The Impact of Inflation on the Aggregate Debt‐Asset Ratio
指出，与以往研究相反，通胀对总债务资产比率的影响在理论上无法确定，但在特定税制和成本条件下可能推高该比率。
ABSTRACT This paper demonstrates that, contrary to the results of previous studies, the impact of inflation on the aggregate debt‐asset ratio cannot be determined theoretically. However, it is shown that inflation is likely to increase this ratio when personal income tax schedules are indexed to the price level and/or when leverage‐related costs are relatively high and the personal tax rate on income from holding common stocks is relatively low.