This paper provides explicit and powerful tests of contingent claims approaches to modelling mortgage default. We investigate a model of frictionless default (i.e., one in which transactions costs, reputation costs and moving costs play no role) and analyze its implications -- the relationship...

Theories about the importance of space in urban labor markets have emphasized the role of employment access, on the one hand, and neighborhood composition, on the other hand, in affecting employment outcomes. This paper presents an empirical analysis which considers both of these factors,...

I Introduction II Data and Measurement III Empirical Methods IV Results V Implications and Conclusions Using micro data from the US Census, this paper tests the importance of the spatial isolation of minority and poverty households for youth employment in the largest US metropolitan areas. We...