Press Releases

Economic Quarterly

July 31, 2017

Richmond Fed’s Economic Quarterly Looks at a New Way to Model Cities

Richmond, Va.

In the Richmond Fed’s new Economic Quarterly, economists Sonya Waddell and Pierre Sarte describe the progression from a standard monocentric model of a city to a quantitative spatial framework. This new framework imposes fewer restrictions on the way certain variables capture a city’s structure and more accurately captures the distribution of economic activity across a city.

This more realistic framework can enable urban economists to provide insight into future theoretical or structural work on how cities grow, shrink, and change. It can also allow for more robust counterfactual policy exercises that could inform policymakers on strategies for urban development.

This article and others in the latest issue of Economic Quarterly are available on our website.

Also in this issue:

  • Beveridge Curve Shifts and Time-Varying Parameter VARs by Thomas A. Lubik, Christian Matthes, and Andrew Owens
  • The Heterogeneous Business-Cycle Behavior of Industrial Production by Jackson Evert and Felipe Schwartzman

The Economic Quarterly is a free publication containing economic analysis pertinent to Federal Reserve monetary and banking policy. More information is available at (800) 322-0565 or online.


The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.

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