Abstract

This study investigates dynamic factor adjustment and corporate tax reduction in Japanese manufacturing industry using a dynamic dual approach. The own-price elasticity of the output supply is negative in the long run, whereas that of demand for labor is positive both in the short- and long-run. This is consistent with facts that output grows slowly despite deflation and employment level is irresponsive to wage changes. Labor and capital reach the new equilibrium 7–11 years after policy shocks. Providing a tax reduction as an incentive to firms for raising wage turns out to boost not only capital investment but also employment.

中文翻译：

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日本制造业动态因素调整与企业减税

摘要

本研究使用动态双重方法调查了日本制造业的动态因素调整和企业减税。产出供给的自有价格弹性在长期为负，而劳动力需求的自有价格弹性在短期和长期均为正。这与尽管通货紧缩和就业水平对工资变化没有反应的情况下产出增长缓慢的事实是一致的。劳动力和资本在政策冲击后 7-11 年达到新的平衡。提供减税作为激励企业提高工资的措施，不仅能促进资本投资，还能促进就业。