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A Spatial Theory of Trade
In: American economic review, Band 95, Heft 5, S. 1464-1491
ISSN: 1944-7981
The equilibrium relationship between trade and the spatial distribution of economic activity is fundamental to the analysis of national and regional trade patterns, as well as to the effect of trade frictions. We study this relationship using a trade model with a continuum of regions, transport costs, and agglomeration effects caused by production externalities. We analyze the equilibrium specialization and trade patterns for different levels of transport costs and externality parameters. Understanding trade via the distribution of economic activity in space naturally rationalizes the evidence on border effects and the "gravity equation."
Cities under stress
In: Journal of Monetary Economics, Band 51, Heft 5, S. 903-927
Climate Change Economics Over Time and Space
In: University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2024-25
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Climate Change Economics Over Time and Space
In: NBER Working Paper No. w32197
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Spatial Development
In: American economic review, Band 104, Heft 4, S. 1211-1243
ISSN: 1944-7981
We present a theory of spatial development. Manufacturing and services firms located in a continuous geographic area choose each period how much to innovate. Firms trade subject to transport costs and technology diffuses spatially. We apply the model to study the evolution of the US economy in the last half-century and find that it can generate the reduction in the manufacturing employment share, the increased spatial concentration of services, the growth in service productivity starting in the mid-1990s, the rise in the dispersion of land rents in the same period, as well as several other spatial and temporal patterns. (JEL J21, L16, L60, L80, O33, R11, R32)
Knowledge-Based Hierarchies: Using Organizations to Understand the Economy
In: NBER Working Paper No. w20607
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Urban Accounting and Welfare
In: American economic review, Band 103, Heft 6, S. 2296-2327
ISSN: 1944-7981
We use a simple theory of a system of cities to decompose the determinants of the city size distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to larger cities but also to greater frictions through congestion and other negative effects of agglomeration. Using data on MSAs in the United States, we estimate these city characteristics. Eliminating variation in any of them leads to large population reallocations, but modest welfare effects. We apply the same methodology to Chinese cities and find welfare effects that are many times larger than those in the US. (JEL H71, O18, P25, R11, R23, R41)
Innovation in Space
In: American economic review, Band 102, Heft 3, S. 447-452
ISSN: 1944-7981
This paper shows how competition for land may lead firms to optimally innovate in spite of the market being perfectly competitive. When bidding for a location, firms can enhance their bid by investing in innovations that make the land more valuable. Firms are willing to innovate because the non-replicability of land implies that they will not be undercut by some other producer leading to losses as in the standard theory. In the absence of spillovers over space and over time, firms will optimally innovate. Empirical evidence from U.S. metropolitan areas supports the predictions of the theory.
On the Spatial Economic Impact of Global Warming
In: NBER Working Paper No. w18546
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On the Spatial Economic Impact of Global Warming
In: CEPR Discussion Paper No. DP9220
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Working paper
Spatial development
We present a theory of spatial development. A continuum of locations in a geographic area choose each period how much to innovate (if at all) in manufacturing and services. Locations can trade subject to transport costs and technology diffuses spatially across locations. The result is an endogenous growth theory that can shed light on the link between the evolution of economic activity over time and space. We apply the model to study the evolution of the U.S. economy in the last few decades and find that the model can generate the reduction in the employment share in manufacturing, the increase in service productivity in the second part of the 1990s, the increase in land rents in the same period, as well as several other spatial and temporal patterns.
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