We document two empirical phenomena. First, the observational wage returns to hours worked within occupation is small, and even negative in some specifications. Second, the wage return to average hours worked across occupations is large. We develop a conceptual framework that reconciles these...

Using recent innovations in linking historical U.S. Census data, we study the economic impacts of immigration on natives, including their geographic migration response. We find that the arrival of foreign immigrants significantly increases both native out-migration and in-migration. Accounting...

We argue that the input-output network of investment goods across sectors is an important propagation mechanism for understanding business cycles. First, we show that the empirical network is dominated by a few "investment hubs" that produce the majority of investment goods, are highly volatile,...