The Interaction of Taxes and Inflation in a Macroeconomic Model
构建了一个封闭经济宏观模型，其中部分资产的名义收入被征税而其他资产不征税，分析了预期通胀变化对短期和长期经济的影响，发现通胀上升导致资产组合从企业资本转向耐用消费品，长期资本存量下降并降低生产率增速。
This paper presents a closed economy macroeconomic model in which the nominal income of some assets is taxed, whereas that of others is not. The short-run and long-run implications of a change in expected inflation are examined. An increase in the expected rate of inflation shifts the composition of aggregate demand, since asset holders shift their portfolios from the taxed asset (corporate capital) to the untaxed asset (consumer durables). In the long run, this shift implies a stock adjustment decline in capital with a consequent decrease in the rate of growth of productivity over the transition period.