| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2256 |
| DP2256 Diversity and Specialization in Cities: Why, Where and When Does It Matter? | |
| Gilles Gilles Duranton; Diego Puga | |
| 发表日期 | 1999-10-29 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We emphasise the importance of the market structure to determine whether dynamic inefficiency is possible in a closed economy. We analyse alternative monopolistic competition frameworks where the existence of some pure profit involves the presence of an asset market. When entry is blockaded, dynamic inefficiency is ruled out because every single firm uses a discount rate higher than the output growth rate to evaluate the stream of future profits. When entry is free but involves a sunk cost constant over time, we need to distinguish between the possibility of asset bubbles and dynamic inefficiency, the condition for the latter being more stringent. If the entry cost increases with productivity, dynamically inefficient equilibria are possible only when population grows. |
| 主题 | International Macroeconomics ; Industrial Organization |
| 关键词 | Asset bubbles Distortions Dynamic inefficiency |
| URL | https://cepr.org/publications/dp2256 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531353 |
| 推荐引用方式 GB/T 7714 | Gilles Gilles Duranton,Diego Puga. DP2256 Diversity and Specialization in Cities: Why, Where and When Does It Matter?. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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