DSGE models are useful tools for evaluating the impact of policy changes, but their use for (short-term) forecasting is still in its infancy. Besides theory-based restrictions, the timeliness of data is an important issue. Since DSGE models are based on quarterly data, they suffer from the...

This paper studies housing markets with multiple segments searched by heterogeneous clienteles. We document market and search activity for the San Francisco Bay Area. Variation within narrow geographic areas is large and differs significantly from variation across those areas. In particular,...

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...

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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...