An Analysis of ACRS During Inflationary Periods.
用蒙特卡洛模拟分析1981年美国税法中的加速成本回收制度，发现其仅在9%-13%通胀率下才等价于一般物价水平调整折旧，且会导致行业间资本非中性转移和横向不公平，造成经济效率损失。
Abstract ABSTRACT: The neutrality and equity aspects of the Accelerated Cost Recovery System (ACRS), which became part of the U.S. tax law in 1981, are examined using a Monte Carlo simulation. ACRS depreciation is found to be equivalent to general price-level adjusted (GPL) depreciation only at inflation rates of between nine and 13 percent. To the extent that corporations alter their production, investment, and financing activities as a result of Inflationary misstatement, the post-1980 law is nonneutral during times of inflation. Further, ACRS will result in a substantial, disproportionate relative capital shift among Industries during Inflationary periods, which indicates the horizontal Inequity of the post-1980 law. This capital shift will be largest for capital-intensive industries having long-lived assets, such as transportation, utilities, and real estate. Both nonneutrality and horizontal Inequity lead to decreased economic efficiency and a deadweight loss to the economy.