considered fiscal policy is conducted via investment by state owned enterprises. The paper therefore proposes a different … indicator for the fiscal policy stance, constructed from government consumption, government expenditure, the state …

tax law substantially reduced employment, output, and investment during the phase-in period. In contrast, the immediate … tax cuts of the 2003 tax law provided significant incentives for immediate production and investment. The paper argues …

separately changing the tax rates on capital, labor and subsidies, as well as the replacement rates, are analyzed, assuming … offsetting changes in lump-sum transfers. Second, we rule out offsetting transfers and study how effective is the cut in labor … lump-sum transfers, reducing labor taxes and unemployment subsidies is beneficial to both employment and growth, while …