Estimating the impacts of a place-based policy in a partial equilibrium setting often involves studying the effects on a few outcomes proximate to the policy in question. However, in much of the recent development literature devoted to evaluating the impact of location-specific investments,...

The interstate migration rate in the United States has been declining steadily for at least 15 years. We bring together theory and data to explore the sources and implications of this decline. We show that a wide range of long-term demographic changes -- including shifts in the age structure,...