Diffusions are widely used in finance due to their tractability. Driftless diffusions are needed to describe ratios of asset prices under a martingale measure. We provide a simple example of a tractable driftless diffusion which also has a bounded state space.

A country's visa policies are widely assumed to have economic consequences. In this short paper, I examine the effect of the ease with which a country's citizens can enter foreign countries on international trade. Using a specification of the gravity model that avoids the endogeneity problems...

Large international differences in the price of labor can be sustained by differences between workers, or by natural and policy barriers to worker mobility. We use migrant selection theory and evidence to place lower bounds on the ad valorem equivalent of labor mobility barriers to the United...