Why are population flows so persistent

摘要: Abstract A neoclassical model of local growth is developed by integrating the static equilibrium underlying compensating differential theory as steady state a model. Numerical results show that even very small frictions to labor and capital mobility along with changes in productivity or quality life suffice cause highly persistent population flows. Wages house prices, contrast, jump most way their new state. The suggests cross-sectional regressions can help identify past present determinants representative-agent welfare. More generally, it provides framework for interpreting observed rates.