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 …

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

unresponsive to taxation. Second, we look at self-reported labour supply adjustments following a recently enacted payroll tax …, as well as a substitution, effect of the tax change. Our conclusion is that effects of taxes on labour supply in Germany …

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 …

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 …