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This paper documents stylized facts on buyer and seller behavior across different segments of the housing market, and uses them to inform a search model with heterogeneous houses.

account when there is aggregate price-level uncertainty.

In der vorliegenden Arbeit wurden positive räumliche externe Effekte (Spillovers) zwischen der Gemeinde Wien und ihrem Umland empirisch untersucht. Die Analyse konzentrierte sich auf jene öffentliche Leistungen, die aus dem Wiener Budget finanziert wurden und primär von den Einwohnern der...

Against the background of recent house price increases in several European countries, the OeNB organized a workshop entitled “Are House Prices Endangering Financial Stability? If So, How Can We Counteract This?” It was held in Vienna on October 9 and 10, 2014. The workshop contributions2...

We study the distribution of employment growth when hiring responds more to bad shocks than to good shocks. Such a concave hiring rule endogenously generates higher moments observed in establishment-level Census data for both the cross section and the time series. In particular, both aggregate...

This note discusses Lee Ohanian׳s paper on “Monetary policy in the midst of big shocks”. In particular, it asks what would happen if assumptions are changed so inflation have redistribution effects. Evidence on nominal positions suggests that such effects can be quantitatively important.

This contribution looks into the impact of oil price changes on growth and inflation. Oil price shocks affect the economy through the supply side (higher production costs, reallocation of resources), the demand side (income effects, uncertainties) and the terms of trade. The effects of oil price...