Cities under stress |
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Authors: | Esteban Rossi-Hansberg |
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Institution: | Department of Economics, Stanford University, 579 Serra Mall, Stanford, CA 94305, USA |
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Abstract: | This paper studies the effect of terrorist attacks on the internal structure of cities. We develop an urban framework with capital structures suitable for the study of this question and analyze the long and short term implications of this type of events. In the long run, the analysis shows that a terrorist attack will affect urban structure only modestly, relative to the potentially large decrease in the level of economic activity in the city. Land rents will not decline at all locations. In the short run, agglomeration forces will amplify the effect of the original destruction and will reduce urban economic activity temporarily. |
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Keywords: | D62 E22 R12 R14 R30 |
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