Working Paper
The Geography of Wealth: Shocks, Mobility and Precautionary Savings
Greaney, Brian; Dvorkin, Maximiliano (2026-08-17)
The spatial distribution of wealth in the United States is very heterogeneous. We study the spatial distribution of wealth in a country and how it is shaped by regional earning characteristics and mobility frictions. For this, we develop a tractable model of consumption, savings and location choice with many regions, incomplete markets and heterogeneous agents facing persistent and transitory income shocks. Our theory extends a workhorse macroeconomic model of consumption and savings under uncertainty to an economy with multiple labor markets and costly mobility. Despite complex spatial and ...
Working Papers , Paper 2627

Journal Article
Jobs: More Slowly Created, More Slowly Destroyed
Dvorkin, Maximiliano (2015)
Reduced dynamism in the labor market is consistent not only with more stable, longer-lived jobs but also longer joblessness and less job switching.
Economic Synopses , Issue 6

Journal Article
The Recent Evolution of U.S. Local Labor Markets
Dvorkin, Maximiliano; Shell, Hannah (2016)
Counties with severe declines in housing net worth during the 2007-09 recession experienced larger declines in employment.
Economic Synopses , Issue 15 , Pages 1-3

Journal Article
The Relationship Between Labor Market Conditions and Wage Growth
Dvorkin, Maximiliano; Shell, Hannah (2015)
The negative relationship between unemployment and earnings growth seems to hold across states.
Economic Synopses , Issue 13

Journal Article
Bank Lending During Recessions
Dvorkin, Maximiliano; Shell, Hannah (2016)
Tightening of lending standards can account for part of the negative loan growth during the 2007-09 recession.
Economic Synopses , Issue 2

Journal Article
A Cross-Country Comparison of Labor Force Participation
Dvorkin, Maximiliano; Shell, Hannah (2015)
The labor force participation rates for prime-working-age men have been falling across countries.
Economic Synopses , Issue 17

Journal Article
The Rise of Automation: How Robots May Impact the U.S. Labor Market
Dvorkin, Maximiliano; Bharadwaj, Asha (2019)
The growing presence of robots may affect U.S. demand for routine manual jobs like assembly work.
The Regional Economist , Volume 27 , Issue 2

Journal Article
Labor Market Polarization: How Does the District Compare with the Nation?
Dvorkin, Maximiliano; Shell, Hannah (2017)
See why jobs in the District, nation are increasingly becoming high-skill or low-skill. The decline of middle-skill jobs may be widening income inequality.
The Regional Economist , Volume 25 , Issue 2

Journal Article
District Overview: Income Inequality Is Growing in the District, but Not as Fast as in the Nation
Dvorkin, Maximiliano; Shell, Hannah (2015-01)
Income inequality has increased in the St. Louis Fed's District over the past 30 years, although at a slower pace than in the nation as a whole. In both areas, the inequality is increasing primarily between the top-income earners and the middle-income earners.
The Regional Economist , Issue Jan

Journal Article
District Overview: As in the Nation, New Jobs in the District Are Concentrated in Low-Paying Industries
Dvorkin, Maximiliano; Shell, Hannah (2015-07)
The Eighth District added about 150,000 jobs from 2010 to 2013, almost 75 percent of them in low-paying industries. Such jobs are growing at a faster rate than those in high-paying industries, the opposite of what is happening on the national level.
The Regional Economist , Issue July