How Does Progressivity Affect the Tax Cut Multiplier?
用异质性代理人新凯恩斯模型研究个人所得税减税如何针对不同收入群体影响产出乘数，发现针对底层90%的减税效果更大，激励效应是关键传导机制。
ABSTRACT How does the targeting of personal income tax cuts affect the output multiplier? This paper provides quantitative evidence using a heterogeneous‐agent New‐Keynesian model calibrated to match US distributions of income, wealth, marginal tax rates, and marginal propensities to consume. Labor supply is determined by household preferences on the intensive margin and search frictions on the extensive margin. The model evaluates tax cuts for the bottom‐90 (B90%) and top‐10% of the income distribution in national and cross‐region settings, replicating influential empirical research designs. B90 tax cuts generate larger output effects while incentive effects play a central role in transmission.