This paper tests the importance of the spatial isolation of minority and poverty households for youth employment in large metropolitan areas. We estimate a model relating youth employment probabilities to individual and family characteristics, race and metropolitan location. We then investigate...

Over thirty years ago, researchers raised the possibility of an important link between transportation, jobs and prospects for the poor. Decentralized employment, centralized minorities and poor, and inadequate transportation links in between were the context of the urban riots of the 1960's and...

Theories about the importance of space in urban labor markets have emphasized the role of employment access, on the one hand, and neighborhood composition, on the other hand, in affecting employment outcomes. This paper presents an empirical analysis which considers both of these factors,...

We construct a new method of decomposing the variance of national incomes into components in such a way as to indicate the most important 'residual' risk-sharing opportunities among peoples of the world. The risk-sharing opportunities we study are nonsystematic risk-sharing opportunities. These...

Arguments for creating a market to allow trading the portfolio of all endowments in the entire world, the "market portfolio," are considered. This world share market would represent a radical innovation, since at the present time only a small fraction of world endowments are traded. Using a...