This paper examines illegal immigration in a spatial context. Consider two countries: a source and a host of illegal immigration. Both countries produce the same good employing labor. There are legal restrictions to the movement of labor across countries. The host country consists of two regions...

"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...

"In the presence of infrequent but observable structural breaks, we show that a model in which the representative agent is on a rational learning path concerning the real consumption growth process can generate high equity premia and low risk-free interest rates. In fact, when the model is...