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Working Paper
Localized Knowledge Spillovers: Evidence from the Spatial Clustering of R&D Labs and Patent Citations
Carlino, Gerald A.; Smith, Tony E.; Carr, Jake; Hunt, Robert M.; Buzard, Kristy (2017-10-03)
Patent citations are a commonly used indicator of knowledge spillovers among inventors, while clusters of research and development labs are locations in which knowledge spillovers are particularly likely to occur. In this paper, we assign patents and citations to newly defined clusters of American R&D labs to capture the geographic extent of knowledge spillovers. Our tests show that the localization of knowledge spillovers, as measured via patent citations, is strongest at small spatial scales and diminishes rapidly with distance. On average, patents within a cluster are about three to six ...
Working Papers , Paper 17-32

Working Paper
Second Home Buyers and the Housing Boom and Bust
Garcia, Daniel I. (2019-05-03)
Record-high second home buying (homeowners acquiring nonprimary residences) was a central feature of the 2000s boom, but the macroeconomic effects remain an open question partly because reliable geographic data is currently unavailable. This paper constructs local data on second home buying by merging credit bureau data with mortgage servicing records. The identification strategy exploits the fact that the vacation share of housing from the 2000 Census is predictive of second home origination shares during the boom years, while also uncorrelated with other boom-bust drivers including proxies ...
Finance and Economics Discussion Series , Paper 2019-029

Working Paper
Opioids and the Labor Market
Schweitzer, Mark E.; Fee, Kyle; Aliprantis, Dionissi (2019-11-15)
This paper studies the relationship between local opioid prescription rates and labor market outcomes for prime-age men and women between 2006 and 2016. We estimate the relationship at the most disaggregated level feasible in the American Community Survey in order to provide estimates that include rural areas that have, in some cases, seen particularly high prescription rates. Given the limited time period, it is particularly important to account for geographic variation in both short-term and long-term economic conditions. We estimate three panel models to control for evolving local economic ...
Working Papers , Paper 18-07R2

Working Paper
The supply and demand of skilled workers in cities and the role of industry composition
Brinkman, Jeffrey (2014-10-20)
The share of high-skilled workers in U.S. cities is positively correlated with city size, and this correlation strengthened between 1980 and 2010. Furthermore, during the same time period, the U.S. economy experienced a significant structural transformation with regard to industrial composition, most notably in the decline of manufacturing and the rise of high-skilled service industries. To decompose and investigate these trends, this paper develops and estimates a spatial equilibrium model with heterogeneous firms and workers that allows for both industry-specific and skill-specific ...
Working Papers , Paper 14-32

Report
Geographical reallocation and unemployment during the Great Recession: the role of the housing bust
Rhee, Serena; Karahan, Fatih (2013)
This paper quantitatively evaluates the hypothesis that the housing bust in 2007 decreased geographical reallocation and increased the dispersion and level of unemployment during the Great Recession. We construct an equilibrium model of multiple locations with frictional housing and labor markets. When house prices fall, the amount of home equity declines, making it harder for homeowners to afford the down payment on a new house after moving. Consequently, the decline in house prices reduces migration and causes unemployment to rise differently in different locations. The model accounts for ...
Staff Reports , Paper 605

Working Paper
Shrinking Networks: A Spatial Analysis of Bank Branch Closures
Tranfaglia, Anna (2018-03-20)
As more consumers take advantage of online banking services, branch networks are declining across the country. Limited attention has been given to identifying any possible spatial patterns of branch closures and, more importantly, the community demographics where branches close their doors. This analysis uses an innovative spatial statistics concept to study financial services: Using data from 2010 to 2016, a random labelling test is conducted to understand branch closure clustering in the Philadelphia, Chicago, and Baltimore metropolitan statistical areas (MSAs). Additionally, spatial ...
Working Papers , Paper 18-12

Working Paper
LOCALIZED KNOWLEDGE SPILLOVERS: EVIDENCE FROM THE AGGLOMERATION OF AMERICAN R&D LABS AND PATENT DATA
Carlino, Gerald A.; Smith, Tony E.; Carr, Jake; Hunt, Robert M.; Buzard, Kristy (2016-10-13)
Supercedes 15-03 We employ a unique data set to examine the spatial clustering of private R&D labs. Instead of using fixed spatial boundaries, we develop a new procedure for identifying the location and size of specific R&D clusters. Thus, we are better able to identify the spatial locations of clusters at various scales, such as a half mile, 1 mile, 5 miles, and more. Assigning patents and citations to these clusters, we capture the geographic extent of knowledge spillovers within them. Our tests show that the localization of knowledge spillovers, as measured via patent citations, is ...
Working Papers , Paper 16-25

Working Paper
The Pitfalls of Using Location Quotients to Identify Clusters and Represent Industry Specialization in Small Regions
Pominova, Mariya; Gabe, Todd M.; Crawley, Andrew (2021-09-10)
This paper examines the use of location quotients, a measure of regional business activity relative to the national benchmark, as an indicator of sectoral agglomeration in small cities and towns, and as a measure of industry specialization that might impact the number of new business startups in these places. Using establishment-level data on businesses located in Maine, our findings suggest that the addition of one "hypothetical" establishment in very small towns leads to a dramatic change in the magnitude of the region-industry location quotient. At population sizes of about 4,100 or more ...
International Finance Discussion Papers , Paper 1329

Working Paper
The Geography of Jobs and the Gender Wage Gap
Su, Yichen; Liu, Sitian (2020-10-02)
Prior studies have shown that women are more willing to trade off wages for short commutes than men. Given the gender difference in commuting preferences, we show that the wage return to commuting (i.e., the wage penalty for reducing commute time) that stems from the spatial distribution of jobs contributes to the gender wage gap. We propose a simple job choice model, which predicts that differential commuting preferences would lead to a larger gender wage gap for workers who face greater wage returns to commuting based on their locations of residence and occupations. We then show empirical ...
Working Papers , Paper 2028

Working Paper
Productivity, congested commuting, and metro size
Rappaport, Jordan (2016-01-04)
The monocentric city model is generalized to a fully structural form with leisure in utility, congested commuting, and the equalizing of utility and perimeter land price across metros. Exogenous and agglomerative differences in total factor productivity (TFP) drive differences in metro population, radius, land use, commute time, and home prices. Quantitative results approximate observed correspondences among these outcomes across U.S. metros. Traffic congestion proves the critical force constraining population. Self-driving cars significantly increase the sensitivity of metro population to ...
Research Working Paper , Paper RWP 16-3

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