Taxation and Monetary Aggregation
研究了在利息收入同时征税的情况下，Divisia和货币等价物（CE）货币度量与最优加总的一致性，发现传统Divisia指数能准确追踪理论加总，且正确度量应基于税前利率。
This study examines the correspondence of the Divisia and Currency Equivalent (CE) measures of money to the optimal aggregate under contemporaneous taxation of interest income. We show that although this behavior can violate a condition regarding monetary aggregation under uncertainty and risk aversion, several important results continue to hold. The conventional Divisia index exactly tracks the theoretically determined aggregate. With strong separability of currency in the aggregator function, the Currency Equivalent measure emerges from this framework. Even under contemporaneous taxation of interest income, the theoretically correct Divisia and CE measures are based upon pre-tax interest rates.