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Stan Veuger
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Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics 1–45.
Published: 30 April 2024
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We study the aftermath of the 1968 Washington, DC civil disturbance to illuminate the mechanisms that drive urban redevelopment in the presence of low demand and racial tension. Using a within-block identification strategy, we show that destruction caused lots to remain vacant for the next thirty years and only recently converge in terms of structure value. The city acted to preclude for-profit land owners from leaving land vacant until demand conditions improved by purchasing nearly half of all properties in damaged neighborhoods. Despite this and other steps, the city had limited success in speeding up redevelopment.
Includes: Supplementary data
Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics (2018) 100 (3): 440–453.
Published: 01 July 2018
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We report three findings. First, using evidence from chain bankruptcies and data on 12 million to 18 million establishments per year, we show that large retailers produce significant positive spillovers. Second, local governments respond to the size of these externalities. When a town’s boundaries allow it to capture a larger share of retail spillovers, it is more likely to offer retail subsidies. Third, these subsidies partially crowd out private sector mechanisms that also subsidize large retailers, such as shopping malls. These facts provide powerful evidence of the Coase theorem at work and highlight a concern for local development policies even when externalities can be targeted.
Includes: Supplementary data