Tax Policy and Aggregate Demand Management Under Catching Up with the Joneses
研究在追赶琼斯效应（消费受他人消费影响）的经济中，最优税收政策应逆周期调节：经济过热时加税降温，衰退时减税刺激，以维持消费水平。
This paper examines the role for tax policies in productivity-shock driven economies with catching-up-with-the-Joneses utility functions. The optimal tax policy is shown to affect the economy countercyclically via procyclical taxes, i.e., “cooling down” the economy with higher taxes when it is “overheating” in booms and “stimulating” the economy with lower taxes in recessions to keep consumption up. Thus, models with catching-up-with-the-Joneses utility functions call for traditional Keynesian demand-management policies but for rather unorthodox reasons.