We estimate the effect of the reduction in credit supply that followed the 2008 financial crisis on the real economy. We predict county lending shocks using variation in pre-crisis bank market shares and estimated bank supply-shifts. Counties with negative predicted shocks experienced declines...

Given the challenges in quantifying the role of human capital on economic development, measuring human capital itself becomes an important issue. It is desirable to have a comprehensive human capital measure that goes beyond the traditional measures based on education attainment, yet is...

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 across locations. The result is a spatial endogenous growth...

This paper empirically assesses the incidence and efficiency of Round I of the federal urban Empowerment Zone (EZ) program using confidential microdata from the Decennial Census and the Longitudinal Business Database. To ground our welfare analysis, we develop a heterogeneous agent general...

Considerable prior analysis has gone into the study of zoning restrictions on locational choice and on fiscal burdens. The prior work on zoning - particularly fiscal or exclusionary zoning - has provided both inconclusive theoretical results and quite inconsistent empirical support of the...

This paper provides evidence on the consumption effects of trade shocks by exploiting changes in US and Chinese trade policy between 2017 and 2018. The analysis uses a unique data set with the universe of new auto sales at the US county level, at a monthly frequency, and a simple...

This paper examines the implications of a carbon-constrained future on coal-reliant county governments in the United States. We review modeling projections of coal production under reference and climate policy scenarios and argue that some state and local governments face important revenue...

One of the most common policy prescriptions to reduce the spread of COVID-19 has been to legally enforce social distancing through state or local shelter-in-place orders (SIPOs). This paper is the first to explore the comparative effectiveness of early county-level SIPOs versus later statewide...

This paper examines the determinants of social distancing during the COVID-19 epidemic. We classify state and local government actions, and we study multiple proxies for social distancing based on data from smart devices. Mobility fell substantially in all states, even ones that have not adopted...

We quantify foreign direct investment (FDI) spillovers by comparing changes in total factor productivity (TFP) among domestic plants in districts that attracted a large greenfield foreign plant and districts where greenfield FDI was licensed but not yet operational. Treated and untreated...