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UID:28529603ae7c2d788a0f52dab1f6ad21
CATEGORIES:Seminars
CREATED:20171103T160001
SUMMARY:Daniel Sturm - London School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong><span style="font-size: 11pt; font-
 family: 'Calibri','sans-serif';">The Making of the Modern Metropolis: Evide
 nce from London</span></strong><span style="font-size: 11pt; font-family: '
 Calibri','sans-serif';"> (with Stephan Heblich and Steve Redding)</span></p
 ><p style="text-align: justify;"><strong><span style="font-size: 11pt; font
 -family: 'Calibri','sans-serif';">Abstract:</span></strong></p><p style="te
 xt-align: justify;"><span style="font-size: 11pt; font-family: 'Calibri','s
 ans-serif';">Modern metropolitan areas involve large concentrations of econ
 omic activity and the transport of millions of people each day between thei
 r residence and workplace. We use the revolution in transport technology fr
 om the invention of steam railways, newly-constructed partially disaggregat
 ed data for London from 1801-1921, and a quantitative urban model to provid
 e evidence on the role of these commuting flows in supporting such concentr
 ations of economic activity. Steam railways dramatically reduced travel tim
 es and permitted the first large-scale separation of workplace and residenc
 e. We show that our model is able to account for the observed changes in th
 e organization of economic activity, both qualitatively and quantitatively.
  In counterfactuals, we find that removing the entire railway network reduc
 es the population and the value of land and buildings in Greater London by 
 20 percent or more, and brings down commuting into the City of London from 
 more than 370,000 to less than 60,000 workers.</span></p>
DTSTAMP:20260406T093616Z
DTSTART:20171109T170000Z
DTEND:20171109T183000Z
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