Lumpy Investment and Corporate Tax Policy
在一个同时包含凸性和非凸性资本调整成本的动态一般均衡模型中，研究了企业税收政策如何通过边际Q渠道产生集约和广延边际效应，并发现经济对税收变化的反应取决于企业横截面分布且具有不对称性。
In the presence of both convex and nonconvex capital adjustment costs in a dynamic general equilibrium model, corporate tax policy generates both intensive and extensive margin effects via the channel of marginal Q . Its impact is determined largely by the strength of the extensive margin effect, which, in turn, depends on the cross‐sectional distribution of firms. Depending on the initial distribution of firms, the economy displays asymmetric responses to tax changes. Moreover, an anticipated increase in the future investment tax credit reduces investment and adjustment rate initially.