The Rising Value of Time and the Origin of Urban Gentrification

• 成果类型: Article
• 署名作者: Su, Yichen
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Dallas
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20190550
• 发表日期: 2022
• 页码: 402-439
• 关键词: us; determinants; allocation; TRENDS; rents; wages; POOR

摘要

In recent decades, gentrification has transformed American central city neighborhoods. I estimate a spatial equilibrium model to show that the rising value of high-skilled workers' time contributes to the gentrification of American central cities. I show that the increasing value of time raises the cost of commuting and exogenously increases the demand for central locations by high-skilled workers. While change in the value of time has a modest direct effect on gentrification of central cities, the effect is substantially magnified by endogenous amenity change driven by the changes in local skill mix.