A p Theory of Taxes and Debt Management

We thank two anonymous referees, an anonymous associate editor, Andrew Abel, Hengjie Ai, Fernando Alvarez, Marco Bassetto, Anmol Bhandari, Patrick Bolton, Ricardo Caballero, John Campbell, V. V. Chari, Darrell Duffie, Janice Eberly, Valentin Haddad, Robert Hall, Burton Hollifield, Ji Huang, Philipp K. Illeditsch, Urban Jermann (editor), Narayana Kocherlakota, Arvind Krishnamurthy, Moritz Lenel, Hanno Lustig, Deborah Lucas, Semyon Malamud, Jonathan Payne, Yuliy Sannikov, Christopher Sims, Balint Szoke, Stijn Van Nieuwerburgh, Mindy Z. Xiaolan, Pierre Yared, and seminar participants at American Finance Association, Carnegie Mellon University, China Finance Research Conference, CKGSB, Columbia Finance, Columbia Macro, International Monetary Fund, Minnesota Workshop in Macroeconomic Theory, Monetary Authority of Singapore, National Tsing Hua University, NBER Summer Institute, Northern Finance Association, NUS Business School, NUS Risk Management Conference, PHBS Workshop in Macroeconomics and Finance, Princeton University, Summer Institute of Finance Conference, Shanghai Jiao Tong University, Shanghai University of Finance and Economics, University of California (Berkeley Haas), University of Missouri, Wharton School, and Zhejiang University for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• April 7, 2022