Direct and Indirect Effects of Investment Tax Incentives
利用德国制造业企业规模差异导致的税收抵免率变化，发现降低投资成本7.6%可使资本存量增加17.7%、就业增加12.0%，且每个直接创造的岗位通过本地溢出效应额外带来一个制造业岗位。
This paper estimates the direct effects and indirect spillover effects of investment tax credits on firms. Exploiting a differential tax credit rate change by firm size in the German manufacturing sector, I find that lowering a firm's investment cost by 7.6 percent increases its capital stock by 17.7 percent and employment by 12.0 percent. Positive local spillovers generate one additional manufacturing job for each directly created job, are strongest between firms in industries connected through input-output linkages, and arise within distances of five kilometers. Firms dependent on local consumer demand also increase employment, while within-industry spillovers generate small negative effects.