REGIONAL FINANCIAL SEGMENTATION IN THE UNITED STATES*

ABSTRACT. Responding to continuing discussions in this Journal regarding the importance of regional money supply and credit, a simple reduced-form regional money supply model is posited and an investigation of real regional money supplies is performed for several states around the country. Hypothesis tests are performed regarding the question of regional financial market segmentation, concluding that segmentation still exists in the United States. The empirical results also imply that interregional trade, presumably via the consequent constraint on regional banks, has at least as much effect on regional money supplies as Federal Reserve policies. These results lend further support for the assertion that regionally available money matters at the local level, and that regional analysis should continue to include regional money and credit as explanatory variables. The implications for policy makers are that: 1) national monetary policy cannot cure regional ills if the problems are manifested in regional industry mixes; and 2) some proposed banking reforms now being debated in Congress, i.e, nationwide branch banking and, particularly, industrial ownership of banks, are suspect. A healthy caution is warranted without more tests of these reforms.     

STRUCTURAL CHANGES IN LABOR DEMAND AND UNEMPLOYMENT IN LOCAL LABOR MARKETS*

ABSTRACT. It seems quite clear that the US. economy in the late 1970s and early 1980s was exposed to an accelerated rate of structural change resulting from energy price shocks, increased international competition and technological change. It is of considerable interest, then, that previous attempts to examine structural unemployment in this period find that structural shift in employment generally were not Significant determinants of the unemployment rate. This paper revisits this issue using a measure of structural job shifts drawn from the literature on establishment job creation and destruction. The results show that changes in the structure of labor demand across industry by establishment-size sectors had a statically significant and empirically important positive effect on the unemployment rate in a sample of 200 metropolitan labor markets during the 1976 to 1984 period.     

COMPETITIVE AND IMPERFECTLY COMPETITIVE LABOR MARKETS IN URBAN AREAS*

ABSTRACT. In this paper, I present a model incorporating two kinds of spatial labor markets: a centralized competitive market at the central business district (CBD) and dispersed local markets across economic space under imperfect competition. Wage differentials and the size of the two types of markets are endogenously determined by rational choices of workers as well as profit maximization of firms. Workers can exercise rational choices with respect to market places where they commute and supply their labor. In this model, I attempt, in effect, to integrate the Hotelling-type paradigm and the Samuelson-type paradigm in a consistent spatial setting.     

THE SHORT-RUN AND LONG-RUN FACTOR-MARKET CONSEQUENCES OF IMMIGRATION TO THE UNITED STATES*

ABSTRACT. This paper applies the production-theory approach to assess the impact on domestic wages and employment of immigration to the United States. Inputs are disaggregated between recent immigrants, non-recent immigrants, native workers, and capital. Census cross-sectional data for 1980 and for 123 metropolitan areas are used. Empirical estimates are reported for alternative functional forms with special attention devoted to required curvature conditions which have frequently been violated in previous work. Elasticity estimates are reported for alternative settings, including for the short run where we view domestic factor prices as given and the long run where we treat them as flexible.     

COMPENSATION FOR COMMUTES IN THE LAND AND LABOR MARKETS: SOME EVIDENCE FROM THE TOKYO METROPOLITAN AREA*

ABSTRACT. Recent research suggests that in nonmonocentric cities compensation for commutes takes the form of both lower housing prices and higher wages. This paper develops a random utility model that predicts the probability of an actor choosing to commute between each residence and job in a metropolitan area conditional on the observed location of housing units and job sites. The model allows commuting time, origin-specific amenities, land prices, destination-specific amenities and wages to influence actors' choices. We estimate the model using maximum likelihood and generalized least squares techniques and data on commuting between each of 38 origin and 15 destination jurisdictions in the Tokyo metropolitan area. The empirical results show that, all else equal, a one percent increase in commuting time reduces the probability that a route (origin-destination combination) will be chosen by almost five percent. Origin-specific amenities are not completely capitalized into land prices and destination-specific amenities are not completely capitalized into wages. Desirable residential amenities include school quality and a low ratio of day to night population. Desirable workplace amenities include a large share of white collar jobs and a high density of employment.     

THE USE OF SHELL-TEMPERED POTTERY IN THE CADDO AREA OF THE SOUTHEASTERN UNITED STATES

Abstract

Freshwater mussel shell was used as a temper in the manufacture of ceramic vessels by potters in the Caddo area of the southeastern United States after ca. A.D. 1300. This was at least one or two centuries after it became the dominant temper used by aboriginal groups in much of the Eastern Woodlands but generally contemporaneous with shelltempered usage in parts of the Southern Plains. The introduction of shell temper was variable across the Caddo area, and in certain regions its use was negligible in ceramic vessel assemblages until the sixteenth and seventeenth centuries but then was rapidly adopted as the dominant temper employed in vessel manufacture, particularly for utility wares. In the traditional territory of the historic Hasinai Caddo in East Texas, shell temper did not appear in vessels until the early eighteenth century, and then only in minor amounts on presumed trade vessels.