题目：Tax Policy and Heterogeneous Investment Behavior

报告人:王婷 博士 陆雪琴 博士

时间：2017年6月8日13:30—15:00

地点：菠菜资源平台大全1号楼307室

主办单位：菠菜资源平台大全

内容摘要：We estimate the effect of temporary tax incentives on equipment investment using shifts in accelerated depreciation. Analyzing data for over 120,000 firms, we present three findings. First, bonus depreciation raised investment in eligible capital relative to ineligiblecapital by 10.4 percent between 2001 and 2004 and 16.9 percent between 2008 and 2010. Second, small firms respond 95 percent more than big firms. Third, firms respond strongly when the policy generates immediate cash flows, but not when cash flows only come in the future. This heterogeneity materially affects investment-weighted estimates and supports models in which financial frictionsor fixed costs amplify investment responses.

文献来源：American Economic Review 2017, 107(1): 217–248

原文下载：

http://web.a.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=73d8beb0-8097-4124-b32c-157715693cef%40sessionmgr4010&vid=4&hid=4101

参考文献：[1] Aaronson, Daniel,Sumit Agarwal, and Eric French. 2012. “The Spending and Debt Response to Minimum WageHikes.” American Economic Review 102 (7): 3111–39.

[2] Abel, Andrew B. 1990. “Consumptionand Investment.” In Handbook of Monetary Economics, Vol. 2, editedby B. M. Friedman and F. H. Hahn, 725–78. Amsterdam: Elsevier.

[3] Abel, Andrew B.,and Janice C. Eberly. 1994. “A Unified Model of Investment under Uncertainty.” American Economic Review 84 (5): 1369–84.

[4] Almeida, Heitor,Murillo Campello, and Michael S. Weisbach. 2004. “The Cash Flow Sensitivity of Cash.”Journal of Finance 59 (4): 1777–804.

[5] Auerbach, AlanJ., and Kevin Hassett. 1992. “Tax Policy and Business Fixed Investment in the United States.” Journal of Public Economics 47 (2): 141–70.

[6] Bertrand,Marianne, Esther Duflo, and Sendhil Mullainathan. 2004. “How Much Should We Trust Differences-in-Differences Estimates?” Quarterly Journal of Economics 119 (1): 249–75.

[7] Bond, Stephen,and John Van Reenen. 2007. “Microeconometric Models of Investment and Employment.” In Handbook of Econometrics, Vol. 6A, edited by James Heckman and Edward Leamer, 4417–98.Amsterdam: Elsevier.

[8] Caballero,Ricardo J., and Eduardo M. R. A. Engel. 1999. “Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S, s) Approach.” Econometrica 67 (4): 783–826.

[9] Chaney, Thomas,David Sraer, and David Thesmar. 2012. “The Collateral Channel: How Real Estate Shocks Affect Corporate Investment.” American Economic Review 102 (6): 2381–409.

[10] Chetty, Raj, JohnN. Friedman, Tore Olsen, and Luigi Pistaferri. 2011. “Adjustment Costs, Firm Responses,and Micro vs. Macro Labor Supply Elasticities: Evidence from Danish TaxRecords.” Quarterly Journal of Economics 126 (2): 749–804.

[11] Chirinko, RobertS., Steven M. Fazzari, and Andrew P. Meyer. 1999. “How Responsive Is Business Capital Formation to Its User Cost? An Exploration with Micro Data.” Journal of Public Economics 74 (1): 53–80.

[12] Committee on Ways and Means. 2003. Report 109–94: Jobs and Growth Reconciliation Tax Act of 2003. United States House of Representatives.

[13] Cooper, RussellW., and John C. Haltiwanger. 2006. “On the Nature of Capital Adjustment Costs.” Review of Economic Studies 73 (3): 611–33.

[14] Cummins, JasonG., Kevin A. Hassett, and R. Glenn Hubbard. 1994. “A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments.” Brookings Papers on Economic Activity 0 (2): 1–59.

[15] Cummins, Jason G., Kevin A. Hassett, and R. Glenn Hubbard. 1995. “Have Tax Reforms Affected Investment?”Tax Policy and the Economy, Vol. 9, editedby James M. Poterba, 131–50. Cambridge, MA: MIT Press.