On the optimal design of place-based policies: A structural evaluation of EU regional transfers
量化了欧盟区域转移支付在人口流动、贸易和集聚经济下的总体均衡效应，发现转移支付改善了福利，且通过重新分配资金可在不增加预算的情况下进一步提高福利，并识别了不同类型转移支付的最优空间分配。
We quantify general equilibrium effects of place-based policies in a multi-region framework with population mobility, trade and agglomeration economies. Using detailed data on EU transfers, we estimate the local effects of different transfer types on productivity, income and transportation costs. Integrating these estimates into the model, we derive the spatial distribution of economic activity and corresponding welfare that would have materialized without transfers. We show that EU transfers have improved welfare. Substantial further welfare gains could be reached by reallocating funds across regions without increasing the budget. We identify the welfare-optimal spatial distribution for each transfer type and show that wage subsidies should rather be directed to few poor and peripheral regions while investments in transport infrastructure are most efficient in highly productive and/or central regions.