全球智库信息集成服务系统(G2TT): Transitional Dynamics of Dividend and Capital Gains Tax Cuts

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w16157
来源ID	Working Paper 16157
	Transitional Dynamics of Dividend and Capital Gains Tax Cuts
	François Gourio; Jianjun Miao
发表日期	2010-07-01
出版年	2010
语种	英语
摘要	We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In the model, firms are heterogeneous in productivity and make investment and financing decisions subject to capital adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast, when these tax cuts are unexpected and temporary, aggregate investment falls in the short run. This fall allows firms to distribute large dividends initially in response to the temporary dividend tax cut. We also find that the effects of a temporary dividend tax cut are very different from those of a temporary capital gains tax cut.
主题	Microeconomics ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Financial Economics ; Corporate Finance ; Public Economics ; Taxation
URL	https://www.nber.org/papers/w16157
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/573829
推荐引用方式 GB/T 7714	François Gourio,Jianjun Miao. Transitional Dynamics of Dividend and Capital Gains Tax Cuts. 2010.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w16157.pdf（262KB）	智库出版物		限制开放	CC BY-NC-SA	浏览