The Growth and Welfare Effects of Deficit-Financed Dividend Tax Cuts
构建了一个增长模型，分析赤字融资的股息税削减对经济转型和福利的影响，并以2003年美国法案为例，发现该政策导致稳态增长率下降和福利损失。
I develop a tractable growth model that allows me to study analytically transition dynamics and welfare in response to a deficit-financed cut of the tax rate on distributed dividends. I then carry out a quantitative assessment of the Job Growth and Taxpayer Relief Reconciliation Act (JGTRRA) of 2003. I find that the Act produces lower steady-state growth despite the fact that the economy's saving and employment ratios rise. Most importantly, it produces a welfare loss of 19.34% of annual consumption per capita—a substantial effect driven by the fact that the steady-state growth rate falls from 2% to 1.08%.