The covid‐19 pandemic induced a major shift in the prevalence of remote and hybrid work
arrangements. This review article studies the effects of this remote work revolution for …

This chapter surveys the literature on housing in macroeconomics. We first collect facts on
house prices and quantities in both the time series and the cross section of households and …

Why do some cities grow economically while others decline? Why do some show sustained
economic performance while others cycle up and down? In Keys to the City, Michael …

The past thirty years have seen a dramatic decline in the rate of income convergence across
states and in population flows to high-income places. These changes coincide with a …

In this paper, we begin by documenting substantial variation in house price growth across
neighborhoods within a city during city-wide housing price booms. We then present a model …

We show that firms׳ idiosyncratic volatility obeys a strong factor structure and that shocks to
the common idiosyncratic volatility (CIV) factor are priced. Stocks in the lowest CIV-beta …

We document large long-run differences in average house price appreciation across
metropolitan areas over the past 50 years, and show they can be explained by an inelastic …

The spatial segregation of college-educated and non-college-educated workers between
commuting zones in the United States has steadily grown since 1980. We summarize prior …

220 million Americans crowd together in the 3% of the country that is urban. 35 million
people live in the vast metropolis of Tokyo, the most productive urban area in the world. The …

We investigate the role of skill complementarities in production and mobility across cities.
The nature of the complementarities determines the equilibrium skill distribution across …