How does intranational factor mobility shape the welfare effects of a trade shock? I provide evidence that during WWI, a demand shock emanated from belligerent countries and affected neutral Spain. Within Spain, labor predominantly reallocated locally, while the most affected provinces...

We show how local worker flow adjustment margins yield a theory-consistent sufficient statistic approximating the welfare effects of local shocks. Furthermore, we isolate a city's insurance value as this approximation's second-order term. Leveraging rich labor flows data across occupations,...

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...

Linder (1961) conjectured that taste differences could impede trade flows. We extend Krugman (1980) to allow for producers that face taste heterogeneity with volatile demand. Consumers are characterized by different taste over product attributes and idiosyncratic risk. Firms face a portfolio...