By preemptive austerity, we mean a policy that increases taxes to deter potential rollover crises. The policy is so … eliminates the danger. Mechanically, high taxes make the safe zone in the model -- the set of sovereign debt levels for which the … reduce the level of debt to a point where, asymptotically, high taxes are no longer necessary …

, marginal and intra-marginal taxation, and the level of government consumption. Conventional accounting measures of "taxes …

--government spending and changes in tax policy--and map the news processes into standard DSGE models. We identify news concerning taxes …

econometrician's information sets in estimated VARs. Economically meaningful shocks to taxes, therefore, cannot be extracted from …

combination of a drop in total factor productivity (TFP) during 1990-92 and of increases in taxes on labor and consumption and …

income, corporate income, payroll, and estate and gift taxes with a 23 percent effective retail sales tax plus a progressive … rebate. The 23 percent rate generates more revenue than the taxes it replaces, but the rebate's cost necessitates scaling … here, current effective marginal labor taxes are higher or much higher than 23 percent. Take our stylized 45 year …