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IMF working paper ;.
Financial Frictions and Stimulative Effects of Temporary Corporate Tax Cuts. — WP/19/97. — Washington, D.C.: International Monetary Fund, 2019. — 1 online resource (40 pages). — (IMF working paper). — <URL:http://elib.fa.ru/ebsco/2138071.pdf>.

Record create date: 7/20/2019

Subject: Corporations — Taxation.

Collections: EBSCO

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Table of Contents

  • Cover
  • Contents
  • I. Introduction
  • II. Model
    • A. Firms
      • 1. Incumbent Firm
      • 2. New Entrant
    • B. Aggregation
    • C. Household
    • D. Government
    • E. Stationary Equilibrium
  • III. Model Solution
  • IV. Calibration
  • V. Steady-State Properties
    • A. Firm Size Distribution
    • B. Firm Dynamics
  • VI. Temporary Corporate Tax Cut
    • A. Transitional Dynamics
    • B. Corporate Tax Cut Multipliers
    • C. Quantifying the Crowding-Out Effect
  • VII. Discussion
  • VIII.Conclusion
  • References
  • Appendices
  • A. Stationary Equilibrium
    • A.1.Firm Optimization
    • A.2.Market Equilibrium
  • B. Transition Dynamics
  • Tables
    • 1. Parameters Selected A Priori
    • 2. Internal Calibration
    • 3. Relative Importance of Startups and Mature Incumbents
    • 4. Job Creation and Job Destruction Rates
    • 5. Corporate Tax Cut Multipliers (cents per dollar of tax stimulus)
    • 6. Partial Equilibrium Multipliers (cents per dollar of tax stimulus)
  • Figures
    • 1. Timing of the model
    • 2. Tightness of the Dividend Constraint
    • 3. Stationary Firm Size Distribution
    • 4. Average Employment Growth Conditional on Size
    • 5. Transitional Dynamics of Aggregate Investment and Output
    • 6. Prices, Net Firm Payout, and Consumption
    • 7. Decision Rules in Period 1
    • 8. Transitional Dynamics, benchmark (solid) vs partial equilibrium (dashed)

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