AUM2020 Session 4- Taking a long view: the effects of transport investments

Duration: 2 hours 4 mins

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Description:	The making of the modern metropolis: evidence from London Prof. Stephen Redding, Princeton University, NBER and CEPR Session Chair: Dr Jamil Nur, University of Cambridge


Created:	2020-11-06 15:53
Collection:	Martin Centre AUM2020: Modelling the New Urban World
Publisher:	University of Cambridge
Copyright:	The Martin Centre
Language:	eng (English)
Keywords:	AUM2020; Modelling the New Urban World; Taking a long view: the effects of transport investments; Martin Centre; Architecture;


Abstract:	Using newly-constructed spatially-disaggregated data for London from 1801-1921, we show that the invention of the steam railway led to the first large-scale separation of workplace and residence. We show that a class of quantitative urban models is remarkably successful in explaining this reorganization of economic activity. We structurally estimate one of the models within this class and find substantial agglomeration forces in both production and residence. In counterfactuals, we find that removing the entire railway network reduces the population and the value of land and buildings in London by up to 51.5 and 53.3 percent respectively, and decreases net commuting into the historical center of London by more than 300,000 workers.

Abstract:

Using newly-constructed spatially-disaggregated data for London from 1801-1921, we show that the invention of the steam railway led to the first large-scale separation of workplace and residence. We show that a class of quantitative urban models is remarkably successful in explaining this reorganization of economic activity. We structurally estimate one of the models within this class and find substantial agglomeration forces in both production and residence. In counterfactuals, we find that removing the entire railway network reduces the population and the value of land and buildings in London by up to 51.5 and 53.3 percent respectively, and decreases net commuting into the historical center of London by more than 300,000 workers.

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