Seminario "Gross Migration, Housing and Urban Population Dynamics"
Cities experience near random walk productivity shocks, yet population is slow to adjust to them. We use a calibrated dynamic general equilibrium model of cities to disentangle the influence of two natural sources of this slow adjustment: inelastic local housing supply and the intrinsic costs of migration. Our model incorporates a new theory of migration and reproduces patterns we uncover in a panel of US cities. We find that the intrinsic costs of migration are the prime driver of slow population adjustments while housing plays a more limited role. Furthermore we find that migration costs can explain persistent urban decline.
Marcelo Veracierto is a senior economist and research advisor in the economic research department at the Federal Reserve Bank of Chicago. In that position, Veracierto conducts research and analysis on labor markets and macroeconomics.
Veracierto's research has been published in various research publications, such as the Journal of Monetary Economics, the International Economic Review, the American Economic Review and in Economic Perspectives, the Chicago Fed's quarterly research publication.
Before joining the Fed as an economist in 1998, he served as an assistant professor at Cornell University. He has also been a visiting professor at the Universidad Torcuato Di Tella and at the Universidad de San Andres in Buenos Aires, Argentina.
Veracierto received a bachelor's degree in economics from the Universidad de Buenos Aires, a master's degree from the Centro de Estudios Macroeconomicos de Argentina, and master's and doctorate degrees in economics from the University of Minnesota.