Showing 1 - 10 of 14
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 …
Persistent link: https://www.econbiz.de/10012543679
of tax changes on consumption and savings; and 4) the effect of tax changes on labour market activities. …
Persistent link: https://www.econbiz.de/10010335867
Since most macroeconomic data are revised after the initial release both researchers and policy-makers have no choice rather than recognising and understanding the revisions. This paper analyses revisions to the fiscal data in the euro area, also by contrasting them with the 'better-understood'...
Persistent link: https://www.econbiz.de/10013368006
Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...
Persistent link: https://www.econbiz.de/10010326246
Conventional wisdom teaches that the output response upon a fiscal expansion is higher under fixed than floating exchange rates for a small open economy. We analyse the effects of fiscal expansions using a New Keynesian model and find that this result reverses in times of sovereign default risk....
Persistent link: https://www.econbiz.de/10010328326
A widespread view in the 'political budget cycles' literature is that incumbent politicians seek to influence voters' perceptions of their competence and/or preferences by using the composition of the fiscal budget as a signalling tool. However, little is known about whether voters actually...
Persistent link: https://www.econbiz.de/10012208400
Employing a sample of Spanish municipalities from the Madrid region for the period 2010-2019, we study the influence of a politician's sex on political budget cycles (PBCs). The Madrid region is subject to a homogenous set of budget rules, which allows consistently categorising budget...
Persistent link: https://www.econbiz.de/10013338765
Using a narrative account of quarterly discretionary changes in tax liabilities from 1974Q4 to 2018Q2 in a VAR setting …, we study whether legislative tax changes affect the trade balance in the United States, Germany, and the United Kingdom …. As legislative tax changes we consider (i) all changes, (ii) personal income tax changes, (iii) business tax changes, (iv …
Persistent link: https://www.econbiz.de/10012543684
In response to the economic crisis created by the COVID-19 pandemic, many governments provided financial assistance to households. Using representative consumer surveys conducted during the pandemic in 2020, we examine the effects of this fiscal policy instrument on households in two emerging...
Persistent link: https://www.econbiz.de/10012543701
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 …
Persistent link: https://www.econbiz.de/10012653874