Macroeconomic Implications of Agglomeration
构建城市动态随机一般均衡模型，结合总量时间序列和城市面板数据估计本地集聚对人均消费增长的影响，发现集聚使增长率提高约10%。
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%.