Using resume data on over 45 million U.S. workers, we find that the flow of employees between a pair of firms sharply drops by about 20% when the firms start to share a director on their boards. We find no trend prior to initiation, and the reduced flows persist throughout the overlapping...

We study the career paths of more than 45 million workers during the house price run-up of the early 2000s. We find that individuals switch careers to become real estate agents (REAs) at higher rates in areas with stronger house price growth, despite little or no growth in average REA wages. We...

Migration patterns in the United States changed dramatically during the COVID-19 pandemic. We find that COVID-induced migration predicts municipal bond yield spreads, particularly for lower-rated bonds and areas experiencing larger than usual population outflows. Analyzing this effect across the...

We provide an assessment of how migration patterns and motivations for moving have changed during the COVID-19 pandemic. We use proprietary data on over 300,000 residential, interstate moves over the last four years with accompanying survey data. We find more than 10% of moves between April...