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Treb Allen (Dartmouth Associate Professor of Economics) will present:
"The Geography of Path Dependence"
at 12:15pm on Tuesday, November 21, 2017 in (051 Buchanan) Volanakis - TUCK
Lunch will be served at noon.

If you will be attending the Lunch Seminar and have not already done so, please RSVP to Doreen Aher at TUCK so she can order the appropriate amount of food.
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ABSTRACT:
Empirical evidence suggests that temporary historical shocks may have long run impacts on the spatial distribution of economic activity. However, it is unclear whether or not such shocks actually matter for the long-run welfare of agents. In this project, we develop a new general equilibrium dynamic spatial model where different initial conditions may lead to different steady state equilibria even if the underlying geographic fundamentals remain unchanged. We then apply the model to understand the evolution of the U.S. economy over the past 150 years. Preliminary estimates suggest that path dependence exists, has large consequences for the spatial distribution of economic activity, and moderate effects on welfare.





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