Migration of labor in response to structural changes in the U.S. economy is explored. An empirical study of the migration decision and wage determination is used to evaluate: 1) whether unemployment plays a larger role in motivating the decision to migrate than spatial wage differences and 2) whether the population can be characterized as homogeneous regarding migration and wage determination. ...

Human capital is one factor that significantly influences local economic growth. Our goal in this research is to analyze trends in local human capital dynamics during the past thirty years. The authors find little evidence of convergence in college attainment across metropolitan and nonmetropolitan areas and evidence of divergence across Census regions. The authors also find within-distribution...

The impact of capital mobility restrictions on the diversification benefit for risk at the group level of a financial conglomerate is an important aspect in risk management. In this paper we propose a new bottom-up approach for realizing diversification benefits using some predetermined capital and risk transfer instruments, taking counter-party default risk into account.

In this paper I analyze whether restrictions to capital mobility reduce countries’ vulnerability to major external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a sudden stop and being subject to contagion than countries that have a freer degree of capital mobility. I use three new indexes on the degre...

Numerous studies have documented a high propensity for self-employment and business formation among return migrants relative to non-migrants. The literature points to the importance of remitted savings, migration duration, and number and types of jobs abroad for business formation upon return. Implicit in this scholarship is the assumption that migrants acquire not only financial capital, but a...