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Displaying results 1 to 11 of 11.

  1. How should we measure infrastructure?
    the case of highways and streets
    Author: Kornfeld, Robert; Fraumeni, Barbara M.
    Published: July 2024
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    The recent debates on infrastructure spending have led to renewed interest in the measurement of infrastructure and its effects on growth and well-being. This paper updates estimates of one important type of infrastructure capital—highways and... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The recent debates on infrastructure spending have led to renewed interest in the measurement of infrastructure and its effects on growth and well-being. This paper updates estimates of one important type of infrastructure capital—highways and streets. We compare BEA's capital measures with more readily understood physical measures of road and lane miles, road quality and usage, and other measures from Highway Statistics (HS) data from FHWA. We also use the HS data and related research to disaggregate investment in highways and streets into more detailed types, such as new construction, repair and resurfacing, and bridge work, and apply separate depreciation rates to each type to produce updated estimates of net wealth stocks and depreciation. Relative to published BEA estimates, constant-price depreciation is revised up by about $9–$12 billion annually in recent years, and constant-price net stocks are revised down by about 22 percent. For the period from 2007 forward, net stocks per capita are flat in the published BEA estimates but decline slightly in the revised estimates. In addition, we update Fraumeni's (2007) estimates of productive stocks that are converted to wealth stocks to facilitate a comparison. These updated wealth estimates also show lower net stocks and higher depreciation than in the published BEA estimates. We hope this paper encourages discussion about how to measure infrastructure capital, particularly highways and streets, and its effects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/302673
    Series: Discussion paper series / IZA ; no. 17156
    Subjects: depreciation; infrastructure; highways; streets; capital stocks
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  2. Constructing BEA highways and streets net wealth stocks with detailed types of investment and engineering-based estimates of depreciation
    Author: Fraumeni, Barbara M.; Kornfeld, Robert
    Published: July 2024
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    This paper builds on a previous paper by the authors (Kornfeld and Fraumeni, 2022) that primarily used U.S. Federal Highway Administration Highway Statistics data to disaggregate investment in highways and streets into more detailed types to produce... more

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    This paper builds on a previous paper by the authors (Kornfeld and Fraumeni, 2022) that primarily used U.S. Federal Highway Administration Highway Statistics data to disaggregate investment in highways and streets into more detailed types to produce updated estimates of net wealth stocks and depreciation. Major components of highways and streets other than pavement: grading, bridges and other structures, traffic management, safety, and environmental, are set equal to comprehensive revision updated versions of those derived in the earlier paper. All capital outlays are controlled to current BEA estimates. The engineering-based depreciation patterns are very dissimilar to the BEA patterns. The engineering-based net wealth pavement stock depreciation patterns fall from an efficiency level of about 0.055 to zero after 20 years of life; the BEA Hulten-Wykoff-based net wealth pavement stock depreciation patterns are at approximately the same efficiency level after 62 years. BEA adopted Hulten-Wykoff default depreciation rates in the absence of other information (Fraumeni, 1997). Engineering-based pavement depreciation rates for highways and streets were generated by Picher (Fraumeni, 1999, 2007).

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/302674
    Series: Discussion paper series / IZA ; no. 17157
    Subjects: depreciation; infrastructure; highways; streets; capital stocks
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  3. Freeway revolts!
    Author: Brinkman, Jeffrey C.; Lin, Jeffrey
    Published: [2022]
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 22, 24 (August 2022)
    Subjects: amenities; central cities; commuting costs; highways; suburbanization; quality of life
    Scope: 1 Online-Ressource (circa 109 Seiten), Illustrationen
  4. How should we measure infrastructure?
    the case of highways and streets
    Author: Kornfeld, Robert; Fraumeni, Barbara M.
    Published: April 2022
    Publisher:  U.S. Department of Commerce, Bureau of Economic Analysis, Washington, DC

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BEA working paper series ; WP2022, 2
    Subjects: Depreciation; infrastructure; highways; streets; capital stocks
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  5. A freeway to prosperity?
    evidence from Calabria, South of Italy
    Author: Ciani, Emanuele; De Blasio, Guido; Poy, Samuele
    Published: [2020]
    Publisher:  Università di Siena, [Siena]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Quaderni del Dipartimento di economia politica e statistica ; n. 820 (febbraio 2020)
    Subjects: highways; transport infrastructure; local development
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  6. Congestion in highways when tolls and railroads matter
    evidence from European cities
    Author: Garcia-López, Miquel-Àngel; Pasidis, Ilias-Nikiforos; Viladecans Marsal, Elisabet
    Published: [2020]
    Publisher:  Institut d’Economia de Barcelona, Facultat d’Economia i Empresa, Universitat de Barcelona, Barcelona, Spain

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Version October 2020
    Series: Array ; 2020, 11
    Subjects: Congestion; highways; Europe; cities
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. A new highway in Germany and the impacts on real estate prices
    Author: Cohen, Jeffrey P.; Schaffner, Sandra
    Published: 2019
    Publisher:  RWI - Leibniz-Institut für Wirtschaftsforschung, Essen, Germany

