Abstract
This paper discusses the estimates for post-war Swiss data of a simple time series regression model relating the investment ratio to the net-of-tax rate of return and a real activity variable. The results indicate that taxes exert a statistically significant but quantitatively small impact on investment while the ratio of the foreign to Swiss labor force turns out to be an important determinant of investment in Switzerland.
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We have benefited from discussions with P. Balestra, B. Bürgenmeier, H. Genberg, U. Kohli, C. Piron, N. Saidi, A. Schönenberger as well as the participants of research seminars at the University of Geneva and at the Graduate Institute of International Studies. Helpful comments from two anonymous referees are gratefully acknowledged. Financial support was provided by the Swiss National Science Foundation under grant number 4.603.0.82.09.
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Junge, G., Zarinnejadan, M. A rate-of-return model of investment behavior for Switzerland. Empirical Economics 11, 153–167 (1986). https://doi.org/10.1007/BF01978125
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DOI: https://doi.org/10.1007/BF01978125