利息税冲击对稳态消费的一般均衡影响

The Equilibrium Impact of the Interest-Tax Shocks on Steady Consumption

利息税冲击的直接影响是降低了利息 ,于是经济学家们普遍认为 ,利息税冲击会减少储蓄并鼓励消费 ,从而扩大总需求和总产出。本文在一个简单的动态一般均衡模型中 ,通过分析利息税冲击的两种效应———提高边际消费倾向和降低资本存量 ,发现利息税冲击对稳态 (steadystate)消费的瞬时是正的 ;而长期来看 ,则可能导致消费和收入的稳态水平有所下降。在时间偏好率和折旧率不变的情况下 ,利息税本身也具有准拉弗曲线的特征 ,即稳态消费和稳态收入随着利息税税率的提高而先增加后减少 ,出现倒U型关系。

The direct impact of interest-tax shock is the reduction of interest,so economists commonly argue that inerest-tax shock will reduce saving and encourage consumption and thus increase aggregate demand and outputs.By analyzing two effects of interest-tax shock,under a simple model of general equilibrium dynamics-the increasing marginal propensity to consumption and reducing capital stock-we find the effect of interest-tax shock on steady-state consumption and steady-state income in long-run.Keeping time preference rate and depreciation rate constant,interest-tax also has the property of Laffer Curve,that is,steady-state consumption and steady-state income increase first and then decrease with the increase of interest-tax rate,reflected in the reversed'U'shape.