区域企业补贴的溢出、效率与公平效应
Spillover, Efficiency, and Equity Effects of Regional Firm Subsidies
American Economic Journal: Economic Policy · 2025 · [{"name": "Sebastian Siegloch", "affiliation": ["Center for Economic and Policy Research", "University of Cologne"]}, {"name": "Nils Wehrhöfer", "affiliation": ["Deutsche Bundesbank"]}, {"name": "Tobias Etzel", "affiliation": ["Deutsche Bundesbank"]}]
中文摘要
我们分析了一项大规模基于地域的政策的效果，该政策为东德制造业工厂的投资成本提供最高50%的补贴。我们表明，补贴率每下降1个百分点，会导致制造业就业下降1%。我们记录了该政策对未受处理的建筑业和零售业部门、通过贸易相连的各县，以及地方税率产生的重要本地溢出效应。没有证据表明存在区域再配置、企业内部溢出效应，或通勤与居住决策的变化。每个就业岗位的成本约为19,000美元。我们表明，相较于非地域定向政策，本地补贴在抑制区域不平等方面有效得多。
Abstract
We analyze the effects of a large place-based policy, subsidizing up to 50 percent of the investment costs of East German manufacturing plants. We show that a 1 percentage point decrease in subsidy rate leads to a 1 percent decrease in manufacturing employment. We document important local spillovers for the untreated construction and retail sectors, counties connected via trade, and local tax rates. There is no evidence for regional reallocation, within-firm spillover, or changes in commuting and residential decisions. The cost per job amounts to about $19,000. We show local subsidies are substantially more effective in curbing regional inequality than place-blind policies. (JEL G31, H71, L60, L74, L81, R23, R51)