New economic geography and regional price level
Tóm tắt
In New Economic Geography (NEG), price effects play a crucial role as a forward linkage
in the cumulative process of spatial concentration. This paper examines the potential contribution of Helpman’s
NEG model in predicting cost of living and prices of goods groups at a regional scale. We particularly
aim at developing NEG-based econometric models for the overall regional price level, prices of tradable
and non-tradable goods and housing prices. The empirical price models are built with the aid of spatial-econometric
techniques. The predictive power of the estimated models is assessed by cross-validation using a sample
of southern German districts. Econometric analysis shows that crucial features of the price mechanism of
the Helpman model are not backed by the evidence.
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