CONSUMPTION TAX CUTS IN A RECESSION
通过一个包含多种消费品的结构性生命周期模型，研究了衰退期间临时降低消费税作为财政刺激工具的效果，发现非耐用品奢侈品的税收弹性为0.4，耐用品为10.5，且耐用品减税对高收入、流动性不受限和年轻家庭效果更强。
Abstract I study the effectiveness of temporary cuts to consumption tax rates as fiscal stimulus instruments during recessions using a structural life‐cycle model with multiple consumption categories. I find tax elasticities of 0.4 for nondurable luxuries and of 10.5 for durables. I show that the tax cut on nondurables has an intratemporal substitution effect, whereas the tax cut on durables acts through an intertemporal substitution mechanism that is stronger for high‐income, liquidity‐unconstrained, and younger households. This mechanism is amplified in less persistent recessions and dampened in absence of recessions due to durables' partial irreversibility and precautionary saving motives.