Adjustment costs and factor demand: some lessons from corporate real estate
Antonin Bergeaud () and
Rue de la Banque, 2018, issue 64
The adjustment costs associated with a change in the quantity of production factors (labour and capital) hinder the optimal allocation of these factors and stifle corporate growth. This issue of Rue de la Banque uses the example of the tax on real estate gains to estimate the impact of these frictions on the behaviour of firms. At the aggregate level, these frictions hamper the creation of jobs by productive companies and the reallocation of jobs from less productive to more productive firms.
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