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Fast Locations and Slowing Labor Mobility
Declining internal migration in the United States is driven by increasing home attach-ment in locations with initially high rates of population turnover. These ?fast? locations were the population growth destinations of the 20th century, where home attachments were low, but have increased as regional population growth has converged. Using a novel measure of attachment, this paper estimates a structural model of migration that distinguishes moving frictions from home utility. Simulations quantify candidate explanations of the decline. Rising home attachment accounts for most of the decline not ...
Capitalization as a Two-Part Tariff: The Role of Zoning
This paper shows that the capitalization of local amenities is effectively priced into land via a two-part pricing formula: a ticket" price paid regardless of the amount of housing service consumed and a slope" price paid per unit of services. We first show theoretically how tickets arise as an extensi ve margin price when there are binding constraints on the number of households admitted to a neighborhood. We use a large national dataset of housing transactions, property characte ristics, and neighbor- hood attributes to measure the extent to which local amenities are capitalized in ticket ...
No More Californias
As American mobility declines, some wonder if we've lost our pioneer spirit. A closer look at the data suggests that the situation is less dire— and more complicated—than it at first appears.