Ramsey Tax Cycles
研究在没有外部不确定性的模型中，税收周期是否优于税收平滑，通过构建包含多种摩擦的一般框架，发现摩擦使周期更可能成为最优政策，并在劳动搜索和货币模型中验证了周期能提高福利。
This paper asks whether tax cycles or tax smoothing represents the optimal policy in models without any extrinsic uncertainty. To answer this question, I develop a general framework for studying tax cycles in a large class of models that feature various types of frictions. This framework adds various wedges, resembling tax wedges, to the labour market, to the product market, and to money acquisition into an otherwise frictionless economy, so that it nests a large class of models used for policy analysis. I derive a criterion for this general framework that indicates when cycles are welfare-improving in a frictionless economy, and why frictions make cycles more likely to be optimal. I then calibrate two models with frictions, a labour search model and a monetary model, and show that cycles are welfare-improving under standard preferences.