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...

The literature usually ascribes time-variation in discount rates to time-variation in the risk premium. This is probably also true over the short- and medium term. This paper set out to explore time-variation in investors required return over the longer term and the resulting impact on equity...