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Land Collateral and Labor Market Dynamics in France

出版	Univ, Center for Economic Studies, 2014
URL	http://books.google.com.hk/books?id=pwjfoQEACAAJ&hl=&source=gbs_api

註釋The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of collateral is driven by the forward-looking dynamics of the land price, which reacts endogenously to fundamental and non-fundamental (sunspot) shocks. We calibrate the model to French data and find that land price shocks give rise to significant amplification and hump-shaped responses of investment, vacancies and unemployment that are in line with the data.