A Simulation Study of the Interactive Effects of Taxes and Inflation on the Relative Price of Land
通过模拟研究，分析了通货膨胀与所得税率变化对土地相对价格的影响，聚焦于税收与通胀的交互作用，对理解资产定价有参考价值。
Recent experience in the United States with high and variable inflation has led to an outpouring of research concerning inflation's impact on the relative prices of real and financial assets.' With the exception of three recent papers (Feldstein 1980a; Rose 1986a; Alston 1986) the impact of inflation on the relative price of land has been neglected. Land is usually eliminated from economic models of the tax system so that the effects of inflation's complex interaction with the income tax system on firm financing and valuation of capital can be highlighted. In this paper we take the opposite approach; the effects of inflation on corporate financing of capital are suppressed (by allowing only bond financing) in order to highlight the effects of inflation and tax rate changes on the relative price of land.