The interstate migration rate in the United States has been declining steadily for at least 15 years. We bring together theory and data to explore the sources and implications of this decline. We show that a wide range of long-term demographic changes -- including shifts in the age structure,...

The Great Recession of 2007-09 was preceded by sustained period of house price growth that ended in a large aggregate decline of house prices. Our paper evaluates quantitatively the extent to which changes in house prices can explain the drop in consumption witnessed during the Great Recession....