Inflation, Taxation, and Corporate Behavior
研究美国税法下通货膨胀如何导致应税收入与经济收入产生差异，进而影响企业投资、财务政策及股东资本利得或损失。
Under the U. S. tax law, taxable income differs systematically from economic income when there is inflation. For example, nominal interest payments and nominal capital gains are taxable or tax deductible, and depreciation allowances are based on historic rather than replacement costs. Therefore, even fully anticipated inflation can have real effects. The purpose of this paper is to investigate to what degree an increase in the inflation rate, given these differences between taxable and economic income under existing tax law, ought to change corporate investment and financial policy, and cause capital gains or losses to existing owners of corporate equity.