Bailouts and the Optimal Taxation of Bonus Pay
研究了政府对金融中介的救助可能扭曲资本供给价格，从而为单独对金融奖金征税提供理论依据，并提出了能提高股本和效率的最优税收方案。
This paper argues that the possibility of bailouts to financial intermediaries distorts the supply price of capital and creates an argument for taxing financial bonuses separately from other sources of income. We develop a model of financial contracting where intermediaries compete for workers whose actions affect productivity and risk-taking in the financial sector. This derives the second-best optimum and market equilibrium. The optimal taxes that we propose increase both equity and efficiency compared to the pure market outcome.