随机增长模型下的税收效应

Turalay Kenc(2004)在一个扩展的随机模型中(不假设常量的投资机会集)分析了资本收入税对增长率、资产组合份额、债券收益率的影响效应。本文在随机资产组合份额的情况下,利用Grinols和Turnovsky(1998)的模型和方法,对此也进行了研究。讨论了具有跨期最优化代理人、随机增长经济中的资本收入税效应,这里,政府可以通过税收、发行货币、发行债券来为它的支出融资。除了货币和政府的债券以外,消费者在他的财富中可以持有风险股票(资本)。得到的部分结论与Turalay Kenc(2004)的一致,也有部分结论不一致。此外,本文还分析了资本收入税对利率、通货膨胀率、本国投资率、福利的影响效应。本文得出的部分结论,尤其是与Turalay Kenc(2004)不一致的结论,在我国也得到了实证支持。

The Effects of Taxation in a Stochastic Growth Model

Turalay Kenc(2004) analysed the effects of tax on capital income under that the investment opportunity set were not to be constant in a extended stochastic model. In this paper, the effects of tax of the capital income under that the real rates of investment and the investment opportunity sets are assumed to be stochastic are discussed. The impacts of tax rate of deterministic component of capital income and of the stochastic component of capital income on the equilibrium growth rat, and on the portfolio shares and the rate of investment and welfare are discussed.