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Working Paper
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 ...
Working Paper
Banking Regulation with Risk of Sovereign Default
This paper shows the declining trend in internal migration in the United States is primarily due to increasing home attachment in “fast locations,” areas with relatively high rates of population turnover. These locations were population growth destinations in the 20th century, with transient populations that settled as regional population growth converged. The qualitative patterns of the U.S. experience can be generated by a model of location choice in heterogeneous regions with overlapping generations when the population has a home bias that varies endogenously with the history of ...