| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16936 |
| DP16936 The Long-Run Effects of Corporate Tax Reforms | |
| Isaac Baley; Andres Blanco | |
| 发表日期 | 2022-01-20 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We investigate the long-run effects of permanent corporate tax reforms on aggregate capital behavior. In an investment model with fixed adjustment costs and partial irreversibility, we show that corporate taxes and investment frictions jointly determine three interconnected macroeconomic outcomes: (i) capital allocation, (ii) capital valuation, and (iii) capital fluctuations around steady-state. Using corporate tax and firm-level investment data from Chile, we discover that a lower corporate income tax improves the allocation of capital, reduces capital valuation, and accelerates capital fluctuations. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Corporate taxes Investment frictions Fixed adjustment costs Irreversibility Lumpiness Capital misallocation Tobin’s q Transitional dynamics Inaction Propagation |
| URL | https://cepr.org/publications/dp16936 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545875 |
| 推荐引用方式 GB/T 7714 | Isaac Baley,Andres Blanco. DP16936 The Long-Run Effects of Corporate Tax Reforms. 2022. |
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