We contribute to the intense debate on the real effects of …fiscal stimuli by showingthat the impact of government expenditure shocks depends crucially on key countrycharacteristics, such as the level of development, exchange rate regime, openness totrade, and public indebtedness. Based on a...

We develop a dynamic stochastic equilibrium model of two locations within a city where heterogeneous households make joint location and tenure mode decisions. To investigate the effect of homeownership on equilibrium prices and allocations, we compare the response of this model economy to a...

We develop a dynamic stochastic equilibrium model of two locations within a city where heterogeneous households make joint location and tenure mode decisions. To investigate the effect of homeownership on equilibrium prices and allocations, we compare the response of this model economy to a...

After the fall of the Berlin Wall in 1989, more than 400 million people suddenly found themselves in a new reality, a dramatic transition from state socialist and centrally planned workers' states to liberal democracy (in most cases) and free markets. Thirty years later, postsocialist citizens...