This paper examines whether monetary policy has similar effects across regions in the United States. Impulse response functions from an estimated structural vector autoregression reveal a core of regions - New England, Mideast, Plains, Southeast, and the Far West - that respond to monetary...

This study details the location patterns of R&D labs in the U.S., but it differs from past studies in a number of ways. First, rather than looking at the geographic concentration of manufacturing firms (e.g., Ellison and Glaeser, 1997; Rosenthal and Strange, 2001; and Duranton and Overman, 2005), the...

The authors geocode a data set of patents and their citation counts, including citations from abroad. This allows them to examine both the quantity and quality of local inventions. They also refine their data on local academic R&D to explore effects from different fields of science and sources...

Because of lags in legislating and implementing fiscal policy, private agents can often anticipate future changes in tax policy and government spending before these changes actually occur, a phenomenon referred to as fiscal foresight. Econometric analysis that fails to model fiscal foresight may...

The American Recovery and Reinvestment Act (ARRA) was the US government’s fiscal response to the Great Recession. An important component of ARRA’s $796 billion proposed budget was $318 billion in fiscal assistance to state and local governments. We examine the historical experience of...

Using a sample of the 48 mainland U.S. states for the period 1973-2009, we study the ability of U.S. states to expand their own state employment through the use of state deficit policies. The analysis allows for the facts that U.S. states are part of a wider monetary and economic union with free...

The authors use hedonic rent and wage equations to measure the compensating differentials that obtain in central cities with franchises of the National Football League. They use repeated observations of cities over time and thereby obtain identification of the NFL effect through franchise...

Economists, beginning with Alfred Marshall, have studied the significance of cities in the production and exploitation of information externalities that, today, we call knowledge spillovers. This paper presents robust evidence of those effects. We show that patent intensity—the per capita...

This paper examines the role local labor markets play in the production of innovations. The authors appeal to a labor market matching model (á la Berliant, Reed, and Wang 2004) to argue that in dense urban areas, workers are more selective in their matches and are therefore more productive....