The paper consider the skill-biased "share-altering" technical change hypothesis in a spatial general equilibrium model where skilled and unskilled individual may exhibit different preferences for local amenities. A main novelty - both for labour and urban economics- is that, under this...

We first empirically document that excessive credit growth and asset price overvaluations raise the likelihood of financial crises and deepen the severity of associated economic downturns in advanced economies using linear probability models and local projections. We then rationalise these...

Using different data sources from local labour markets (LLMs) in Italy between 1971 and 2011, we document a number of stylized facts: a) local differences in the ratios of private employment to population are highly persistent; b) the population has a limited reaction to labour demand shocks,...