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.


As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District—including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia—to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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