Despite much theorizing about the role of geographic concentration of employment in knowledge spillovers, local densities' role in promoting innovations has largely been unexamined. More often, studies have considered the effects of city size variables on innovative activity, although the role...

Horvath and Verbrugge (1996) argue that when investigating the sources of aggregate fluctuations, it is important to use the highest frequency data available. Using monthly data for the U.S. economy they show that industry-specific shocks are more important in explaining fluctuations in...

The City Beautiful movement, which in the early 20th century advocated city beautification as a way to improve the living conditions and civic virtues of the urban dweller, had languished by the Great Depression. Today, new urban economic theorists and policymakers are coming to see the...

Under the European Monetary Union (EMU), member countries will be subject to common monetary policy shocks. Given the diversity in the economic and financial structures across the EMU economies, these common monetary shocks can be reasonably expected to have different effects. Little is known...

This paper has been superseded by WP 15-03. We study the location of more than 1,000 research and development (R&D) labs located in the Northeast corridor of the U.S. Using a variety of spatial econometric techniques, we find that these labs are substantially more concentrated in space than the...

This working paper supersedes WP 12-22, WP 11-42, and WP 10-33. We employ a unique data set to examine the spatial clustering of private R&D labs, and, using patent citations data, we provide evidence of localized knowledge spillovers within these clusters. Jaffe, Trajtenberg, and Henderson...

An important component of the American Recovery and Reinvestment Act’s (ARRA’s) $796 billion proposed stimulus budget was $318 billion in fiscal assistance to state and local governments, yet the authors have no precise estimates of the impact of such assistance on the macroeconomy. In...