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Working Paper
Transportation investments in the Philadelphia metropolitan area: who benefits? Who pays? And what are the consequences?
In this paper, the author examines the geographic distribution of transportation investments as well as the question of who pays for the investments in the Philadelphia metropolitan area, focusing on differences between the city and its surrounding Pennsylvania suburban counties. The author presents estimates of total, per capita, and per user benefits of highway investments, as well as fees generated by highway users at the county level. The author also examines the combined highway and transit investments in the suburbs as a whole and in the city. ; There are three central findings in this ...
Journal Article
De novo banking in the third district
Journal Article
Should Philadelphia's suburbs help their central city?
We end with the age-old debate of city vs. suburbs. The United States is unique in its commitment to local government as the primary provider of essential public services and in its use of local taxes as the primary means for paying for these services. The Philadelphia metropolitan area is typical of the U.S. pattern. But Philadelphia faces the burdens and responsibilities of all older central cities, including a higher proportion of poor residents than its surrounding suburbs. Such circumstances lead the city to impose higher taxes, but raising revenues through higher taxes becomes ...
Journal Article
City problems and suburban reactions
Journal Article
The Philadelphia story: a new forecasting model
Several years ago, the Philadelphia Fed developed a small forecasting model for each of the three states in the Third Federal Reserve DistrictCPennsylvania, New Jersey, and Delaware. This article introduces a similar model that forecasts major economic variables for the Philadelphia metropolitan area and the city of Philadelphia. Read this article and find out what the model predicts for the metro area and the city
Journal Article
Do you know how much money is in your public purse?
Report
Why is automobile insurance in Philadelphia so damn expensive?
We document and attempt to explain the observation that automobile insurance premiums vary dramatically across local markets. We argue high premiums can be attributed to the large numbers of uninsured motorists in some cities, while at the same time, the uninsured motorists can be attributed to high premiums. We construct a simple noncooperative equilibrium model, where limited liability can generate inefficient equilibria with uninsured drivers and high, yet actuarially fair, premiums. For certain parameterizations, an optimal full insurance equilibrium and inefficient high price equilibria ...