作者：Black, D; Henderson, V
作者单位：University of London; London School Economics & Political Science; Brown University
摘要：In an economy experiencing endogenous economic growth and exogenous population growth, we explore two main themes: how urbanization affects efficiency of the growth process and how growth affects patterns of urbanization. Localized information spillovers promote agglomeration and human capital accumulation fosters endogenous growth. Individual city sizes grow with local human capital accumulation and knowledge spillovers; and city numbers generally increase, which we demonstrate is consistent ...
作者：Campbell, JY; Cochrane, JH
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We present a consumption-based model that explains a wide variety of dynamic asset pricing phenomena, including the procyclical variation of stock prices, the long-horizon predictability of excess stock returns, and the countercyclical variation of stock market volatility. The model captures much of the history of stock prices from consumption data. It explains the short- and long-run equity premium puzzles despite a low and constant risk-free rate. The results are essentially the same whether...
