Expectations-driven spatial fluctuations
构建了一个包含垄断竞争、规模报酬递增和劳动力流动的动态空间模型，证明即使没有偏好或技术冲击，理性预期均衡也会出现资源空间配置的随机波动，并导致福利损失。
I develop a dynamic spatial model with monopolistic competition, increasing returns and labor mobility. Even when shocks to preferences or technology are absent, rational expectations equilibria characterized by stationary random fluctuations in the spatial allocation of resources are shown to exist. Such fluctuations result from the interaction between forward-looking location decisions and the agglomeration/congestion economies implied by the assumptions on market structure and preferences. Welfare losses result from the unnecessary randomness of equilibrium allocations along such equilibria.