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Full-Text Articles in Macroeconomics
Capital Controls And Macro-Prudential Housing Policies In Small Open Economies, Taojun Xie, Guay C. Lim, Hwee Kwan Chow
Capital Controls And Macro-Prudential Housing Policies In Small Open Economies, Taojun Xie, Guay C. Lim, Hwee Kwan Chow
Research Collection School Of Economics
We evaluate the effects of capital controls and macro-prudential policies in small open economies with a housing sector that is open to foreign ownership. The work is motivated by concerns that foreign investments also respond to housing investment opportunities resulting in potential house price inflation and issues about housing affordability. Our dynamic stochastic general equilibrium model features housing as an internationally traded investment. We also consider macro-prudential policies that are combinations of monetary and fiscal instruments. We investigate whether foreign investments in the housing markets are de-stabilising and whether there are appropriate policy responses to mitigate the negative effects of …
Job Duration And Match Characteristics Over The Business Cycle, Ismail Baydur, Toshihiko Mukoyama
Job Duration And Match Characteristics Over The Business Cycle, Ismail Baydur, Toshihiko Mukoyama
Research Collection School Of Economics
This paper studies the cyclical behavior of job separation and the characteristics of matches between workers and jobs. We estimate a proportional hazard model with competing risks, distinguishing between different types of separations. A higher unemployment rate at the start of an employment relationship increases the probability of job-to-job transitions, whereas its effect on employment-to-unemployment transitions is negative. We then build a simple job ladder model to interpret our empirical results. A model with two-dimensional heterogeneity in match (job) characteristics has the same qualitative features as the data. Once the model is extended to include cyclicality in the offered match …