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 …

We estimate the elasticities of the most important tax categories using a new quarterly database of discretionary tax … the UK, long-term tax-to-base elasticities are generally higher than short-term elasticities, whereas results for the US … close to unity. (iii) German and UK tax-to-output elasticities in the short term are lower than long-term elasticities, with …

inflation indexation into its personal income tax system in order to re-duce distortions of tax liabilities and additional tax … burdens. On the other hand, Germany has continuously flattened the personal income tax rates in the context of a series of tax … reforms and modified its tax system. Under the consideration of the major goals of these reforms this study compares the …

-sufficiency of the ETI, namely tax deductions. Building on a theoretical framework which incorporates deductions in a standard … optimal-tax model, we show that the ETI is not sufficient for welfare analysis if (i) deductions generate externalities and if … (ii) deductions are responsive to tax-rate changes. While the first condition should arguably hold true for the majority …

payroll tax reduction. Our results show that 55% of the respondents spend the extra money, indicating considerable potential … for tax changes to affect consumption and economic activity. Our analysis of the socio-demographic and economic … determinants of consumption responses suggests that temporary and permanent tax changes have a similar impact, that interest rates …

The Tax Cuts and Jobs Act constitutes the largest change to the US tax system since the 1980s and thoroughly alters the … article sheds light on the tax reform’s expected effects on other countries. We first use representative German business … suggest a negative impact on tax revenues and investment in countries with close economic ties to the US. …

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 …