Swiss metropolitan areas are comprised of a system of communities with considerable fiscal autonomy. This study investigates how the income tax differentials across communities in an urban area affect the households' location decisions. Data from the urban agglomeration of Basel for the year...

In this paper we derive the closed form solution for multistep predictions of the conditional means and their covariances from multivariate ARMA-GARCH models. These are useful e.g. in mean variance portfolio analysis when the rebalancing frequency is lower than the data frequency. In this...

This paper presents necessary conditions for stratification of the population in multi-community models with housing markets and heterogeneous households. The conditions for the sorting of the population according to income classes or other dimensions of heterogeneity are established without...

This paper presents a model of an urban area with local income taxes used to finance a local public good. Households differ in both incomes and their taste for housing. The existence of a stratified equilibrium is shown in a calibrated two-community model assuming realistic single-peaked...