Economic Stimulus at the Expense of Routine-Task Jobs

• 成果类型: Article
• 署名作者: Tuzel, Selale; Ben Zhang, Miao
• 署名单位: University of Southern California
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13080
• 发表日期: 2021
• 页码: 3347-3399
• 关键词: biased technological-change; financial constraints; skill; polarization; PRODUCTIVITY; incentives; INEQUALITY; taxation; GROWTH; firm

摘要

Do investment tax incentives improve job prospects for workers? We explore states' adoption of a major federal tax incentive that accelerates the depreciation of equipment investments for eligible firms but not for ineligible ones. Analyzing massive establishment-level data sets on occupational employment and computer investment, we find that when states expand investment incentives, eligible firms immediately increase their equipment and skilled employees; whereas they reduce routine-task employees after a delay of up to two years. These opposing effects constitute an overall insignificant effect on the firms' total employment and shed light on the nuances of job creation through investment incentives.