The Rising Value of Time and the Origin of Urban Gentrification

Yichen Su

No 1913, Working Papers from Federal Reserve Bank of Dallas

Abstract: 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 improvement driven by the changes in local skill mix.

Keywords: Gentrification; Value of time; Amenities; Central cities (search for similar items in EconPapers)
JEL-codes: J22 J24 R13 (search for similar items in EconPapers)
Pages: 65 pages
Date: 2019-10-31
New Economics Papers: this item is included in nep-lma, nep-ore and nep-ure
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Citations: View citations in EconPapers (5)

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Journal Article: The Rising Value of Time and the Origin of Urban Gentrification (2022)
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DOI: 10.24149/wp1913

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