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Working Paper
Landlords and Access to Opportunity
Martin, Hal; Phillips, David; Aliprantis, Dionissi (2019-08-30)
Despite being eligible for use in any neighborhood, housing choice vouchers tend to be redeemed in low-opportunity neighborhoods. This paper investigates how landlords contribute to this outcome and how they respond to efforts to change it. We leverage a policy change in Washington, DC, that increased voucher rental payments only in high-rent neighborhoods. Using two waves of a correspondence experiment that bracket the policy change, we show that most opportunity landlords screen out prospective voucher tenants, and we detect no change in average screening behavior after a $450 per month ...
Working Papers , Paper 19-02R

Working Paper
Distance and Decline: The Case of Petersburg, Virginia
Pinto, Santiago; Owens, Raymond E. (2018-10-16)
Petersburg, Virginia, prospered over two centuries as a center of production and trade. However, the city experienced economic difficulties beginning in the 1980s as a large number of layoffs at production plants in the area coincided with an erosion of retail trade in the city. Prolonged economic decline followed. In contrast, somewhat similar shocks in other moderate-sized cities in Virginia were followed by gradual economic recovery. We examine these differing outcomes and offer an explanation that hinges on the proximity of Petersburg to its larger neighbor, the greater Richmond area. We ...
Working Paper , Paper 18-16

Working Paper
Do Research Universities Recession Proof Their Regions? Evidence from State Flagship College Towns
Jump, Robert Calvert; Scavette, Adam (2024-06-07)
Using synthetic differences-in-differences models, we study whether U.S. counties containing state flagship universities experienced resiliency via lower unemployment rates during the past three U.S. recessions. We find an insignificant effect for the 2001 recession and a large resiliency effect for the 2008-2009 recession. However, counties with flagship universities faced higher unemployment rates during the 2020 recession, and were therefore less resilient to the Covid-19 recession than other counties. These results support the hypothesis that stable consumption demand for non-tradables ...
Working Paper , Paper 24-05

Working Paper
Cost of Banking for LMI and Minority Communities
Migueis, Marco; Suher, Michael; Xu, Jessie (2022-06-28)
Bank accounts are critical for participation in the modern economy. However, these accounts frequently require maintenance fees and incur overdraft charges. We assess whether minimum account balances to avoid fees, account maintenance fee amounts, and non-sufficient funds charges are systematically different in LMI and majority-minority communities, and find that they are generally higher. For example, the minimum account balance to avoid fees in a non-interest checking account is about $50 higher in LMI Census tracts than in higher income tracts, and $75 higher in majority-minority tracts. ...
Finance and Economics Discussion Series , Paper 2022-040

Working Paper
Household Mortgage Refinancing Decisions Are Neighbor Influenced
McCartney, W. Ben; Shah, Avni (2021-04-30)
Can social influence effects help explain regional heterogeneity in refinancing activity? Neighborhood social influence effects have been shown to affect publicly observable decisions, but their role in private decisions, like refinancing, remains unclear. Using precisely geolocated data and a nearest-neighbor research design, we find that households are 7% more likely to refinance if a neighbor within 50 meters has recently refinanced. Consistent with a word-of-mouth mechanism, social influence effects are weaker when neighbors are farther away and non existent for non-occupants. Our results ...
Working Papers , Paper 21-16

Working Paper
What Determines the Success of Housing Mobility Programs?
Martin, Hal; Aliprantis, Dionissi; Tauber, Kristen (2020-11-24)
There is currently interest in crafting public housing policy that combats, rather than contributes to, the residential segregation in American cities. One such policy is the Housing Mobility Program (HMP), which aims to help people move from disinvested neighborhoods to ones with more opportunities. This paper studies how design features influence the success of HMPs in reducing racial segregation. We find that the choice of neighborhood opportunity index used to define the opportunity areas to which participants are encouraged to move has limited influence on HMP success. In contrast, we ...
Working Papers , Paper 20-36

Working Paper
The Geography of Wealth: Shocks, Mobility and Precautionary Savings
Dvorkin, Maximiliano; Greaney, Brian (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

Working Paper
The Persistent Employment Effects of the 2006-09 U.S. Housing Wealth Collapse
Bhattarai, Saroj; Schwartzman, Felipe; Yang, Choongryul (2019-03-08)
We show that the housing wealth collapse of 2006-09 had a persistent impact on employment across counties in the U.S. In particular, localities that had a larger loss in housing net worth during that period had more depressed employment as late as 2016, without a commensurate population response. The use of IV's and controls to identify the causal impact of the wealth shock amplifies those results, leading to an estimate that a 10 percent change in housing net worth between 2006 and 2009 causes a 4.5 percent decline in local employment by 2016, as compared with a 2006 baseline. We do not find ...
Working Paper , Paper 19-7

Working Paper
Subnational Bilateral Remittance Flows in the U.S.-Mexico Corridor: A Multi-Source Imputation and Validation
Flores, Miguel; Cañas, Jesus (2026-08-03)
More than $65 billion annually flows through Mexico’s remittance corridor, the largest such pathway in the Western Hemisphere. Yet, the distribution of these flows across regions and the implications for financial inclusion—or alternatively, perpetuating inequality—remain poorly understood. This paper exploits bilateral remittance flows between U.S. and Mexican states during 2013–25 to construct and validate a multi-source origin–destination framework linking Banco de México’s U.S.-state outflows with Mexican state-level receipts. We develop allocation matrices from consular ...
Working Papers , Paper 2621

Working Paper
Saving the American Dream? Education Policies in Spatial General Equilibrium
Kleineberg, Tatjana; Eckert, Fabian (2021-03-22)
Children's education and economic opportunities differ substantially across US neighborhoods. This paper develops and estimates a spatial equilibrium model that links children's education outcomes to their childhood location. Two endogenous factors determine education choices in each location: local education quality and local labor market access. We estimate the model with US county-level data and study the effects of a school funding equalization on education outcomes and social mobility. The reform's direct effects improve education outcomes among children from low-skill families. However, ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 47

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