Land Collateral and Labor Market Dynamics in France

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2014
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Pintus, Patrick A.
Ray, Simon
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Zusammenfassung

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.

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330 Wirtschaft
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Financial shocks; Labor market frictions
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ISO 690KAAS, Leo, Patrick A. PINTUS, Simon RAY, 2014. Land Collateral and Labor Market Dynamics in France
BibTex
@techreport{Kaas2014Colla-30041,
  year={2014},
  series={Working Paper Series / Department of Economics},
  title={Land Collateral and Labor Market Dynamics in France},
  number={2014-18},
  author={Kaas, Leo and Pintus, Patrick A. and Ray, Simon}
}
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