This paper extends the Competitive Storage Model by incorporating prominent features of the production process and financial markets. A major limitation of this basic model is that it cannot successfully explain the degree of serial correlation observed in actual data. The proposed extensions...

This paper explores the wage and job dynamics of less-skilled workers by estimating a structural model in which agents choose among jobs that differ in initial wage and wage growth. The model also formalizes the intuitive notion that some of these jobs offer "stepping stones" to better jobs. The...

Suppose that there are two congestible modes of travel from A to B - road and rail for concreteness - which are imperfect substitutes in demand. Road congestion from A to B is underpriced; this is an unalterable distortion. Compared to the first best, should the transportation planner choose a...

This paper looks at parking policy in dense urban districts ("downtown"), where spatial competition between parking garages is a key feature. The paper has four parts. The first looks at the "parking garage operator's problem". The second derives the equilibrium in the parking garage market when...

This paper revisits the old question of whether wage growth differs by education level. The paper makes both a methodological and a substantive contribution by offering a new strategy for separately identifying returns to tenure, experience, and job match. Our empirical results, based on the...

This paper tracks distributional changes over the last quarter of the twentieth century. We focus on three conceptually distinct distributions: the distribution of wages, the distribution of annual earnings and the distribution of total family income adjusted for family size. We show that all...