A dynamic IS-LM model including stocks and houses as additional assets will be analyzed in this paper. Providing also housing services, a major consumption item for most households, houses create an additional link between the monetary and the real sector of the economy. The adjustment path of...

This paper deals with income redistribution and fiscal effects caused by immigration in a two-sector economy ith fixed capital endowments. We consider immigration under political control into one sector only, guided by the stylized fact that empirical immigration distributions often appear...