We consider a transitional country with three sectors in economy: con- sumption goods, new technology, and education. Productivity of the con- sumption goods sector depends on new technology and skilled labor used for production of the new technology. Then there might be three stages of economic...

This paper investigates the sources of business cycle comovement within the New Open Economy Macroeconomy framework. It sheds new light on the business cycle comovement issue by examining the role of cross-country divergence in labor market institutions. We first document stylized facts...

This paper examines the properties of optimal times to sell a diversified real estate portfolio. The portfolio value is supposed to be the sum of the discounted free cash flows and the discounted terminal value (the discounted selling price). According to Baroni et al. (2007b), we assume that...