I study debt relief as a stimulus policy. To do so, I develop a dynamic stochastic general equilibrium model that captures rich heterogeneity in households' balance sheets. A large-scale mortgage principal reduction can stimulate consumption in a recession, amplify a recovery, support house...

This paper shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely a¤ect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty...

"This book looks at institutional reforms for the use of energy, water, and resources toward a sustainable future in East Asia. The book argues that developments in the East Asian region are critical to global sustainability and acknowledges that there is an increasing degree of mutual reliance...

This paper investigates how effective safety education reduces workforce risks by using an establishment-level dataset in South Korea. We focus on identification and estimation of causal effects. Since provision of safety education depends on establishment’s decision, the main variable of...