Benchmark crude oils exhibited dramatic fluctuations in price spreads in the recent decade, a phenomenon that rarely occurred in earlier decades. This paper develops a rational expectations two-period model of spatial price equilibrium, and departs from standard models by assuming increasing...

This paper examines the properties of taxes applied in the road links of a polycentric network and their interaction with a spatially-invariant tax on labor income. With the use of a theoretical model, the total welfare change from a revenue-neutral swap between the tax in an arbitrary road link...

This paper describes the progression from a standard monocentric model of a city to its analog in the quantitative spatial framework recently reviewed by Redding and Rossi-Hansberg (forthcoming). In this progression, we preserve the basics of preferences, technology, and endowments across...

More than 100 natural disasters strike the United States every year, causing extensive fatalities and damages. We construct the universe of US federally designated natural disasters from 1920 to 2010. We find that severe disasters increase out-migration rates at the county level by 1.5...