In den sechziger Jahren lag das reale Wachstum in Europa noch über dem der USA. Danach sanken in beiden Teilen der Welt tendentiell die Wachstumsraten. Anfang der achtziger Jahre folgte allerdings in den USA eine Phase hohen Wirtschaftswachstums, so dass die Wachstumsraten und die...

This paper analyzes the role of stochastic uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production and provide estimates of the time-series properties of risk shocks by...

This paper introduces a new algorithm, the recursive upwind Gauss-Seidel method, and applies it to solve a standard stochastic growth model in which the technology shocks exhibit heteroskedasticity. This method exploits the fact that the equations defining equilibrium can be viewed as a set of...