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 …

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 …

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 …

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 …