This paper explores the role played by structural transformation and the resulting relocation of workers from rural to urban areas in the recent housing boom in China. This development process has fostered an ongoing increase in urban housing demand, which, combined with a relatively inelastic supply due to land and entry restrictions, has raised housing and land prices.
This article develops time-series models to represent three alternative, potential monetary policy regimes as monetary policy returns to normal. The first regime is a return to the high and volatile inflation rate of the 1970s.
This paper determines the most appropriate ways to model diffusion and jump features of exchange
rates. Simulations show that intraday periodicity in volatility prevents conventional tests from accurately
identifying the frequency and location of jumps.
This paper provides a general framework for the quantitative analysis of
stochastic dynamic models. We review convergence properties of some
numerical algorithms and available methods to bound approximation errors.
The two channels of default on unsecured consumer debt are (i) bankruptcy, which
legally grants partial or complete removal of unsecured debt under certain circumstances,
and (ii) delinquency, which is informal default via nonpayment.