The recent US tax reform, Tax Cuts and Jobs Act of 2017, lowered the statutory corporate income tax rates and brought other important changes for the taxation of multinational enterprises worldwide. This paper reviews these changes and discusses their effects for effective tax rates and tax...

The tax policy assessment is an indispensable strategy within any modern country’s system of governance. There are several types of "impact assessments", with RIA as one of the most commonly used. This tool is used to measure and analyse the benefits, costs and effects of a new or existing...

From April 2013 until May 2016, Japan's monetary base rose from ¥155 trillion to ¥387 trillion as part of the Bank of Japan's (BOJ) quantitative and qualitative easing (QQE) monetary policy for achieving a price stability target of 2%. Although the main objective of the BOJ's quantitative...

This paper explores the international transmission of U.S. tax shocks and provides evidence for the German economy. Using structural vector autoregressions, we find that after a U.S. tax cut, German GDP increases moderately. While higher U.S. demand stimulates German exports, a deterioration of...

This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find spillovers from US tax legislation to have the...

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...