Adjustment costs impair the optimal allocation of production factor across firms. In this paper, we use the cost associated with corporate relocation to explore the effect of the adjustment costs of the premises size on factor demand. We rely on the tax on realized capital gains on real estate asset, which entails varying real estate adjustment costs across firms, to empirically study the effect of these frictions on firms' behaviour. We develop a general equilibrium model, with heterogeneous firms, that sheds light on the implication of the level of the fixed costs associated with the adjustment of real estate on the change in firms' labor demand following productivity shocks. This model predicts that employment growth of firms facing positive productivity shocks shrinks with the level of the frictions. Confronting these results using French firm-level data over the period 1994-2013, we find that higher adjustment costs constrain relocation and reduce job creation of the most dynamic firms. The highlighted frictions have noticeable macroeconomic effects.

中文翻译：

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调整成本和要素需求：来自公司房地产的新证据*

调整成本会损害企业间生产要素的优化配置。在本文中，我们使用企业搬迁的相关成本来探讨营业场所规模的调整成本对要素需求的影响。我们依靠对房地产资产的已实现资本收益征税，这需要不同公司的房地产调整成本，以实证研究这些摩擦对公司行为的影响。我们开发了一个包含异质企业的一般均衡模型，该模型阐明了与房地产调整相关的固定成本水平对生产率冲击后企业劳动力需求变化的影响。该模型预测，面临正生产率冲击的企业的就业增长随着摩擦的水平而收缩。使用 1994 年至 2013 年期间法国公司层面的数据来面对这些结果，我们发现较高的调整成本会限制搬迁并减少最具活力公司的就业机会。突出的摩擦具有显着的宏观经济影响。