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 …

issue by estimating “unexplained” changes in tax and social contribution revenues, based on proxies for tax revenue bases … same exercise using alternative tax base proxies, either taken from forecasting models or on the basis of our knowledge of … the tax system in each country. The results show that, in the aggregate, revenue windfalls and shortfalls have exhibited a …

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 …

countries using pooled regressions. Fiscal effects are included via after-tax interest rates. Other factors shown to be relevant …

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 …

workers by legal ones if the former are characterized by lower tax benefit ratios or if over-qualification among unauthorized …

find that tax benefits to homeowners reduce the user cost of housing capital by almost 40 percent compared to the efficient … level under neutral taxation. On average, the tax subsidy translates into an excess consumption of housing services … the tax rebate for mortgage interest payments is driven down by relatively low loanto- value ratios in the data. However …

period of almost 40 years. The main data limitation is non-observability of wealth for those below the tax exemption level …

results are robust across a range of econometric specifications and labour tax indicators. …