We examine the ability of male immigrants to transfer their occupational human capital using information from the O*NET and a unique dataset that includes both the last source country occupation and the first four years of occupations in Canada. We first augment a model of occupational choice...

We characterize the dynamics of relative house prices, housing sales, construction rates and population growth in response to city-specific income shocks for 106 US cities. We then develop a dynamic search model of the housing market in which construction, the entry of buyers, house prices and...

We study several methods of constructing confidence sets for the coefficient of the single right-hand-side endogenous variable in a linear equation with weak instruments. Two of these are based on conditional likelihood ratio (CLR) tests, and the others are based on inverting t statistics or the...

This paper discusses a series of Monte Carlo experiments designed to evaluate the empirical properties of heterogeneous-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being conducted with the wrong parameters. The...

Non-tradable items are those which are not traded internationally. They include items such as services where the demander and producer must be in the same location, and commodities which have low value relative to either their weight or volume. In such cases the transportation charges prevent...

An investment project usually lasts for many years, hence its appraisal requires a comparison of the costs and benefits over its entire life. For acceptance, the present value of the project's expected benefits should exceed the present value of its expected costs. Among a set of mutually...

In the integrated financial and economic analysis, there is a need to choose a numeraire in which all costs and benefits are expressed. The most common practice has been to express all costs and benefits in terms of domestic currency at a domestic price level. This is the natural rule to follow...

While the financial analysis of a project focuses on matters of interest to investors, bankers, public sector budgets, etc., an economic analysis deals with the impact of the project on the entire society. The primary difference between the economic and financial evaluation is that the former...

For the most part, the differences between the analysis of an owner-operated private venture project and that of typical public-sector projects are concentrated in the valuation of benefits. Most project costs are indeed cash outlays, just like those of a business venture, but this is not at all...

The concept of economic opportunity cost is derived from the recognition that when resources are used for one project, opportunities to use these resources are sacrificed elsewhere. Typically when workers are hired by a project, they are giving up one set of market and non-market activities for...