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Distance and Decline: The Case of Petersburg, Virginia
Petersburg, Virginia, prospered over two centuries as a center of production and trade. However, the city experienced economic difficulties beginning in the 1980s as a large number of layoffs at production plants in the area coincided with an erosion of retail trade in the city. Prolonged economic decline followed. In contrast, somewhat similar shocks in other moderate-sized cities in Virginia were followed by gradual economic recovery. We examine these differing outcomes and offer an explanation that hinges on the proximity of Petersburg to its larger neighbor, the greater Richmond area. We ...
Inequality Across and Within US Cities around the Turn of the Twenty-First Century
We review key facts about inequality across and within US cities around the turn of the twenty-first century and discuss theoretical interpretations. Large cities are cities with a greater proportion of skilled workers. In those large and skill-intensive cities, wages are overall higher but are offset by higher rents. Those higher wages are particularly prevalent among high-skilled workers, so that the skill premium increases with city size and skill mix. Over the last few decades, these facts have become increasingly salient. We discuss possible explanations for these facts with the help of ...
Heterogeneous Agents Dynamic Spatial General Equilibrium
I develop a dynamic model of migration and labor market choice with incomplete markets and uninsurable income risk to quantify the effects of international trade on workers’ employment reallocation, earnings, and wealth. Macroeconomic conditions in different labor markets and idiosyncratic shocks shape agents’ labor market choices, consumption, earnings, and asset accumulation over time. Despite the rich heterogeneity, the model is highly tractable as the optimal consumption, labor supply, capital accumulation, and migration and reallocation decisions of individual workers across ...
Multimodal Transport Networks
The movement of goods from origin to destination takes place over multiple modes of transportation. Correspondingly, intermodal terminals play an important role in facilitating transportation over the multimodal network. This paper studies multimodal transport networks and their impact on infrastructure investments. We propose a tractable theory of transportation across domestic transportation networks with multiple modes of transportation by embedding multimodal routes into a spatial equilibrium model with endogenous stochastic route choice. We calibrate the model to US domestic freight ...