The paper presents a continuous-time dynamic model of a neighborhood in racial transition as triggered by a fee-motivated real estate broker. Racial transition occurs in an initially all-white neighborhood when the broker steers white sellers towards black buyers. Racial transition leads to a...

This paper reviews the evolving literature that links financial development, financial crises, and economic growth in the past 20 years. The initial disconnect -- with one literature focusing on the effect of financial deepening on long -- run growth and another studying its impact on volatility...

This paper reviews the evolving literature that links financial development, financial crises, and economic growth in the past 20 years. The initial disconnect—with one literature focusing on the effect of financial deepening on long-run growth and another studying its impact on volatility and...