Previous research has shown that in the context of a prototypical New Keynesian model, more progressive income taxation may lead to higher volatility of hours worked and total output in response to a monetary disturbance. We analytically show that this business-cycle destabilization result is overturned within an otherwise identical macroeconomy subject to impulses to the household's utility formulation. Under a continuously or linearly progressive fiscal policy rule with the symmetric-equilibrium tax burden unchanged, an increase in the positive level of tax progressivity will always raise the degree of equilibrium nominal-wage rigidity, and thus serve as an automatic stabilizer that mitigates cyclical fluctuations driven by preference shocks.

中文翻译：

---

累进税制作为名义工资刚性和偏好冲击下的自动稳定器

先前的研究表明，在典型的新凯恩斯模型的背景下，更累进的所得税可能会导致工作时间和总产出的更高波动性以应对货币干扰。我们分析表明，这种商业周期的不稳定结果在其他方面相同的宏观经济中被推翻，受家庭公用事业公式的推动。在对称均衡税负不变的连续或线性累进的财政政策规则下，税收累进性正水平的增加总是会提高均衡名义工资刚性的程度，从而起到缓解周期性波动的自动稳定器的作用受偏好冲击驱动。