fiscal point of view. In this context we discuss the cushioning effect of the tax-benefit system and the conditions under …

This paper studies regional output asymmetries following U.S. federal tax shocks. We estimate a vector autoregressive … model for each U.S. state, utilizing the exogenous tax shock series recently proposed by Romer and Romer (2010) and find … differences in the magnitude of regional tax multipliers suggests that industry composition of output and sociodemographic …

deficits and lower output in the medium and long term. Tax increases are found to drag economic activity in the medium term …

disagrees on even the qualitative response of key macroeconomic variables to government spending and tax shocks. We provide new … diverging results as regards the effects of tax shocks, with the estimated effects ranging from non-distortionary to strongly …

. Dynamic simulation techniques are then applied, in particular to shed light on the possible effects of fiscal imbalances on …