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Capital Investment and Labor Demand

Author

Listed:
  • E. Mark Curtis
  • Daniel G. Garrett
  • Eric Ohrn
  • Kevin A. Roberts
  • Juan Carlos Suarez Serrato

Abstract

We study how bonus depreciation, a policy designed to lower the cost of capital, impacted investment and labor demand in the US manufacturing sector. Difference-in-differences estimates using restricted-use US Census Data on manufacturing establishments show that this policy increased both investment and employment, but did not lead to wage or productivity gains. Using a structural model, we show that the primary effect of the policy was to increase the use of all inputs by lowering overall costs of production. The policy further stimulated production employment due to the complementarity of production labor and capital. Supporting this conclusion, we nd that investment is greater in plants with lower labor costs. Our results show that recent policies that incentivize capital investment do not lead manufacturing plants to replace workers with machines.

Suggested Citation

  • E. Mark Curtis & Daniel G. Garrett & Eric Ohrn & Kevin A. Roberts & Juan Carlos Suarez Serrato, 2022. "Capital Investment and Labor Demand," Working Papers 22-04, Center for Economic Studies, U.S. Census Bureau.
    • Handle: RePEc:cen:wpaper:22-04
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    3. Segundo Camino‐Mogro, 2023. "Tax incentives, private investment and employment: Evidence from an Ecuadorian reform," Journal of International Development, John Wiley & Sons, Ltd., vol. 35(7), pages 2129-2156, October.
    4. Harju, Jarkko & Koivisto, Aliisa & Matikka, Tuomas, 2022. "The effects of corporate taxes on small firms," Journal of Public Economics, Elsevier, vol. 212(C).
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    7. Sebastian Link & Manuel Menkhoff & Andreas Peichl & Paul Schüle, 2022. "Corporate Taxes Reduce Investment: New Evidence from Germany," EconPol Policy Brief 44, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

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    More about this item

    Keywords

    capital-labor substitution; bonus depreciation; corporate taxation;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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