TAILIEUCHUNG - Gabriel Ahlfeldt and Arne Feddersen From periphery to core: economic adjustments to high speed rail

This was the formula behind America’s information-technology boom in the last half of the twentieth century. Not only did the country produce many more startups per capita than Europe or Japan did, it consistently produced startups that grew to flagship status: the now-defunct Digital Equipment Corp. in the 1950s, Intel and AMD in the 1960s, Microsoft, Apple and Oracle in the ’70s, Cisco Systems and Dell in the ’80s, and Amazon and Google in the ’90s, for example. In addition to such new giants, many other IT startups grew to be sizable niche firms, employing hundreds to thousands of people. | THE LONDON School OF Economics and Political Science 1 LSE Research Online Gabriel Ahlfeldt and Arne Feddersen From periphery to core economic adjustments to high speed rail Working paper Original citation Ahlfeldt Gabriel M. and Feddersen Arne 2010 From periphery to core economic adjustments to high speed rail. London School of Economics University of Hamburg. Unpublished This version available at http 29430 Available in LSE Research Online September 2010 2010 the authors LSE has developed LSE Research Online so that users may access research output of the School. Copyright and Moral Rights for the papers on this site are retained by the individual authors and or other copyright owners. Users may download and or print one copy of any article s in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL http of the LSE Research Online website. http Gabriel M. Ahlfeldt Arne Feddersen From Periphery to Core Economic Adjustments to High Speed Rail Abstract This paper presents evidence that high speed rail systems by bringing economic agents closer together sustainably promote economic activity within regions that enjoy an increase in accessibility. Our results on the one hand confirm expectations that have led to huge public investments into high speed rail all over the world. On the other hand they confirm theoretical predictions arising from a consolidate body of New Economic Geography literature taking a positive man-made and reproducible shock as a case in point. We argue that the economic geography framework can help to derive exante predictions on the economic impact of transport projects. The subject case is the German high speed rail track connecting Cologne and Frankfurt which as we argue provides exogenous variation in

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