Inflation, Taxation, and Interest Rates
论证名义利率对通胀预期的反应介于Fisher效应与Darby效应之间，取决于所得税与资本利得税率以及投资与储蓄对税后实际利率的敏感度；同时指出资本利得税抵消了历史成本折旧对投资的负面影响。
ABSTRACT This paper demonstrates that the response of nominal interest rates to changes in inflationary expectations should lie between that predicted by the “Fisher” and “Darby” effects. The exact nature of the response will depend on the relative size of the income and capital gains tax rates, and the relative size of the derivatives of investment and savings to their respective after‐tax real rates. The other major conclusion of this paper is that capital gains taxation offsets the negative effect on investment produced by treating depreciation on a historic rather than a replacement cost basis.