No abstract.

This paper finds that the predicted unemployment rate in a community increases dramatically when the fraction of neighborhood residents with college degrees drops below twenty percent. This threshold behavior provides empirical support for ``epidemic'' theories of inner-city unemployment. Using...

In this paper we consider a class of structural econometric models in which the distribution of the endogenous variables can be defined as the solution of a fixed-point problem. We propose a two-stage estimator which avoids repeated solution of the fixed point problem. The idea behind our...

No abstract.

Empirical studies have shown that, for many countries, the distribution of wealth is much more concentrated than the one of labor earnings and that households with higher levels of lifetime income have higher lifetime saving rates. Previous models have had difficulty in generating these...

We exploit an unusual policy reform which had the effect of reducing the direct cost of schooling in Ireland in the early 1970's. This gave rise to an increased level of schooling but with effects that vary across family background. This interaction generates a set of instrumental variables...

This paper explores the time series properties of commonly used variables in firm-level panels: sales (turnover), employment, R\&D, investment, and cash flow. We focus on two questions: 1) whether the behavior of these series is consistent with stationarity, and if so, 2) what order of...

This paper investigates the presence of bull and bear market states in stock price dynamics. A new definition of bull and bear market states based on sequences of stopping times tracing local peaks and troughs in stock prices is proposed. Duration dependence in stock prices is investigated...

This paper examines three types of contracts in a cooperative game solved by a random-order value (such as Shapley value). An exclusive contract delays the contribution of the excluded player j until the arrival of the excluding player i. It is profitable when j is complementary to other players...

This paper investigates the matching patterns among agents who are heterogeneous in productivity, in a labor market characterized by frictions. Utility from matching is fully transferable. Agents have to choose which type of partners to match with. There is a possibility of multiple equilibria....