Search for Multiple Equilibria in Urban Industrial Structure
David Weinstein () and
Donald Davis ()
No 639, Econometric Society 2004 North American Winter Meetings from Econometric Society
Theories of multiple equilibria (ME) are now widespread across many fields of economics. Yet little empirical work has asked if such multiple equilibria are salient features of real economies. We examine this in the context of the Allied bombing of Japanese cities and industries in WWII in data for 114 Japanese cities in eight manufacturing industries. The data reject the existence of multiple equilibria. In the aftermath even of gargantuan shocks, a city recovers not only its population and its share of aggregate manufacturing, but even the specific industries it had before.
Keywords: multiple; equilibria (search for similar items in EconPapers)
JEL-codes: D24 D41 (search for similar items in EconPapers)
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Journal Article: A SEARCH FOR MULTIPLE EQUILIBRIA IN URBAN INDUSTRIAL STRUCTURE* (2008)
Working Paper: A Search for Multiple Equilibria in Urban Industrial Structure (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:ecm:nawm04:639
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