An important body of literature explores the political economy reasons underlying delays in macroeconomic stabilization. This paper develops a framework to analyze conflict between two groups of economic actors, one that has an endowment of internationally tradable goods and another that is...

This study compares recent home price dynamics of two countries, Korea and the U.S., in terms of underlying determinants of price variations, over time and across locations, along with dynamic adjustment patterns of disequilibrating price shocks. In particular, 2-stage error correction models...