个人所得税扭曲下的货币政策调控研究——基于类拉弗曲线的视角  

The Regulation Effect of Monetary Policy under the Individual Income Tax Distortion from the Perspective of the Laffer-Like Curve

作　　者：金祥义 张文菲 JIN Xiangyi;ZHANG Wenfei(School of Economics and Management,Dalian University of Technology,Dalian 116024,China;School of Economics,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024 [2]兰州大学经济学院,甘肃兰州730000

出　　处：《中南财经政法大学学报》2021年第1期45-57,159,160,共15页Journal of Zhongnan University of Economics and Law

基　　金：中央高校基本业务费专项资金基金“金融加速器机制下宏观政策的效果评估”(DUT20RC(3)065);国家社会科学基金重点项目“我国金融周期对短期经济周期波动的影响研究”(ZX20180248)。

摘　　要：个人所得税作为重要的财政政策手段,在全球经济持续下行的趋势中,逐渐凸显其稳定经济的重要作用,因此近年来我国政府部门多次对个人所得税政策进行调整。同时,货币政策作为另一种调控经济运行的重要方式,在家庭税负扭曲的环境下(个人所得税扭曲作为其主要表现形式),有着与以往不同的经济调控作用。基于此,本文通过构建涵盖个人所得税政策和货币政策在内的动态随机一般均衡模型,探究货币政策在个人所得税扭曲环境下的变化规律。研究结果显示,货币政策在个人所得税扭曲环境下,具有明显的类拉弗曲线特征,即随着个人所得税税率水平的提高,货币政策对宏观经济的调控作用呈现出先增后减的趋势。此外,福利损失分析表明,在个人所得税扭曲环境下,社会福利损失也具有类拉弗曲线特征;同时,相对于注重通胀目标和注重产出、通胀双目标,央行若将注重产出作为货币政策的调控目标,能够最大程度地降低整个社会的福利损失水平。As an important financial means,the individual income tax policy has gradually highlighted its important role in stabilizing the economy in the downward trend of the global economy,which is reflected in the fact that in recent years,China's government departments have repeatedly adjusted the individual income tax policy.At the same time,the monetary policy is another important way to regulate economic operations,under the environment of tax burden distortion of households,which is mainly consisted of individual income tax distortion,and it has different economic regulation and control effect as it used to be.Based on these conclusions,this paper explores the changes of the monetary policy in the distorted environment of individual income tax by constructing a dynamic stochastic general equilibrium model covering individual income tax policy and currency policy.The results show that monetary policy has a clear Laffer-like curve relationship in the context of individual income tax distortion,that is,with the increase of the individual income tax rate,the regulation effect of monetary policy on the macro economy shows a first increase and then decrease nature.The analysis of the welfare loss shows that in the context of the individual income tax,the social welfare loss also has the relationship of the Laffer-like curve relationship.At the same time,compared with the focus on inflation and the focus on output,the central bank focusing on production targets can minimize the welfare loss of the whole society.The conclusions mean that in the environment of distorted individual income tax,reasonable selection of the optimal tax rate range can make monetary policy play a multiplier role in macroeconomic regulation and control.

关 键 词：个人所得税 税负扭曲 货币政策 类拉弗曲线 DSGE模型 

分 类 号：F822[经济管理—财政学]