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Cities, Regions and the Decline of Transport Costs

Glaeser, Edward L.; Kohlhase, Janet E. - 2021

The theoretical framework of urban and regional economics is built on transportation costs for manufactured goods. But over the twentieth century, the costs of moving these goods have declined by over 90% in real terms, and there is little reason to doubt that this decline will continue....

Persistent link: https://www.econbiz.de/10013220511

A Historical Test of the Tiebout Hypothesis : Local Heterogeneity from 1850 to 1990

Rhode, Paul W.; Strumpf, Koleman S. - 2021

The Tiebout hypothesis, which states that individuals will costlessly sort themselves across local communities according to their public good preferences, is the workhorse of the local public finance literature. This paper develops a test of the Tiebout hypothesis using historical variation in...

Persistent link: https://www.econbiz.de/10013239141

The Effect of Expected Income on Individual Migration Decisions

Kennan, John; Walker, James R. - 2021

The paper develops a tractable econometric model of optimal migration, focusing on expected income as the main economic … influence on migration. The model improves on previous work in two respects: it covers optimal sequences of location decisions … panel data from the NLSY on white males with a high school education. Our main conclusion is that interstate migration …

Persistent link: https://www.econbiz.de/10013240935

Macroeconomic-Driven Prepayment Risk and the Valuation of Mortgage-Backed Securities

Chernov, Mikhail - 2016

We introduce a reduced-form modeling framework for mortgage-backed securities in which we solve for the implied prepayment function from the cross section of market prices. From the implied prepayment function, we find that prepayment rates are driven not only by interest rates, but also by two...

Persistent link: https://www.econbiz.de/10012996380

Will the U.S. Keep the Best and the Brightest (as Post-Docs)? Career and Location Preferences of Foreign Stem Phds

Ganguli, Ina - 2018

We estimate the career and location preferences of students in U.S. doctoral programs in a major STEM field – chemistry. Our analysis is based on novel survey conducted in 2017 of 1,605 current Chemistry doctoral students enrolled in the top 54 U.S. research intensive universities. First, we...

Persistent link: https://www.econbiz.de/10012914271