ADJUSTMENT COSTS AND FACTOR DEMAND: NEW EVIDENCE FROM FIRMS' REAL ESTATE
成果类型：
Article
署名作者：
Bergeaud, Antonin; Ray, Simon
署名单位：
European Central Bank; Bank of France
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1093/ej/ueaa094
发表日期：
2021
页码：
70-100
关键词：
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.