Corporate Taxes and Monetary Effectiveness: Evidence on Employment
分析美国法定税改，发现货币政策对就业的影响因企业税负变化而异：税负增加时影响更大，税负稳定时次之，边际减税时最弱，且高杠杆企业反应更显著。
ABSTRACT This paper analyzes narratively identified statutory tax reforms in the US and shows that the average impact of monetary policy on employment varies depending on the tax treatment firms receive. Specifically, monetary policy has a greater impact on employment when firms face tax increases, relative to the times when firms face stable taxes. Moreover, monetary policy is least effective on employment when firms face marginal tax cuts. The evidence is consistent with the debt tax shield channel and is most pronounced in the employment responses of firms with high leverage.