Tax distortions in a neoclassical monetary economy
利用新古典增长模型评估不同货币与财政政策组合的扭曲大小，量化美国经济中资本税、劳动税、消费税和货币持有税的福利成本，并分析以其他税种替代资本所得税的税制改革收益。
In this paper we use the common perspective provided by the neoclassical growth model to evaluate the size of the distortions associated with different monetary and fiscal policies designed to finance a given sequence of government expenditures. We calibrate a neoclassical monetary economy to match important features of the U.S. economy and use it to provide a quantitative assessment of the welfare costs of government policies involving different combinations of taxes on capital and labor income, consumption, and money holdings. In addition we evaluate the welfare gains from tax reforms designed to replace the tax on capital income with other forms of taxation.