This paper sets up a two-sector growth model with sectoral hysteresis because of intersectoral factor reallocation costs. The main results are: (i) The economy under study exhibits nonergodic growth implying path-dependency (history matters) and permanent consequences of temporary shocks. (ii)...

We investigate the dynamic effects of interregional labor market integration on migration flows, capital formation, and the price for housing services. The co-evolution of these variables depends on initial conditions at the time of labor market integration. In an initially capital-poor economy,...

The upward sloping trend of rents and house prices has initiated a debate on the consequences of surging housing costs for wealth inequality and welfare. We employ a frictionless two-sectoral macroeconomic model with a housing sector to investigate the dynamics of wealth inequality and the...

We set up a dynamic stochastic model of a stylized economy comprising a final output sector (with traditional and modern firms) and an intermediate goods sector. It is shown that market integration reduces the volatility of the rate of return of capital invested in modern firms. The induced...

This special issue focuses on the developments in ethical standards in the post-communist countries of Central and Eastern Europe (CEE) including the former Soviet Union. Over thirty years have elapsed since the demise of the Soviet Bloc and, despite some common institutional features, the...

Das Buch gibt einen Überblick zum Management in den postsozialistischen Ländern Osteuropas in den letzten 20 Jahren. Es zeigt die Vielfalt der Themen, Probleme und Lösungen, die während der gesellschaftlichen Transformation hin zu einem osteuropäischen Kapitalismus zu bewältigen waren. Die...

The upward sloping trend of rents and house prices has initiated a debate on the consequences of surging housing costs for wealth inequality and welfare. We employ a frictionless two-sectoral macroeconomic model with a housing sector to investigate the dynamics of wealth inequality and the...