Interregional Differentials in Wage, Income, Land Value, and Consumer Price Index
The objective of this paper is to consider interregional differentials in a unified framework by explicitly incorporating land for housing, and to conduct an empirical analysis of the interregional differential indexes. It is revealed that between regions the CPI varies little, the wage rate varies more, and the land value varies the most. We show that those differentials are related to difficulties in mobility and spatial arbitrage.
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