Transition Losses of Partially Mobile Industry-Specific Capital
构建了一个限制行业资本按折旧率减少的模型，发现以往估计的美国个人所得税与公司所得税整合的效率收益被高估了50亿美元。
In estimating the economic effects of public policy, comparative static models typically assume homogenous factors that are either mobile or immobile. For changes designed to improve factor allocations, the former assumption would overstate welfare gains, while the latter would understate them. The model in this paper restricts each industry's capital reduction to its rate of depreciation. The stock of depreciated capital represents an industry-specific type of capital that may earn a lower equilibrium return. This model suggests that previous estimates of efficiency gains from integration of U. S. personal and corporate income taxes are overstated by $5 billion.