Monetary Growth, Inflation, and Economic Activity in a Dynamic Macro Model
在一个动态优化宏观模型中分析货币增长率提高的短期和长期影响，发现这些影响关键取决于税收结构和企业的融资决策，高利息抵扣时扩张，低抵扣或股权融资时收缩。
This paper analyzes the effects of an increase in the monetary growth rate within a dynamic optimizing macroeconomic model. Both the short-run and long-run effects, and therefore the adjustments along the transitional path, depend critically upon the tax structure and the firm's corresponding optimal financial decisions. With all bond financing, the effects depend upon the extent to which interest payments are tax deductible for corporations. If this is sufficiently high, the effects of an increase in the monetary growth rate are generally expansionary. With low interest deductibility, or if the tax structure induces equity financing, the effects arc generally contractionary.