Всего публикаций в данном разделе: 3
Taxes and the Quality of Capital [книги]
Опубликовано на портале: 30-08-2003Austan Goolsbee
This paper shows that tax policy toward investment, by changing the relative prices of capital varieties, can have a direct effect on the quality of capital goods that firms purchase. The empirical results indicate that this impact is economically important and readily apparent in disaggregated data on farming, mining, and construction machinery. The paper also applies a general method for aggregation using index number theory which suggests that all of the investment increase generated by tax subsidies comes from buying higher quality capital goods as opposed to buying a larger number of capital goods. It shows, further, that the supply of capital is upward sloping with an elasticity of about one. The tax induced quality changes documented in the paper imply a tax distortion whose deadweight loss is neglected in the conventional literature but whose magnitude indicates may represent a substantial efficiency cost from capital taxation (or subsidy).
Gross D. B. Do liquidity constraints and interest rates matter for consumer behavior? Evidence from credit card data [Текст] / D. B. Gross, N. S. Souleles. Cambridge : National Bureau of Economic Research, 2001. 36 p. (NBER working paper series ; 8314). [книга]
Опубликовано на портале: 27-07-2004
This paper utilizes a unique new dataset of credit card accounts to analyze how people respond to changes in credit supply. The data consist of a panel of thousands of individual credit card accounts from several different card issuers, with associated credit bureau data. We estimate both marginal propensities to consume (MPCs) out of liquidity and interest-rate elasticities. We also evaluate the ability of different models of consumption to rationalize our results, distinguishing the Permanent-Income Hypothesis (PIH), liquidity constraints, precautionary saving, and behavioral models. We find that increases in credit limits generate an immediate and significant rise in debt, counter to the PIH. The average 'MPC out of liquidity' (dDebt/dLimit) ranges between 10%-14%. The MPC is much larger for people starting near their limits, consistent with binding liquidity constraints. However, the MPC is significant even for people starting well below their limit. We show this response is consistent with buffer-stock models of precautionary saving. Nonetheless there are other results that conventional models cannot easily explain, e.g. why so many people are borrowing on their credit cards, and simultaneously holding low yielding assets. Unlike most other studies, we also find strong effects from changes in account-specific interest rates. The long-run elasticity of debt to the interest rate is approximately -1.3. Less than half of this elasticity represents balance-shifting across cards, with most reflecting net changes in total borrowing. The elasticity is larger for decreases in interest rates than for increases, which can explain the widespread use of temporary promotional rates. The elasticity is smaller for people starting near their credit limits, again consistent with liquidity constraints.
Mairesse J. Firm-level investment in France and the United States [Текст]. An exploration of what we have learned in twenty years / J. Mairesse, B. H. Hall, B. Mulkay // Annales d'Economie et de statistique. 1999. №. 55-56. P. 27-67. [книга]
Опубликовано на портале: 11-08-2004
Our two related goals in this paper are the following: Firstly and mainly, we want to examine the effects of major changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment equations using panel data. Secondly, we try to assess whether the differences in the estimated investment equations, as between recent years and ten to twenty years go in the French and U.S. Manufacturing industries, are real' and economically meaningful. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior in recent years versus ten to twenty years ago. Although the important econometric advances of the past twenty years have been far from being as successful as we had hoped for, we do find some significant improvement in the specification, estimation and interpretation of firm investment equations; we also fin some real changes in the investment behavior of French and U.S. firms during these twenty years.