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本文将中外资企业间相对税率的变动引入传统的货币供求均衡公式,进而将这种货币内生化效应加入经典的IS-LM模型及其在开放经济条件下的变形式DD-AA模型,分别以利率与汇率为传导中介,分析了由外资企业所得税率变动引起的货币供给变动对产出的影响及其中的传导机制。基于相应的实证研究,本文认为,外资企业所得税率变动对产出的影响主要来源于利率的变动,而适当的货币政策调节将有助于缓冲这种影响。
In this paper, we introduce the change of relative tax rate between Chinese and foreign-funded enterprises into the traditional balance of money supply and demand, and then add this currency endogenous effect into the classic IS-LM model and the variant DD-AA model under open economy. The interest rate and exchange rate are the intermediary of conduction, and the influence of the change of money supply caused by the change of income tax rate of foreign-funded enterprises on the output and the transmission mechanism are analyzed. Based on the corresponding empirical research, this paper argues that the impact of the change of income tax rate on the output of foreign-funded enterprises mainly comes from the change of interest rates, and proper adjustment of monetary policy will help to cushion this effect.