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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.57,P.554-580

语言

英文

关键字

O410;R110;F430;J610;Economic growth;Factor mobility;Migration;Spatial equilibrium;Compensating differentials

作者单位

Federal Reserve Bank of Kansas City, USA"}]}]}],"floats":[],"footnotes":[],"affiliations":{"aep-affiliation-id3":{"#name":"affiliation","$":{"id":"aep-affiliation-id3;Federal Reserve Bank of Kansas City, USA"}]}},"attachments":[],"correspondences":{},"scopusAuthorIds":{},"articles":{}},"authorMetadata":[],"banner":{"expanded":false},"biographies":{},"body":{},"browser":{"name":"IE","engine":"Trident

摘要

A neoclassical model of local growth is developed by integrating the static equilibrium underlying compensating differential theory as the steady state of a neoclassical growth model. Numerical results show that even very small frictions to labor and capital mobility along with small changes in local productivity or local quality of life suffice to cause highly persistent population flows. Wages and house prices, in contrast, jump most of the way to their new steady state. The model suggests that cross-sectional regressions of local population growth can help to identify past and present changes in the determinants of representative-agent welfare. More generally, it provides a framework for interpreting observed local growth rates.