The Effects of Inflation and Taxes on Growth Investments and Replacement Policies
研究通胀和税收如何影响投资的最优持续时间，发现通胀并不总是延长投资周期，例如短重置周期的设备反而会缩短，这意味着通胀可能促进某些资本投资。
ABSTRACT This paper investigates the effect of inflation and taxes on the optimal duration of investments. The main conclusion is that inflation does not always increase the duration of investments. For example, in the case of equipment with a short replacement cycle, increased inflation tends to decrease the duration of the cycle. Contrary to the common theoretical analysis, these results imply that inflation may increase some forms of capital investments.