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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity

Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023

An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...

Persistent link: https://www.econbiz.de/10014226168

Spending and Job-Finding Impacts of Expanded Unemployment Benefits : Evidence from Administrative Micro Data

Ganong, Peter; Greig, Fiona E.; Noel, Pascal J.; … - National Bureau of Economic Research - 2022

We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics--but not employment dynamics--during the...

Persistent link: https://www.econbiz.de/10013361970

Do Government Spending Multipliers Depend on the Sign of the Shock?

Ben Zeev, Nadav; Ramey, Valerie A.; Zubairy, Sarah - National Bureau of Economic Research - 2023

We analyze whether government spending multipliers differ by the sign of the shock. Using aggregate historical U …, the resulting multipliers do not differ by sign of the shock. Thus, we find no evidence of asymmetry of government …

Persistent link: https://www.econbiz.de/10014247936

An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output

Blanchard, Olivier - 1999

This paper characterizes the dynamic effects of shocks in government spending and taxes on economic activity in the United States in the post-war period. It does so by using a mixed structural VAR/event study approach. Identification is achieved by using institutional information about the tax...

Persistent link: https://www.econbiz.de/10012471521

Taxing Top Wealth : Migration Responses and their Aggregate Economic Implications

Jakobsen, Katrine; Kleven, Henrik Jacobsen; Kolsrud, Jonas - National Bureau of Economic Research - 2024

Using administrative data on wealth, firm ownership structure, and migration in Sweden and Denmark, we document international migration patterns among the very wealthy, their impact on the economy, and how they respond to wealth taxation. We show that more than 20% of taxpayers liable to pay...

Persistent link: https://www.econbiz.de/10014486244

What are the Effects of Fiscal Policy Shocks?

Mountford, Andrew - 2008

. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while … controlling for a generic business cycle shock and a monetary policy shock. We explicitly allow for the possibility of … announcement effects, i.e., that a current fiscal policy shock changes fiscal policy variables in the future, but not at present …

Persistent link: https://www.econbiz.de/10012464097

Sovereign Default and Tax-smoothing in the Shadow of Corruption and Institutional Weakness

Azzimonti, Marina; Mitra, Nirvana - National Bureau of Economic Research - 2023

Emerging countries exhibit volatile fiscal policies and frequent sovereign debt crises, that significantly diminish the well-being of their citizens. International advisors typically suggest developed-world solutions as a remedy. We argue that the root of the problem lies in the institutional...

Persistent link: https://www.econbiz.de/10014447264

Activist Fiscal Policy to Stabilize Economic Activity

Auerbach, Alan J. - 2009

We review the evidence on the practice and effects of discretionary fiscal policy, particularly in the context of recent efforts to stimulate the economy, reaching two main conclusions. First, policy interventions have increased in this decade, pre-dating the 2009 stimulus. Second, despite a...

Persistent link: https://www.econbiz.de/10012463242

Inflation's Impact on American Households

Altig, David; Auerbach, Alan J.; Eidschun, Erin F.; … - National Bureau of Economic Research - 2024

The post-COVID price surge has reignited interest in inflation's impact on American households. Even if anticipated and with full market adjustments, inflation affects households through its interaction with the fiscal system, which is the focus of this paper. Inflation affects households...

Persistent link: https://www.econbiz.de/10014544760

Who Gains from Corporate Tax Cuts?

Cloyne, James; Kurt, Ezgi; Surico, Paolo - National Bureau of Economic Research - 2023

Goods producers increase their capital expenditure and employment in response to a cut in marginal corporate income tax rates or an increase in investment tax credits. In contrast, companies in the service sector mostly use any tax windfall to increase dividend payouts. We base our conclusions...

Persistent link: https://www.econbiz.de/10014287379

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