Urban Accounting and Welfare
---- Acknowledgments ----
We thank Kristian Behrens, Gilles Duranton, Wolfgang Keller, and Stephen Redding for helpful comments, and Joseph Gomes and Xuexin Wang for excellent assistance with the data. We acknowledge the financial support of the International Growth Centre at LSE (Grant RA-2009-11-015), the Comunidad de Madrid (PROCIUDAD-CM), the Spanish Ministry of Science (ECO2008-01300) and the Excellence Program of the Bank of Spain. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.