often criticized for being a black box due to their numerous underlying modeling assumptions, with respect to, e.g., the functional form, unobserved error components or several exogeneity...
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mortgage banks between 1995 and 2004. Higher house prices increase the value of collateral, which reduces the probability of … bank distress (PDs). But higher prices at given rents may also indicate excessive expectations regarding the present value …
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