Land Collateral and Labor Market Dynamics in France

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KAAS, Leo, Patrick A. PINTUS, Simon RAY, 2014. Land Collateral and Labor Market Dynamics in France

@techreport{Kaas2014Colla-30041, series={Working Paper Series / Department of Economics}, title={Land Collateral and Labor Market Dynamics in France}, year={2014}, number={2014-18}, author={Kaas, Leo and Pintus, Patrick A. and Ray, Simon} }

<rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:bibo="http://purl.org/ontology/bibo/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dcterms="http://purl.org/dc/terms/" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > <rdf:Description rdf:about="https://kops.uni-konstanz.de/rdf/resource/123456789/30041"> <dc:contributor>Pintus, Patrick A.</dc:contributor> <bibo:uri rdf:resource="http://kops.uni-konstanz.de/handle/123456789/30041"/> <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2015-02-25T10:16:55Z</dcterms:available> <dcterms:abstract xml:lang="eng">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.</dcterms:abstract> <dcterms:rights rdf:resource="http://nbn-resolving.org/urn:nbn:de:bsz:352-20140905103605204-4002607-1"/> <dc:creator>Ray, Simon</dc:creator> <dc:contributor>Ray, Simon</dc:contributor> <dc:language>eng</dc:language> <dc:contributor>Kaas, Leo</dc:contributor> <dcterms:issued>2014</dcterms:issued> <dcterms:title>Land Collateral and Labor Market Dynamics in France</dcterms:title> <dc:creator>Kaas, Leo</dc:creator> <dc:creator>Pintus, Patrick A.</dc:creator> <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2015-02-25T10:16:55Z</dc:date> </rdf:Description> </rdf:RDF>

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