As school districts integrate charter schools for centralized admissions in Denver, New Orleans, Newark and Washington D.C., some charter schools have stayed out of the system. This is counterintuitive as centralized clearinghouses are deemed beneficial to schools as well as students. We provide...

Many organizations rely on the skills of innovative individuals to create value, including academic and government institutions, think tanks, and knowledge-based firms. Roughly speaking, workers in these fields can be divided into two categories: specialists, who have a deep knowledge of a...

Collaboration networks provide a method for examining the highly heterogeneous structure of collaborative communities. However, existing models of network formation do not provide a connection between observed network heterogeneity and characteristics of the individuals or communities. The model...

A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can potentially explain the large unemployment dynamics in the Great Depression. The congestion externality induced by matching frictions causes the unemployment rate to increase...

We develop and calibrate a two-sector, search-matching model of the labor market augmented to incorporate a housing market and a frictional goods market. The labor market is divided into a construction sector and a non-housing sector, and there is perfect mobility of unemployed workers across...

This paper studies implementation in a principal-agent model of adverse selection. We explore ways in which the additional structure of principal agent models (compared to general implementaion models) simplifies the implementation problem. We develop a connection between the single crossing...

This paper explores the equilibrium correspondence of a dynamic quality ladder model with entry and exit using the homotopy method. The homotopy method facilitates exploring the equilibrium correspondence in a systematic fashion; it is ideally suited for investigating the economic phenomena that...

This paper shows in an economy with search on credit and labor markets that a financial multiplier raises the elasticity of labor market tightness to productivity shocks, and that this multiplier is an increasing function of total financial costs in the economy. Under a credit market...

The propagation properties of the standard search and matching model of equilibrium unemployment are significantly altered when vacancy costs require some external financing on frictional credit markets. The latter induce variation in the shadow cost of external funds of the cycle that greatly...