ADJUSTMENT COSTS AND FACTOR DEMAND: NEW EVIDENCE FROM FIRMS' REAL ESTATE

被引：8
|
作者：
Bergeaud, Antonin
Ray, Simon
机构：
[1] Banque France, Paris, France
[2] Ctr Econ Performance, London, England
来源：
ECONOMIC JOURNAL | 2021年 / 131卷 / 633期
关键词：
D O I：
10.1093/ej/ueaa094
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study corporate real estate frictions and their effect on firm dynamics and labour demand. We build and simulate a general equilibrium model with heterogeneous firms that predicts the response of firms to a productivity shock in the presence of fixed adjustment costs on real estate. Using a large firm-level database merged with local real estate prices, we then exploit variations in the tax on capital gains to document a causal effect of adjustment costs on firms' labour demand and derive new results on the causes and implications of firms' local relocation.
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页码：70 / 100
页数：31
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