中文摘要
本文分析了对通货膨胀征税政策(tax on inflation policy, TIP)在稳定通胀方面的有效性,该政策要求企业按其价格或工资的涨幅比例缴税。我们证明,TIP能够有效纠正企业定价决策中的外部性,抑制过度通胀并降低产出波动。二十世纪七十年代的提案将TIP视为货币政策(MP)的替代,而我们发现二者是互补的:TIP应对成本推动冲击,货币政策应对需求冲击。与价格管制形成鲜明对比的是,TIP不会加剧相对价格扭曲。(JEL D21, D62, E12, E31, E52, E64, H21)
Abstract
This paper analyzes the effectiveness of a tax on inflation policy (TIP), which would require firms to pay a tax proportional to the increase in their prices or wages, in stabilizing inflation. We show that TIP would effectively correct externalities in firms' pricing decisions, tackle excessive inflation and reduce output volatility. While proposals from the 1970s saw TIP as a substitute for MP, we find that they are complementary, with TIP addressing cost-push shocks, and MP addressing demand shocks. In sharp contrast with price controls, TIP doesn't exacerbate relative price distortions. (JEL D21, D62, E12, E31, E52, E64, H21)