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with land-intensive production in the non-tradable goods sector (housing). To capture the response to migration on housing … due to increased housing costs, landowners may win. Moreover, we show how the relationship between migration and capital … reversal of migration during the transition to the steady state, like observed in East Germany after unification in 1990. It is …
Persistent link: https://www.econbiz.de/10010292496
What are the dynamic consequences of comprehensive integration shocks? The answer to this question appears all but trivial. We set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level....
Persistent link: https://www.econbiz.de/10010280639