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Conesa, Juan Carlos; Kehoe, Timothy Jerome - National Bureau of Economic Research - 2023

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 …

Persistent link: https://www.econbiz.de/10014436959

Tax Policy and Investment in a Global Economy

Chodorow-Reich, Gabriel; Smith, Matthew; Zidar, Owen M.; … - National Bureau of Economic Research - 2024

We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean tax change increases 20% versus a no-change baseline. Due...

Persistent link: https://www.econbiz.de/10014512034

The Tax Elasticity of Capital Gains and Revenue-Maximizing Rates

Agersnap, Ole - 2020

This paper uses an event study approach to estimate the effect of capital gains taxation on realizations at the state level, and then develops a framework for determining revenue-maximizing rates at the federal level. We find that the elasticity of revenues with respect to the tax rate over a...

Persistent link: https://www.econbiz.de/10012481253

The Rise of Pass-Throughs and the Decline of the Labor Share

Smith, Matthew; Yagan, Danny; Zidar, Owen M.; Zwick, Eric - National Bureau of Economic Research - 2021

This paper studies the coevolution of the fall in the US corporate sector labor share and the rise of business activity in tax-preferred, pass-through form. Reallocating activity to the form it would have taken prior to the Tax Reform Act of 1986 accounts for one third of the decline in the...

Persistent link: https://www.econbiz.de/10012660078

Quantitative Effects of Fiscal Foresight

Leeper, Eric M. - 2010

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

Persistent link: https://www.econbiz.de/10012462293

Fiscal Foresight : Analytics and Econometrics

Leeper, Eric M. - 2008

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

Persistent link: https://www.econbiz.de/10012464619

Modeling Great Depressions : The Depression in Finland in the 1990s

Conesa, Juan Carlos - 2007

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

Persistent link: https://www.econbiz.de/10012465055

Fiscal Policy and Inflation : Pondering the Imponderables

Leeper, Eric M. - 2003

An asset-pricing perspective on inflation reveals that it depends on current and expected monetary and fiscal policies. There are three ways to carry $1 today into the future: money, bonds, and real assets. That dollar's purchasing power varies inversely with the price level. Expected money...

Persistent link: https://www.econbiz.de/10012469197

Inflation and the Fiscal Limit

Davig, Troy - 2010

levels by increasing taxes, so either an adjustment to fiscal spending or monetary policy must occur to stabilize debt. We …

Persistent link: https://www.econbiz.de/10012462162

Policy Responses to Tax Competition : An Introduction

Agrawal, David R.; Poterba, James M.; Zidar, Owen M. - National Bureau of Economic Research - 2024

This paper catalogues policies that have been deployed by jurisdictions seeking to mitigate the effects of tax competition. There are many instruments in this policy arsenal, since the tax base associated with a particular tax instrument may be affected by multiple policy choices, including some...

Persistent link: https://www.econbiz.de/10014468289