A reduction in capital tax rates generates substantial dynamic responses within the framework of the standard neoclassical growth model. The short-run revenue loss after a tax cut is partly — or, depending on parameter values, even completely — offset by growth in the long-run, due to the resulting incentives to further accumulate capital. We study how the dynamic response of government revenue to a tax cut changes if we allow a Ramsey economy to engage in international trade: the open economy's ability to reallocate resources between labor-intensive and capital-intensive industries reduces the negative effect of factor accumulation on factor returns, thus encouraging the economy to accumulate more than it would do under autarky. We explore the quantitative implications of this intuition for the US in terms of two issues recently treated in the literature: dynamic scoring and the Laffer curve. Our results demonstrate that international trade enhances the response of government revenue to tax cuts by a relevant amount. In our benchmark calibration, a reduction in the capital-income tax rate has virtually no effect on government revenues in steady state.

在标准新古典增长模型的框架内，降低资本税率会产生实质性的动态反应。减税后的短期收入损失部分——或者，取决于参数值，甚至完全——被长期增长所抵消，因为由此产生的进一步积累资本的激励。我们研究了如果我们允许拉姆齐经济参与国际贸易，政府收入对减税的动态反应如何变化：开放经济在劳动密集型和资本密集型产业之间重新分配资源的能力降低了要素积累对经济的负面影响。要素回报，从而鼓励经济比自给自足时积累更多。动态得分和拉弗曲线。我们的研究结果表明，国际贸易在一定程度上增强了政府收入对减税的反应。在我们的基准校准中，资本所得税率的降低实际上对稳定状态下的政府收入没有影响。