An assessment of the current state of housing viewed from the perspective of the slowly-recovering economy, coupled with valuations of the housing market, suggests there is a high likelihood of a double dip in housing prices. With current prices nearly 30 percent below their April 2006 peak, an...

The Canadian economy faces serious short-term macroeconomic challenges, the most important of which is addressing the burden of our slow-growth recovery. The sources and consequences of this slow growth are the focus of this Commentary. Canadian monetary policy has little ability to further...

This paper presents an innovation driven endogenous growth model, where firms and unions bargain over wages. We find that the degree of centralization of the bargaining structure plays a crucial rule for economic performance. Central bargaining, which incorporates the leapfrogging externality...

Economic growth is driven by structural change. Structural change does not come without a cost, the most evident social cost being high and persistent unemployment. This paper develops an economy with an endogenously expanding service sector, where the constant flow of workers in and out of...

This paper explores the relationship between growth and unemployment. Knowledge formation is the source of growth, which includes the two dimensions technologies and skills. Both are connected through a technology-skill complementarity which may have limiting effects on the reallocation of labor...

This paper, empirically, tests the validity of Okun’s law in Nigerian economy from 1980-2012. The two versions of the difference model approach of the Okun’s law are used even though one of them is frequently used in the literature. We utilize Var-cointegration method and examine the...

How do economic policies and institutions affect job reallocation processes and their consequences for productivity growth? This paper studies the extreme case of economic system change and alternative transitional policies in the former Soviet Republics of Russia and Ukraine. Exploiting annual...

How do economic policies and institutions affect job reallocation processes and their consequences for productivity growth? This paper studies the extreme case of economic system change and alternative transitional policies in the former Soviet Republics of Russia and Ukraine. Exploiting annual...

In this paper, we employ the agent-based macroeconomic Eurace@Unibi Model to study the economic implications of different degrees of de-centralization in the wage setting. Starting from a baseline scenario, corresponding to a high degree of unionization, in which wages are fully centralized and...

This paper presents a macroeconomic agent based model with endogenous innovation-driven growth and knowledge accumulation which aims to analyze the underlying causes of the recent increase in market concentration, by focusing on the interplay of technical change and market power, and the...