Does Federalism Lead to Excessively High Taxes?
分析联邦制下纵向与横向税收外部性的相对强弱，取决于储蓄供给利率弹性、资本需求利率弹性、州对不可流动要素的征税程度以及联邦与州支出偏好。
The relative strengths of vertical and horizontal tax externalities turn on the balance between the interest responsiveness of the supply of savings and demand for capital, the extent to which immobile factors are taxed by the states, and the strength of preferences between federal and state expenditures. The vertical externality will dominate if the aggregate tax base of the federation is responsible to the state tax instrument. Tax interactions in federations are more complex than has often been supposed.