Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform
构建动态一般均衡模型，研究股息税对资本积累的长期影响，发现减税通过减少资本配置摩擦提高全要素生产率，模拟显示股息和资本利得税均降至15%时，长期资本存量增加约4%。
To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 4 percent.