Urban Decline and Durable Housing
构建了一个包含耐久性住房的城市衰退模型，并验证了城市衰退的六个特征，如增长快于衰退、衰退高度持久、房价对负面冲击更敏感等，有助于理解城市衰退的独特机制。
Urban decline is not the mirror image of growth, and durable housing is the primary reason the nature of decline is so different. This paper presents a model of urban decline with durable housing and verifies these implications of the model: (1) city growth rates are skewed so that cities grow more quickly than they decline; (2) urban decline is highly persistent; (3) positive shocks increase population more than they increase housing prices; (4) negative shocks decrease housing prices more than they decrease population; (5) if housing prices are below construction costs, then the city declines; and (6) the combination of cheap housing and weak labor demand attracts individuals with low levels of human capital to declining cities.