agglomeration. How important is agglomeration for aggregate growth? This paper constructs a dynamic stochastic general equilibrium … local agglomeration has an economically and statistically significant impact on the growth rate of per capita consumption …

agglomeration on per capita consumption growth. Agglomeration affects growth through the density of economic activity: higher … effect of agglomeration on local wages. The impact of agglomeration on the level of wages is estimated to be 2 percent …. Combined with their model and observed increases in land prices, this estimate implies that agglomeration raises per capita …

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 data and … local agglomeration has an economically and statistically significant impact on the growth rate of per capita consumption …