In this paper, we examine the correlation between sectoral shocks and border enforcement in the United States. Enforcement of national borders is the main policy instrument the U.S. government uses to combat illegal immigration. The motivation for the exercise is to see whether border...

In this paper, we go a step further in the direction of resolving the issue of the likely welfare effects of world regionalization in trade, by using a two-factor model whre trade is explained both by product variety and by comparative advantage.

In this paper, we examine the impact of government enforcement of the U.S.-Mexico border on wages in the border regions of the United States and Mexico. The U.S. Border Patrol polices U.S. boundaries, seeking to apprehend any individual attempting to enter the United States illegally. These...

The focus of this paper is the link between income volatility and the accumualtion of human capital in the presence of credit constraints. The paper also studies the effect of income inequality on the accumulation of human capital within the same framework.

This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the fact that the real interest rates on public debt...

This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating...

This paper presents a model in which trade is motivated both by preference for variety and comparative advantages. This framework is used to analyze the welfare implications of trading blocs among countries with different endowments with and without transportation costs. This paper was prepared...