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1、外文翻译原文TaxstructureandeconomicgrowthMaterialSource:http://www.aiecon.org/advanced/suggestedreadings/PDF/sug334.pdfbAuthor:YoungLeea,*,RogerH.Gordon2Taxesandeconomicgrowth:theoryPastresearchhasenumeratedawidevarietyofwaysinwhichthetaxstructurecanaffectobservedeconomicgrowthrates.Inth
2、issection,wesummarizetheseeffects,focusinginturnonparticularsubsetsofthisliterature.Sincetheobjectivehereistomotivatetheempiricalwork,wefocusonthoseeffectsthatcanbemeasuredgiventhelimitedinformationwehaveabouttaxstructuresinalargepaneldatasetofcountries.2.1Taxesandfactoraccumulatio
3、nInaneoclassicalsetting,growthsimplydependsontheaccumulationofphysicalandhumancapital.Inthelong-run,anygiventaxstructuregeneratesanequilibriumcapital/laborratioandanequilibriumlevelofeducationperworker.Anyfurthergrowthinper-capitaoutputsimplyarisesfromanexogenousrateoftechnicalchan
4、ge.Thereshouldbenopermanenteffectsofthetaxstructureonthegrowthrateinpercapitaoutput,regardlessofthesizeofthemisallocationsgeneratedbythetaxstructure.Changesintaxpolicy,however,cangeneratechangesintheseequilibriumvalues,generatingtransitorygrowtheffects.Thesetransitionperiodscanbeme
5、asuredindecades,however.Anincreaseintheyearsofeducationchosenbynewentrantstothelaborforce,forexample,willhavefullychangedtheaverageeducationforthelaborforceasawholeonlyafterthefirstentrantsfollowingthepolicychangehavereachedretirementage.Taxeffectsontheequilibriumcapitalstockcanals
6、otakesomeperiodoftimetobefelt,duetoadjustmentcoststonewinvestmentinanopeneconomyorduetothelimitedelasticityofsavingsratesinaclosedeconomy.Whatchangesintaxpolicythengeneratesuchincreasesininvestmentinphysicalandhumancapital?AsseeninHallandJorgenson(1967)andmuch1subsequentliteratureo
7、ntaxesandrateofcapitalinvestment,lowcurrenteffectivetaxratesonnewinvestmentsuggestfastershort-rungrowth,duetoaninvestmentboominresponsetothetemporarilylowertaxrates.Ourbestavailableproxyforthisisperiodswithalowercorporateincometaxrate.Taxeffectsoninvestmentinhumancapitalaremorecomp
8、licated.Trostel(1993)demon
