Capital Taxation During the U.S. Great Depression
研究发现，将股息税、财产税等多种资本税纳入分析后，税收对大萧条时期经济下滑和复苏的影响比以往研究认为的更大，其中公司股息税和未分配利润税影响最显著。
Abstract Previous studies of the U.S. Great Depression find that increased government spending and taxation contributed little to either the dramatic downturn or the slow recovery. These studies include only one type of capital taxation: a business profits tax. The contribution is much greater when the analysis includes other types of capital taxes. A general equilibrium model extended to include taxes on dividends, property, capital stock, excess profits, and undistributed profits predicts patterns of output, investment, and hours worked that are more like those in the 1930s than found in earlier studies. The greatest effects come from the increased taxes on corporate dividends and undistributed profits.