Spatial spillovers and inter-dependencies among industries are often ignored in conventional production studies, despite substantial evidence suggesting their importance. Thick market or agglomeration effects may be associated with own-industry, supply-side, and demand-side spillovers. Our...

The size and significance of public infrastructure investment impacts on costs and productivity of private enterprise, and thus on economic health and growth, has proven nebulous to empirically substantiate. Various studies using alternative theoretical and econometric methodologies, and for...

Using county-level data, we analyze the impact of ports infrastructure investment on the retail trade sector in California. We include the level of ports infrastructure stocks in own and neighboring counties as shift variables in the production function and find significant evidence of spatial...

When liquidity providers for one asset obtain information from other asset prices, this may magnify the (upward or downward) comovement of asset liquidity. It also may yield an illiquidity multiplier. We empirically test the magnitude of this illiquidity multiplier for a sample of U.S. equity...

The importance of “broader” economic effects of transportation infrastructure has recently become apparent. “Broader” refers to impacts beyond the geographic boundaries within which the infrastructure investments are undertaken. Approaches to estimate “broader” impacts in production...