Andrew Bernard, Andreas Moxnes, Yukiko Saito, 24 September 2014

Investment in high-speed rail accounts for billions in investment worldwide, but little research has been done on its effect on firm performance. This column introduces a model of firm supply networks, and presents evidence from the opening of an extension to the Shinkansen railway in Japan. The authors show that input-intensive industries benefit relatively more. In addition, their model provides a microfoundation for differential productivity across regions.

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