Today, international economic sanctions are imposed in response to virtually every serious international crisis, whether to promote regime change and democratisation, punish armed aggression, or check nuclear proliferation. But how exactly is the economic pain inflicted by sanctions supposed to...

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 model a two sector economy with unionized labor markets and competitive product markets, where workers and unions care about their relative wages, and show that the presence of a relative wage concern could help generation a positive relationship between tax progressivity and wage pressure.