Greaney, Brian; Parkhomenko, Andrii; Nieuwerburgh, Stijn van - National Bureau of Economic Research - 2025
We develop a dynamic urban model combining features of quantitative spatial and macro-housing models. It includes … multiple locations, forward-looking households, commuting, costly migration, uninsurable income risk, housing tenure choice …, and housing frictions. The model operates in continuous time, with shocks and choices occurring at discrete intervals …