Adjustment Costs and Factor Demand
New Evidence from Firms’ Real Estate
Bibliographic Data
| ID | 9719609 |
|---|---|
| Authors | Antonin Bergeaud (0000-0003-2341-3986, Banque de France, France & Centre for Economic Performance, UK), Simon Ray (0000-0001-7775-1900, Banque de France) |
| Year | 2021 |
| Volume | 131 |
| Issue | 633 |
| Pages | 70-100 |
| Publication date | 2021-02-10 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/ej/ueaa094 |
| OpenAlex | W2762988758 |
| Language | EN |
| Citations received | 2 |
| References cited | 36 |
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
Asset (computer security · Capitalization rate · Economics · Fixed cost · General equilibrium theory · Labour economics · Macroeconomics · Microeconomics · Monetary economics · Production (economics · Productivity · Real estate · Real estate investment trust · Relocation · Finance · Housing Market and Economics
Baci
The firm relocation decision
Reallocation, Firm Turnover, and Efficiency
Policy distortions and aggregate productivity with heterogeneous establishments
Estimating Production Functions Using Inputs to Control for Unobservables
The Dynamics of Productivity in the Telecommunications Equipment Industry
Misallocation and Manufacturing TFP in China and India
An Empirical Test of the Lock-in-Effect of the Capital Gains Tax
The effects of land transfer taxes on real estate markets
Les transferts d'établissements contribuent au desserrement urbain
Home ownership, job duration, and wages
On the “Lock-In” Effects of Capital Gains Taxation
Dynamic Inputs and Resource (Mis)Allocation
Housing Tenure, Job Mobility and Unemployment in the UK
The Causes and Costs of Misallocation
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,25 |
| Citation span | 2018 - 2023 (6) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |