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Type: IFS Working Papers Authors: Andrew B Bernard, Stephen Redding, Peter K Schott and Helen Simpson ISSN: 1742-0415
Volume, issue, pages: 65 pp
JEL classification: F11, F14, C14
This paper develops a general test of factor price equalization that is robust to unobserved regional productivity differences, unobserved region-industry factor quality differences and variation in production technology across industries. We test relative factor price equalization across regions of the UK. Although the UK is small and densely-populated, we find evidence of statistically significant and economically important departures from relative factor price equalization. Our estimates suggest three distinct relative factor price areas with a clear spatial structure. We explore explanations for these findings, including multiple cones of diversification, region-industry technology differences, agglomeration and increasing returns to scale. Search |
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