Nonlinear Employment Effects of Tax Policy
研究了税收政策在劳动力市场摩擦下的非线性传导机制，发现就业对劳动所得税临时变动的反应具有显著非对称性和状态依赖性，衰退期减税效果至少是扩张期的两倍。
Abstract We study the nonlinear propagation mechanism of tax policy in a heterogeneous‐agent equilibrium business cycle model with search frictions in the labor market and an extensive margin of employment adjustment. The model exhibits endogenous job destruction and endogenous hiring standards in the form of occasionally‐binding zero‐surplus constraints. After parameterizing the model using U.S. data, we find that the dynamic response of employment to a temporary change in the labor income tax is highly nonlinear, displaying sizable asymmetries and state dependence. Notably, the response to a tax rate cut is at least twice as large in a recession as in an expansion.