摘要：This paper studies welfare implications of a simple operational
tax policy (under which tax rates respond to changes
in productivity) by employing an open-economy dynamic stochastic
general equilibrium model with incomplete asset markets.
We investigate the possibility of welfare-improving tax
policies on factor incomes and consumption. Simulation results
show that, in the closed economy, optimal tax policies are
countercyclical since such policies would stabilize the economy
by increasing the tax rates in a boom. However, in the
open economy, optimal tax policies become less countercyclical
and under certain cases can even become procyclical—
in particular, for capital income tax. A two-country exercise
suggests that tax policy cooperation on capital and labor
income would yield only small welfare gains, while consumption
tax policy cooperation would produce sizable welfare
gains.
