Based on the seminal asset-pricing model by Brock and Hommes (J Econ Dyn Control 22:1235–1274, 1998), we analytically show that higher wealth taxes increase the risky asset’s fundamental value, enlarge its local stability domain, may prevent the birth of nonfundamental steady states and, if they exist, reduce the risky asset’s mispricing. We furthermore find that higher wealth taxes may hinder the emergence of endogenous asset price oscillations and, if they exist, dampen their amplitudes. Since oscillatory price dynamics may be associated with lower mispricing than locally stable nonfundamental steady states, policymakers may not always want to suppress them by imposing (too low) wealth taxes. Overall, however, our study suggests that wealth taxes tend to stabilize the dynamics of financial markets.

基于 Brock 和 Hommes 开创性的资产定价模型 (J Econ Dyn Control 22:1235–1274, 1998)，我们分析表明，较高的财富税会增加风险资产的基本价值，扩大其局部稳定域，可能会阻止出生非基本稳定状态，如果存在，减少风险资产的错误定价。我们进一步发现，更高的财富税可能会阻碍内生资产价格波动的出现，如果存在，还会抑制其振幅。由于与局部稳定的非基本稳定状态相比，波动的价格动态可能与更低的错误定价相关，因此政策制定者可能并不总是希望通过征收（过低）财富税来抑制它们。然而，总的来说，我们的研究表明，财富税倾向于稳定金融市场的动态。