Xuất bản: 27 July, 2022
This paper explains how mortgage market liberalization can introduce greater volatility in the housing market, which is a stylized fact documented from OECD countries, with a DSGE model where households face a credit constraint and housing is used as...
Housing Investment: What Makes It so Volatile?
Theory and Evidence from OECD Countries
This paper explains how mortgage market liberalization can introduce greater volatility in the housing market, which is a stylized fact documented from OECD countries, with a DSGE model where households face a credit constraint and housing is used as collateral. The housing collateral constraint creates a link between the housing market and borrowing capacity, a […]
Xuất bản: 27 July, 2022
In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence...
On the existence, efficiency and bubbles of a Ramsey equilibrium
with endogenous labor supply and borrowing constraints
In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence of an equilibrium in a truncated bounded economy. This equilibrium is also an equilibrium of any unbounded economy […]
Xuất bản: 27 July, 2022
There is a growing interest in multi-sector models that combine aggregate balanced growth, consistent with the well-known Kaldor facts, with systematic changes in the relative importance of each sector, consistent with the Kuznets facts. Although variations...
Capital-Labor Substitution, Structural Change and Growth.
There is a growing interest in multi-sector models that combine aggregate balanced growth, consistent with the well-known Kaldor facts, with systematic changes in the relative importance of each sector, consistent with the Kuznets facts. Although variations in the income elasticity of demand across goods played an important role in the initial attempts, recent models stress […]
Xuất bản: 27 July, 2022
Modern economies are driven by skilled people, who create and use the technology. e-Skills has been considered as a perquisite for employment in every sectors. Though the Europe is home to world class technology companies and IT savvy people, existing...
DEVELOPING E-SKILLS FOR COMPETITIVENESS,
GROWTH AND EMPLOYMENT IN 21ST CENTURY: THE
EUROPEAN PERSPECTIVE
Modern economies are driven by skilled people, who create and use the technology. e-Skills has been considered as a perquisite for employment in every sectors. Though the Europe is home to world class technology companies and IT savvy people, existing studies revealed that there is a widespread recognition in the EU of an expanding gap […]
Xuất bản: 27 July, 2022
In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence...
On the Existence of a Ramsey Equilibrium with Endogenous Labor Supply and Borrowing Constraints
In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence of an equilibrium in a truncated bounded economy. This equilibrium is also an equilibrium of any unbounded economy […]
Xuất bản: 27 July, 2022
This study examines the response of stock markets to oil price volatilities in Japan, Singapore, Korea and Malaysia by applying the generalized impulse response and variance decomposition analyses to the monthly data spanning 1986:01-2011:02. The results...
The impact of oil price fluctuations on stock markets in developed and emerging economies
This study examines the response of stock markets to oil price volatilities in Japan, Singapore, Korea and Malaysia by applying the generalized impulse response and variance decomposition analyses to the monthly data spanning 1986:01-2011:02. The results suggest that the reaction of stock markets to oil price shocks varies significantly across markets. Specifically, the stock market […]