    How does a new highway in Germany impact residential real estate prices – both owner-occupied and rental properties? Construction of the A38 highway was completed in 2009 and expanded by additional interchanges at several points in time, through... more

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    How does a new highway in Germany impact residential real estate prices – both owner-occupied and rental properties? Construction of the A38 highway was completed in 2009 and expanded by additional interchanges at several points in time, through 2013. The highway connects the east and west of Germany. This dramatically alleviated congestion on nearby roads as well as enhanced connectivity for residents in the mainly rural areas. We consider a hedonic house price model with a quasi-difference-in-differences specification, to test the hypothesis that there are positive price effects on German real estate resulting from the highway completion and the associated relief of nearby road congestion. We control for potential negative effects due to additional noise and pollution, using direct distance (as the crow flies) to the nearest point on the highway. We use a German dataset on rental and owner-occupied real estate prices, for properties listed for sale and rent throughout Germany in the years 2007-2017. The treatment effects for houses and for apartments for rent are positive and significant, which implies that shorter distance to the highway leads to higher prices after the opening of the major highway (A38). The magnitudes of these treatment effects are larger for houses than for apartments. These results imply that the market capitalizes the new highway more strongly for sale properties than for rentals, perhaps because ownership implies a longer term commitment to staying in a property than renting. In other words, the present discounted value of the expected highway benefits over a relatively long time horizon are reflected quite strongly in owner occupied properties. For the changes in 2008 and 2009 we do not observe any significant effects of noise and pollution on prices while there are negative effects in 2012 and 2013. It appears likely that these disamenities became more prevalent in the most recent years.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783867889520
    Other identifier:
    hdl: 10419/269223
    Series: Ruhr economic papers ; #821
    Subjects: Real Estate Prices; highways; Germany
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  8. The fundamental law of road congestion
    evidence from US cities
    Author: Duranton, Gilles; Turner, Matthew A.
    Published: 2009
    Publisher:  SERC, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: SERC discussion paper ; 30
    Subjects: highways; vehicle-kilometres traveled; public transport; congestion
    Scope: Online-Ressource (PDF-Datei: 45 S.), graph. Darst.
  9. Konzessionsmodelle für Fernstraßen in Deutschland
    eine ökonomische Analyse der Risikoallokation beim F- und A-Modell
    Author: Beckers, Thorsten; Hirschhausen, Christian R. von
    Published: 2003
    Publisher:  DIW, Berlin

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  10. Freeway revolts!
    Author: Brinkman, Jeffrey C.; Lin, Jeffrey
    Published: July 2019
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Freeway revolts were widespread protests across the U.S. following early urban Interstate construction in the mid-1950s. We present theory and evidence from panel data on neighborhoods and travel behavior to show that diminished quality of life from... more

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    Freeway revolts were widespread protests across the U.S. following early urban Interstate construction in the mid-1950s. We present theory and evidence from panel data on neighborhoods and travel behavior to show that diminished quality of life from freeway disamenities inspired the revolts, affected the allocation of freeways within cities, and changed city structure. First, actual freeway construction diverged from initial plans in the wake of the growing freeway revolts and subsequent policy responses, especially in central neighborhoods. Second, freeways caused lower growth in population, income, and land values in central areas, but faster growth in outlying areas. These patterns suggest that in central areas, freeway disamenity effects exceeded small access benefits. Third, in a quantitative general equilibrium spatial model, the aggregate benefits from burying or capping freeways are large and concentrated downtown. This result suggests that targeted mitigation policies could improve welfare and helps explain why opposition to freeways is often observed in central neighborhoods. Disamenities from freeways, versus their commuting benefits, likely played a significant role in the decentralization of U.S. cities

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 19, 29 (July 2019)
    FRB of Philadelphia Working Paper ; No. 19-29
    Subjects: central cities; amenities; commuting costs; suburbanization; highways
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  11. Do land use policies follow road construction
    Author: Garcia-López, Miquel-Àngel; Solé-Ollé, Albert; Viladecans Marsal, Elisabet
    Published: 2014
    Publisher:  CESifo, München

    We study whether local land use policies are modified in response to enhanced demand for building generated by a new highway, and examine the extent to which this effect of land use regulations affects building activity. We focus on the case of Spain... more

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    We study whether local land use policies are modified in response to enhanced demand for building generated by a new highway, and examine the extent to which this effect of land use regulations affects building activity. We focus on the case of Spain during the last housing boom (1995-2007). We assembled a new database with information about new highway segments and the modification of the land zoning status in nearby municipalities. The empirical strategy compares the variation in the amount of developable land before-after the construction of the highway in treated municipalities and in control municipalities with similar pre-treatment traits. Our results show that, following the construction of a highway, municipalities converted a huge amount of land from rural to urban uses. We also show that new highways have an impact on building activity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/93446
    RVK Categories: QB 910
    Series: Array ; 4672
    Subjects: land use regulation; highways
    Scope: Online-Ressource (47 S.), graph. Darst., Kt.