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UID:5bb4d3dd3286fd08b05e350f583fd908
CATEGORIES:Seminars
CREATED:20170426T193512
SUMMARY:Lunch Seminar: Matthew D. Shapiro - University of Michigan
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Stimulus Effects of Investment Tax Incentives: Production versus Purchases 
 (joint with Christopher L. House and Ana-Maria Mocanu)Abstract: \nThe disti
 nction between production and purchases of investment goods is essential fo
 r quantifying the response to changes in investment tax incentives. If inve
 stment goods are tradeable, a large fraction of the demand from changes in 
 tax subsidies will be met from abroad. This difference between production a
 nd purchases implies that investment tax incentives will lead to more capit
 al accumulation, but less stimulus to economic activity relative to a no-tr
 ade counterfactual. Domestic capacity to produce investment goods is less t
 han perfectly elastic because of quasi-fixed factors of production, adjustm
 ent costs, and specialization of labor. This paper builds these features in
 to a DGSE model where key parameters are estimated to match the reduced-for
 m response of investment production and purchases to tax incentives. Typica
 l investment tax policies result in equipment purchases that are split roug
 hly half between domestic and foreign production of equipment.\n\n\n\n \n
DTSTAMP:20260422T112836Z
DTSTART:20170512T130000Z
DTEND:20170512T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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