We find a limited parallel between lump-sum taxes and environmental taxes. Corollary 2, which extends Sandmo's observation, shows that appropriated corrective revenues have the same non-distortionary effects as lump-sum taxes, the result reducing to the original observation when the appropriated...

The growth rate of temporary help service employment is often considered to be a leading business cycle indicator, because the firing and hiring of temporary help workers typically lead that of permanent workers. However, few works in the literature focus on the mechanism that generates the lag...

Big cities often witness land price outgrowing structure price. For such cities this paper derives two predictions regarding the dynamics between house price, rent and structure age. First, older houses have a higher price growth rate than younger ones, even after controlling for location and...

Big cities often witness land price outgrowing structure price. For such cities this paper derives two predictions regarding the dynamics between house prices, rent and structure age. First, older houses have a higher price growth rate than young ones, even after controlling for location and...

Cyclical fluctuations in unemployment vary widely across cities in the United States. It is puzzling that after controlling for the industry composition effect, people can still find significant cyclical heterogeneity. This paper demonstrates how market friction, combined with idiosyncratic...