国际货币基金组织：财政融资与投资不可逆性：股息税的作用（英文版）

We examine the macroeconomic, asset pricing, and public debt consequences of delicit financingdividend taxation in a dynamic general equililbrium model featuring parial investment irreversibility. Dividendtaxes interact directly with the occaslonally-binding irreversibility constraint, generating tax-augmented user-costand hangover channels that both shape investment and debt-to-output fluctuations and account for a sizeableshare of their long-run volatilities. Our analvsis further reveals t