Investment Tax Incentives, Prices, and the Supply of Capital Goods
利用资本品价格数据发现，投资税收抵免的好处大多通过价格上涨流向了资本供应商，而非投资企业。10%的投资税收抵免使设备价格上升3.5%-7.0%，且对订单积压大或进口竞争弱的资产影响更大。
Using data on the prices of capital goods, this paper shows that much of the benefit of investment tax incentives does not go to investing firms but rather to capital suppliers through higher prices. A 10 percent investment tax credit increases equipment prices 3.5–7.0 percent. This lasts several years and is largest for assets with large order backlogs or low import competition. Capital goods workers' wages rise, too. Instrumental variables estimates of the short-run supply elasticity are around 1 and can explain the traditionally small estimates of investment demand elasticities. In absolute value, the demand elasticity implied here exceeds 1.