Tax Policy and Capital Allocation
通过1955-1980年美国年度数据，运用跨期一般均衡模型分析税收政策对资本配置效率的影响，发现从直接税转向间接税可大幅提升经济福利。
Summary The purpose of this paper is to analyze the impact of U.S. tax policy on the efficiency of capital allocation. To achieve this objective, we employ an intertemporal general equilibrium model of the U.S. economy, implemented econometrically for annual data covering the period 1955-1980. We present a detailed model of the provisions of U.S. tax law applicable to income from capital. We use intertemporal equilibrium paths corresponding to alternative tax policies to evaluate proposals for tax reform. We find that dramatic gains in economic welfare would result from a shift from direct to indirect taxation.