The Rising Value of Time and the Origin of Urban Gentrification
通过估计空间均衡模型，发现高技能工人时间价值上升增加了通勤成本，从而外生地提高了对中心城区的需求，并通过当地技能结构变化引发的内生便利设施变化，显著放大了对中心城区绅士化的影响。
In recent decades, gentrification has transformed American central city neighborhoods. I estimate a spatial equilibrium model to show that the rising value of high-skilled workers’ time contributes to the gentrification of American central cities. I show that the increasing value of time raises the cost of commuting and exogenously increases the demand for central locations by high-skilled workers. While change in the value of time has a modest direct effect on gentrification of central cities, the effect is substantially magnified by endogenous amenity change driven by the changes in local skill mix.