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Housing market convergence: Evidence from Germany

Unal, Umut; Hayo, Bernd; Erol, Isil - 2022

This paper provides an analysis of the convergence pattern of German housing prices and rents employing a new dataset … that covers all the country's administrative districts. In addition to conventional tests for β-convergence and δ-convergence … districts. Our results reveal no evidence of convergence across Germany or within states; rather, we discover widespread …

Persistent link: https://www.econbiz.de/10014322584

Housing market convergence : evidence from Germany

Unal, Umut; Hayo, Bernd; Erol, Isil - 2022

This paper provides an analysis of the convergence pattern of German housing prices and rents employing a new dataset … that covers all the country's administrative districts. In addition to conventional tests for 𝛽-convergence and 𝜎-convergence … districts. Our results reveal no evidence of convergence across Germany or within states; rather, we discover widespread …

Persistent link: https://www.econbiz.de/10013460037

Taxation and consumption: Evidence from a representative survey of the German population

Hayo, Bernd; Uhl, Matthias - 2014

Using a representative survey of the German population, this paper studies individual consumption responses to a recent payroll tax reduction. Our results show that 55% of the respondents spend the extra money, indicating considerable potential for tax changes to affect consumption and economic...

Persistent link: https://www.econbiz.de/10010335885

Political Budget Cycles Revisited: Testing the Signalling Process

Garcia, Israel; Hayo, Bernd - 2020

A widespread view in the 'political budget cycles' literature is that incumbent politicians seek to influence voters' perceptions of their competence and/or preferences by using the composition of the fiscal budget as a signalling tool. However, little is known about whether voters actually...

Persistent link: https://www.econbiz.de/10012208400

State-dependent effects of tax changes in Germany and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

We study state-dependent effects of narratively identified tax shocks in Germany and the UK over the period 1974Q1-2018Q4 using local projections. In addition, we distinguish between aggregated and disaggregated tax types (direct and indirect taxes) as well as look for possible asymmetries...

Persistent link: https://www.econbiz.de/10012653874

Legislative tax announcements and GDP: Evidence from the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

We study the announcement effect of legislated tax changes on GDP in the US, Germany, and the UK. Using, as the shock of interest, narratively identified information (Romer & Romer, 2009) about future tax changes at the quarter of their introduction to the legislative body, we analyse the...

Persistent link: https://www.econbiz.de/10012653883

The Debt Brake in the Eyes of the German Population

Hayo, Bernd; Neumeier, Florian - 2014

In response to the recent sovereign debt crisis, the member states of the European Union agreed to enact balanced budget rules in their national legislation. However, little is known about the public's opinion of balanced budget rules. To fill this gap, we conducted a survey among 2,000...

Persistent link: https://www.econbiz.de/10010435717

The effects of legislated tax changes in Germany

Hayo, Bernd; Uhl, Matthias - 2011

This paper studies the short-run macroeconomic effects of legislated tax changes in Germany using a vector autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer (2010). Results indicate a moderate, but statistically...

Persistent link: https://www.econbiz.de/10010286390

Political leaders' socioeconomic background and fiscal performance in Germany

Hayo, Bernd; Neumeier, Florian - 2011

This paper investigates whether the socioeconomic status of the head of government helps explain fiscal performance. Applying sociological research that attributes differences in people's ways of thinking and acting to their relative standing within society, we test whether the social status of...

Persistent link: https://www.econbiz.de/10010286424

Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2020

We study the effect of tax policy on stock market returns in the United States, Germany, and the United Kingdom using GARCH models and a unique daily dataset of legislative tax changes during the period 1 December 1978 to 31 January 2018. We find that days of discretionary tax legislation during...

Persistent link: https://www.econbiz.de/10012543679