Tax Policy, Business Saving and Investment

该项目包括一系列关于美国企业储蓄和企业固定投资决定因素的相关实证研究。尽管这些都是传统上的积极财政政策领域，但在各种重要话题上，仍鲜有令人信服的经验证据。这些研究包括：家庭储蓄和企业储蓄之间的关系；自1986年税改法案以来企业固定投资模式的分析；商业固定投资替代模式的比较；以及美国国内总投资和外国在美国的直接投资之间的关系的审查。该项目应该会增加我们对财政政策能够并已经在多大程度上影响美国资本积累的理解。这是一个政策激进主义的领域，但经济知识的状况在很大程度上仍然基于理论预测，而不是在该项目下进行的实证分析类型。这个项目的贡献尤其及时和重要，因为它有助于解释美国经济环境最近的变化，如企业储蓄大幅下降，海外资本流入大幅增加，以及自1986年税改法案以来企业固定投资出人意料的强劲表现。

The project consists of a series of related empirical studies on the determinants of business saving and business fixed investment in the United States. While these are traditionally areas of activist fiscal policy, there is still very little convincing empirical evidence on a variety of important topics. Those to be studied are: the relationship between household and business saving; an analysis of the pattern of business fixed investment since the Tax Reform Act of 1986; a comparison of alternative models of business fixed investment; and an examination of the relationship between overall domestic U.S. investment and foreign direct investment in the United States. The project should increase our understanding of the extent to which fiscal policy can and has influenced capital accumulation in the U.S. This is an area of intense policy activism, but the state of economic knowledge remains largely based on theoretical predictions instead of the type of empirical analysis carried out under this project. The contribution from this project is especially timely and important because it helps explain recent changes in the U.S. economic environment, such as the sharp decline in corporate saving, the large increase in capital inflows from abroad, and the unexpected strong performance of business fixed investment since the Tax Reform Act of 1986.