Capital shocks and the great urban divide
利用美国城市房地产投资的详细数据，研究资本定价和可用性信号，发现全球金融危机对不同地区的影响差异，解释了美国经济增长在长期趋同后出现空间分化的原因。
Abstract This article exploits signals of capital pricing and availability in US cities which are obtained from uniquely detailed data on real estate investments. We identify how places were differently affected by the global financial crisis and provide insights which offer an alternative explanation of why US economic growth continues to experience spatial divergence after many decades of convergence. Investment pricing uncovers that before the crisis capital was allocated efficiently across localities, whereas the global financial shock favored large and prosperous places. These findings point to persistent post-crisis asymmetry in local capital market conditions and underscore the capital risk-safety aspects of agglomeration.