MACROECONOMIC IMPLICATIONS OF AGGLOMERATION

• 成果类型: Article
• 署名作者: Davis, Morris A.; Fisher, Jonas D. M.; Whited, Toni M.
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Rochester
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA9029
• 发表日期: 2014
• 页码: 731-764
• 关键词: generalized-method; GROWTH; INEQUALITY; cities; identification; externalities; equilibrium; INVESTMENT; population; QUALITY

摘要

Cities exist because of the productivity gains that arise from clustering production and workers, a process called agglomeration. How important is agglomeration for aggregate growth? This paper constructs a dynamic stochastic general equilibrium model of cities and uses it to estimate the effect of local agglomeration on aggregate growth. We combine aggregate time-series and city-level panel data to estimate the model's parameters via generalized method of moments. The estimates imply a statistically and economically significant impact of local agglomeration on the growth rate of per capita consumption, raising it by about 10%.