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Jel Classification:R41 

Working Paper
Costly Commuting and the Job Ladder

Even though workers in the UK spent just 1,000 pounds on commuting in 2017, the economic loss may be far higher because of the congestion externality arising from the way in which one worker's commute affects the commuting time of others. I provide empirical evidence that commuting time affects job acceptance, pointing to large indirect costs of congestion. To interpret the empirical facts and quantify the costs of congestion, I build a model featuring a frictional labor market within a metropolitan area. By endogenizing commuting congestion in a labor search model, the model connects labor ...
Finance and Economics Discussion Series , Paper 2020-025

Working Paper
How Much Will the Belt and Road Initiative Reduce Trade Costs?

This paper studies the impact of transport infrastructure projects of the Belt and Road Initiative on shipment times and trade costs. Based on a new data on completed and planned Belt and Road transport projects, Geographic Information System analysis is used to estimate shipment times before and after the Belt and Road Initiative. Two sets of data are computed to address different research questions: a global database based on an analysis of 1,000 cities in 191 countries and 47 sectors and a regional database that focuses on more granular information (1,818 cities) for Belt and Road ...
International Finance Discussion Papers , Paper 1274

Working Paper
Productivity, congested commuting, and metro size

The monocentric city model is generalized to a fully structural form with leisure in utility, congested commuting, and the equalizing of utility and perimeter land price across metros. Exogenous and agglomerative differences in total factor productivity (TFP) drive differences in metro population, radius, land use, commute time, and home prices. Quantitative results approximate observed correspondences among these outcomes across U.S. metros. Traffic congestion proves the critical force constraining population. Self-driving cars significantly increase the sensitivity of metro population to ...
Research Working Paper , Paper RWP 16-3

Working Paper
Monocentric city redux

This paper argues that centralized employment remains an empirically relevant stylization of midsize U.S. metros. It extends the monocentric model to explicitly include leisure as a source of utility but constrains workers to supply fixed labor hours. Doing so sharpens the marginal disutility from longer commutes. The numerical implementation calibrates traffic congestion to tightly match observed commute times in Portland, Oregon. The implied geographic distribution of CBD workers' residence tightly matches that of Portland. The implied population density, land price, and house price ...
Research Working Paper , Paper RWP 14-9

Working Paper
A Quantitative Model of the Oil Tanker Market in the Arabian Gulf

Using a novel dataset, we develop a structural model of the Very Large Crude Carrier (VLCC) market between the Arabian Gulf and the Far East. We study how fluctuations in oil tanker rates, oil exports, shipowner profits, and bunker fuel prices are determined by shocks to the supply and demand for oil tankers, to the utilization of tankers, and to bunker fuel costs. Our analysis shows that time charter rates respond only slightly to fuel cost shocks. In response to higher fuel costs, voyage profits decline, as cost shocks are only partially passed on to round-trip voyage rates. Oil exports ...
Working Papers , Paper 2015

Working Paper
Negative Externalities and Real Asset Prices: Closing of Stapleton Airport and Effect on Nearby Housing Markets

The closing of a busy airport has large effects on noise and economic activity. We examine the effects of Stapleton airport?s closing on nearby, Denver housing markets. We find evidence of immediate anticipatory effects on prices upon announcement of the closing, but no price changes at closing likely because it was widely anticipated. However, we find that high income and white households delayed moving into these locations until after the airport?s closing. Also, developers upgraded the quality of houses being built after closing. Further, post-closing, these demographic and housing stock ...
Working Papers , Paper 2019-27

Working Paper
The Closing of a Major Airport: Immediate and Longer-Term Housing Market Effects

The closing of a busy airport has large effects on noise and economic activity. Using a unique dataset, we examine the effects of closing Denver’s Stapleton Airport on nearby housing markets. We find evidence of immediate anticipatory price effects upon announcement, but no price changes at closing likely because closing was widely anticipated. Further, after airport closure, high income and white households moved into these locations and developers upgraded the quality of houses being built. Finally, post-closing, these demographic and housing stock changes had substantial effects on ...
Working Papers , Paper 2020-001

Working Paper
Traffic Noise in Georgia: Sound Levels and Inequality

Using Lorenz-type curves, means tests, ordinary least squares, and locally weighted regressions (LWR), we examine the relative burdens of whites, blacks, and Hispanics in Georgia from road and air traffic noise. We find that whites bear less noise than either blacks or Hispanics and that blacks tend to experience more traffic noise than Hispanics. While every Metropolitan Statistical Area (MSA) showed that blacks experienced relatively more noise than average, such a result did not hold for Hispanics in roughly half of the MSAs. We find much heterogeneity across Census tracts using LWR. For ...
Working Papers , Paper 2019-4

Working Paper
Airport Noise in Atlanta: The Inequality of Sound

We examine how changes in the geographic concentrations of Hispanic and African-American populations are correlated with changes in probabilities of airport noise, in Atlanta, during 2003 and 2012. We estimate ordered probit and locally weighted ordered probit regressions for three different noise categories to determine the correlations between these two demographic groups and the aircraft noise levels experienced by people in individual houses that sold. Then we determine the average coefficient for all houses sold in each Census block group, and we plot each year?s coefficients for each ...
Working Papers , Paper 2017-15

Working Paper
Formative Experiences and the Price of Gasoline

An individual?s initial experiences with a common good, such as gasoline, can shape their behavior for decades. We first show that the 1979 oil crisis had a persistent neg-ative effect on the likelihood that individuals that came of driving age during this time drove to work in the year 2000 (i.e., in their mid 30s). The effect is stronger for those with lower incomes and those in cities. Combining data on many cohorts, we then show that large increases in gasoline prices between the ages of 15 and 18 sig-nificantly reduce both (i) the likelihood of driving a private automobile to work and ...
Working Papers , Paper 19-35

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