CAPITAL TAX REFORMS WITH POLICY UNCERTAINTY
研究了资本税改革中政策不确定性（如改革可能被废除）的影响，以2003年布什减税为例，解释了为何股息税和资本利得税削减对投资没有显著效果。
Abstract One important feature of capital tax reforms is the uncertainty regarding their duration. In a standard heterogeneous firm framework with financial frictions, we model policy uncertainty by assuming that reforms may be either repealed or maintained with some probability every period. We illustrate the effects of policy uncertainty in the context of the 2003 Bush tax cuts (2003 Job Growth Tax Relief Reconciliation Act), which lowered shareholder taxes. We show that policy uncertainty regarding dividend and capital gains taxes can explain why the Bush tax cuts had no statistically significant effect on investment, in line with the empirical evidence.