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Keyword: path dependence; 

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CEP discussion paper
Prime locations

We harness big data to detect prime locations - large clusters of knowledge-based tradable services - in 125 global cities and track changes in the within-city geography of prime service jobs over a century. Historically...Read more...

Gabriel M. Ahlfeldt, Thilo N. H. Albers and Kristian Behrens

5 October 2020

CEP discussion paper
History dependence in the housing market

Using data on the universe of housing transactions in England and Wales over a twenty-year period, we document a robust pattern of history dependence in housing markets. Sale prices and selling propensities are affected ...Read more...

Philippe Bracke and Silvana Tenreyro

29 August 2018

CentrePiece article
in brief... Bargain hunters: calculating the benefits of consumer search

To what extent can shoppers convert the time they spend looking for particular products into monetary savings? The authors use electronic tags to study the behaviour of 12,000 consumers in a large supermarket in Northern...Read more...

Fabio Pinna and Stephan Seiler

9 June 2016

CEP discussion paper
Reservation wages and the wage flexibility puzzle

Wages are only mildly cyclical, implying that shocks to labour demand have a larger short-run impact on unemployment rather than wages, at odds with the quantitative predictions of the canonical search model – even if wa...Read more...

Felix Koenig, Alan Manning and Barbara Petrongolo

15 February 2016

CEP discussion paper
Space-time (in)consistency in the national accounts: causes and cures

In early 2014 the World Bank published the main findings of the 2011 International Comparison Program (ICP). The result was surprising: the world is apparently richer and more equal than we would have expected based on e...Read more...

Nicholas Oulton

1 May 2015

CEP discussion paper
Consumer Search: Evidence from Path-tracking Data

We estimate the effect of consumer search on the price of the purchased product in a physical store environment. We implement the analysis using a unique data set obtained from radio frequency identification tags, which ...Read more...

Fabio Pinna and Stephan Seiler

8 September 2014

CentrePiece article
Can cities be trapped in bad locations?

After the fall of the Roman Empire, urban life in France became a shadow of its former self, but in Britain it completely disappeared. Guy Michaels and Ferdinand Rauch use these contrasting experiences as a natural exper...Read more...

Guy Michaels and Ferdinand Rauch

5 February 2014

CEP discussion paper
Resetting the Urban Network: 117-2012

Do locational fundamentals such as coastlines and rivers determine town locations, or can historical events trap towns in unfavourable locations for centuries? We examine the effects on town locations of the collapse of ...Read more...

Guy Michaels and Ferdinand Rauch

27 November 2013

SERC/Urban and Spatial Programme Discussion Paper
Where is the Economics in Spatial Econometrics?

Spatial econometrics has been criticized by some economists because some model specifications have been driven by data-analytic considerations rather than having a firm foundation in economic theory. In particular this a...Read more...

Luisa Corrado and Bernard Fingleton

March 2011

SERC/Urban and Spatial Programme Discussion Paper
In Search of 'W'

This paper provides a survey and critique of how spatial links are taken into account in empirical analysis by applied economists/regional scientists. Spatial spillovers and spatial interrelationships between economic va...Read more...

Richard Harris and Victoria Kravtsova

March 2009

CEP discussion paper
Chain Indices of the Cost of Living and the Path-Dependence Problem: An Empirical Solution

This paper proposes an empirically feasible method for correcting the path-dependence bias of chain indices of the cost of living. Chain indices are discrete approximations to Divisia indices and it is well known that th...Read more...

Nicholas Oulton

May 2007

CEP discussion paper
Information and Communication Technologies in a Multi-Sector Endogenous Growth Model

This paper investigates the impact of Information and Communication Technologies (ICT) on growth in an economy, consisting of three sectors, ICT-producing, ICT-using and non-ICT-using. The benefits from ICT come from the...Read more...

Evangelia Vourvachaki

August 2006

CEP discussion paper
Externalities in the Matching of Workers and Firms in Britain

We provide empirical evidence on the nature of spatial externalities in a matching model for the UK. We use a monthly panel of outflows, unemployment and vacancy stocks data from the registers at Jobcentres in the UK; th...Read more...

Simon Burgess and Stefan Profit

April 2001