Trading with the Unborn: A New Perspective on Capital Income Taxation
Trading with the Unborn: A New Perspective on Capital Income Taxation
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与未出生的人进行交易：资本所得税的新视角
DOI：
10.2139/ssrn.1092079
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发表时间：
2003
期刊：
影响因子：
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通讯作者：
Kent A. Smetters
中科院分区：
文献类型：
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作者：
Kent A. Smetters
在自由放任经济中，代际间的证券市场是不完整的，因为风险分担协议无法与未出生的人达成。但是，假设几代人可以进行贸易，例如，如果一个未出生的人的代表今天代表他们进行谈判。这些交易是什么样的？政府的财政政策可以用来复制这些交易吗？当新证券的引入改变现有资产的价格时，填补这个缺失的市场会是帕累托改善吗？本文分析了代际交易的假设特征。它展示了政府如何通过对投资的已实现股权溢价征收正负税来复制这些交易。当技术冲击主要是由折旧变化驱动时，对股票溢价征收正税复制了假设的交易；这种税也受到生产率变化的驱动，正税率和负税率之间的选择尚不清楚。然而，在对数效用、柯布-道格拉斯产量和折旧率低于100%的情况下，股权溢价将以负税率征税；这项税收也在帕累托改进中。最后，模拟分析用于考虑更复杂的情况，包括折旧和生产率都不确定的情况。在美国的基准校准下，对股票溢价征收正税是帕累托改善。
Security markets between generations are incomplete in the laissez-faire economy since risk sharing agreements cannot be made with the unborn. But suppose that generations could trade if, for example, a representative of the unborn negotiated on their behalf today. What would the trades look like? Can government fiscal policy by used to replicate these trades? Would completing this missing market be pareto improving when the introduction of the new security changes the prices of existing assets? This paper characterizes analytically the hypothetical trades between generations. It shows how the government can replicate these trades by taxing the realized equity premium on investments by either a positive amount or a negative amount. When technology shocks are mostly driven by changes in depreciation, a positive tax on the equity premium replicates the hypothetical trades; this tax is also driven by changes in productivity, the choice between a positive and negative tax rate is unclear. However, with log utility, Cobb-Douglas production, and a depreciation rate less than 100 percent, the equity premium is to be taxed at a negative rate; this tax is also pareto improving. Finally, simulation analysis is used to consider more complicated cases, including when depreciation and productivity are both uncertain. Under the baseline calibration for the U.S., a positive tax on the equity premium is pareto improving.