We study the effect of tax policy on stock market returns in the United States, Germany, and the United Kingdom using … GARCH models and a unique daily dataset of legislative tax changes during the period 1 December 1978 to 31 January 2018. We … find that days of discretionary tax legislation during all stages of the process often matter for returns, both in terms of …

of tax changes on consumption and savings; and 4) the effect of tax changes on labour market activities. …

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 between tax hikes and tax cuts. We find a number of differences across …

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United … spillovers from US tax legislation to have the smallest effects on Eurozone countries' real GDP and UK tax changes to exert the … largest effect. There is substantial heterogeneity in both the sign and size of spillovers after US and German aggregated tax …

We study the announcement effect of legislated tax changes on GDP in the US, Germany, and the UK. Using, as the shock … of interest, narratively identified information (Romer & Romer, 2009) about future tax changes at the quarter of their …