1

Desmet and Rossi-Hansberg (AER2013)

Henderson

➔ ➔

!2

i

FOC： (1)

!3

0 i0

s.t.

(3)

<latexit sha1_base64="tYHCApFiY8slQcKMwQxwGacE74A=">AAAA+3icSyrIySwuMTC4ycjEzMLKxs7BycXNw8XFy8cvEFacX1qUnBqanJ+TXxSRlFicmpOZlxpaklmSkxpRUJSamJuUkxqelO0Mkg8vSy0qzszPCympLEiNzU1Mz8tMy0xOLAEKBcQLKBvoGYCBAibDEMpQZoACoHJDdElMRqiRnpmeQSBCG4e0koahuYNHQGhyStfknfsPQoQZGaHyggyo4BQAVIE48g==</latexit>

!4

s.t.

FOC：

(3)

(5)

(4)

FOC

ψ

!5

CBD ➔

!6

(9)

i

i i

!7

*1

*2

*2 ➔ *1 4 cit , hit

*3

!8

*4

5

11

19

τit Nit

!9

yit, kit, hit➔(2)

(4) cit, yit, hit

➔McGrattan and Prescott (2010)

!10

(9) p.6

git

(20)

(9)

!11

γit

(19) p.8

1 ⤴ ➔ 10 ⤴

i.e

!12

1,723

22 18

§3

!13

= 0.002

⤴ ➔ ⤵⤴

⤵

!14

⤵⤴

⤴

Skewness ⤵

⤴ ⤴

!15

excessive frictions

⤵⤴

i.e

e.g New York, LA ⤵ by 90

⤴ ➔ ⤴

!16

A, γ, g

Behrens et al. (2013)

➔