distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to … MSAs in the United States, we parametrize the model and empirically estimate efficiency, amenities and frictions … larger cities, but also to greater frictions through congestion and other negative effects of agglomeration. Using data on …

We analyse the efficiency of the labour market outcome in a competitive search equilibrium model with endogenous … turnover and endogenous general human capital formation. We show that search frictions do not distort training decisions if …

We develop an equilibrium search-matching model with risk-neutral agents and two-sided ex-ante heterogeneity … States in terms of unemployment, productivity growth and wage inequality. To show this, we construct two fictitious economies …. In the laissez-faire economy (United States), unemployment remains constant, but wage inequality increases more and …

of reform brings about sizable output gains and a non-trivial increase in after-tax income inequality. But we also find …

-to-market losses. Our findings suggest that real world frictions impede arbitrage capital. …

finding, we describe a model of multi-trait matching and inheritance, in which individuals’ attractiveness in the marriage …