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Measuring External Shocks to the City Economy: An Index of Export Prices and Terms of Trade

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  • Anthony Pennington‐Cross

Abstract

This paper details the construction of an index of export goods prices (the Export Price Index or EPI) for a panel of 196 metropolitan areas from 1977 to 1992. The EPI is an indicator of external demand shocks to the city economy which does not suffer from the causal ambiguity of the endogenous indicators such as income, employment or output. The creation of an index of aggregate export prices, the EPI, for the panel of areas provides both academicians and policy analysts with a new exogenous indicator that identifies demand price innovations and the terms of trade shocks to cities.

Suggested Citation

  • Anthony Pennington‐Cross, 1997. "Measuring External Shocks to the City Economy: An Index of Export Prices and Terms of Trade," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 25(1), pages 105-128, March.
  • Handle: RePEc:bla:reesec:v:25:y:1997:i:1:p:105-128
    DOI: 10.1111/1540-6229.00709
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    Cited by:

    1. E. Afonichkina & T. Kovaleva & A. Dell’Anna, 2020. "The program for enhancing the export activities of the Murmansk region," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 11(1), pages 111-118, May.
    2. Malpezzi, Stephen, 2001. "The Contributions of Stephen K. Mayo to Housing and Urban Economics," Journal of Housing Economics, Elsevier, vol. 10(2), pages 72-108, June.
    3. John I. CARRUTHERS & Michael K. HOLLAR & Gordon F. MULLIGAN, 2008. "Growth And Convergence In The Space Economy : Evidence From The United States," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 27, pages 35-60.

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