Corporations often have strong incentives to exert influence on the tax code and obtain additional tax benefits through lobbying. For the U.S. financial crisis of 2007-09, this paper shows that lobbying activity intensified, driven by large firms in sectors that depend more on external finance. Using a heterogeneous agent model with financial frictions and endogenous lobbying, the paper studies the aggregate consequences of this rise in lobbying activity...
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INFORMATION
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2018/04/02
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Document de travail de recherche sur les politiques
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WPS8394
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1
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1
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2018/04/02
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Disclosed
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Lobbying for capital tax benefits and misallocation of resources during a credit crunch
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tax rate
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