result is established in a model with tax advantage to debt and expectations about a forthcoming tax reform. Investment spurt … leaves the long-run investment incentives of an all-equity firm unaffected is shown to cause a substantial short run … investment hike. The findings are illustrated by numerical simulations indicating the magnitudes of the spurt effects. …

history. In this paper we analyze how this affects firms' incentives to invest in quality when the outcome of investment is …, makes investment less attractive. This discourages investment, leading to lower quality. We show that reducing the search …

in Gourinchas and Jeanne (2013) to compute regional investment and saving wedges. By relating those frictions with TFP … catch-up parameters, we find an investment and a saving puzzle: regions that caught up relative to the rest of China seem to … have lower investment rate (higher investment tax) and higher saving (lower saving tax) relative to the prediction of the …

immigration laws. Third, we estimate the impact of immigration flows on employment, investment and productivity in the receiving … find that immigration increases employment, with no evidence of crowding-out of natives, and that investment responds …

mechanism to explain the observed persistent comovements between housing prices and business investment. We develop such a …