최신자료
Capital Reallocation and Private Firm Dynamics
We develop a theory of firm dynamics and capital reallocation in private firms and use it to study the taxation of business income, capital, and capital gains. Intangible assets―such as customer bases and trade names―are created using owners‘ time and are infrequently traded in bilateral meetings. We discipline the model with U.S. administrative data, which report purchase prices and counterparties in asset transfers, allowing us to calibrate the investment technology and output elasticity for otherwise unobservable intangible capital. The equilibrium features dispersion in marginal product of capital, transferable share of firm value, and return on business wealth. Introducing taxation, we find that capital gains taxes are most distortionary, primarily by discouraging entry and reallocation of capital, whereas income taxes are least distortionary.
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