The Corporate Income Tax in an Intertemporal Equilibrium Model with Imperfectly Mobile Capital
用两部门跨期均衡模型分析资本流动假设如何影响公司所得税的归宿和效率。如果投资弹性无限大（资本完全流动），降低公司税能带来显著效率提升并惠及所有主体；若投资弹性较小，则整体效率增益变小且劳动者福利受损。
This paper examines how alternative capital mobility assumptions affect the inci dence and efficiency of corporate income taxation. It uses a two-sect or intertemporal equilibrium model in which imperfectly elastic inves tment captures the notion of imperfectly mobile capital. If investmen t is infinitely elastic, which implies perfectly mobile capital, a lo wer corporate income tax yields substantial efficiency gains and bene fits all agents. If investment is less elastic, however, the economy- wide efficiency gains are smaller and labor suffers welfare losses. I f the goods supplied by the two sectors are close substitutes, noncor porate capital loses also and only corporate capital benefits. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.