The Role of Local Amenities in the National Economy
RFF Academic Seminar
Assistant Professor, Arizona State UniversityAbstract
Consumers value nonmarket amenities such as climate, public goods, infrastructure, and pollution. They pay for these localized amenities indirectly, through spatial variation in housing prices and wages. In this paper, we develop a macroeconomic measure of indirect amenity expenditures that is consistent with microeconomic fundamentals of spatial equilibrium and principles of national income accounting. We construct a county-level database of 75 amenities, match it to location choices made by 5 million households, and develop the first estimates for aggregate amenity expenditures in the United States. We find amenities accounted for 6% of personal consumption expenditures in 2000 ($422 billion).
Thursday, October 25, 2012
12:00 - 1:30 p.m.
Lunch will be provided.
7th Floor Conference Room
1616 P St. NW
Washington, DC 20036
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