Cyclical and Noncyclical Redistributive Taxation
研究资本收入税的最优时间路径，发现反馈策略下税率可能收敛到正数、负数或极限环，而非传统观点认为的长期为零，对税收政策设计有参考价值。
Consider the optimal time path of a tax on capital income, the proceeds of which are transferred to labor in a lump sum. It is known from earlier open-loop formulations that, if the optimal rate of tax converges to a point, it converges to zero, implying that, in the long run, a tax on capital income can do nothing for social welfare. It is now shown that the optimal rate of tax need not converge to zero and, in the case of feedback formulations, that it may converge to a positive or negative number or to a limit cycle. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.