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Stock market reactions to legislated tax changes : evidence from the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2020 - This version: 18 November 2020

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...

Persistent link: https://www.econbiz.de/10012543058

Income taxes, public fiscal policy and economic growth

Wolowiec, Tomasz; Skica, Tomasz; Gercheva, Galya - In: E-Finanse : finansowy kwartalnik internetowy 10 (2014) 3, pp. 52-64

The main goal of this article is to find the relationship between public fiscal policy and economic growth. The article consist of a few parts. The first is an introduction, which creates the background for the analysis in the following sections. It shows the main point of view on public fiscal...

Persistent link: https://www.econbiz.de/10010515544

The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States : Reply to Jentsch and Lunsford

Mertens, Karel - 2020

In this reply to a comment by Jentsch and Lunsford, we show that, when focusing on the relevant impulse responses, the evidence for economic and statistically significant macroeconomic effects of tax changes in Mertens and Ravn (2013) remains present for a range of asymptotically valid inference...

Persistent link: https://www.econbiz.de/10012852062

Income tax policy in Europe between two crises : from the great recession to the COVID-19 pandemic

Myck, Michał; Trzcińsk, Kajetan - 2022

wage growth and progressivity of the tax system determined the fiscal leeway which governments could use to reduce income …, their much lower degree of progressivity implied limited additional scope for fiscal changes. While decisions taken in most … of the examined countries in the CEE region led to increases in tax progressivity, their income tax systems continue to …

Persistent link: https://www.econbiz.de/10013206285

Housing and tax policy

Alpanda, Sami; Zubairy, Sarah - 2013

In this paper, we investigate the effects of housing-related tax policy measures on macroeconomic aggregates using a dynamic general-equilibrium model. The model features borrowing and lending across heterogeneous households, financial frictions in the form of collateral constraints tied to...

Persistent link: https://www.econbiz.de/10009789532

Consolidating the Covid debt

Keuschnigg, Christian; Johs, Julian; Stevens, Jacob - 2021

One of the main functions of public debt is to smooth taxes and spending over time. In the Covid crisis, the Maastricht deficit restrictions were temporarily suspended to allow for large temporary deficits. As recovery sets in, countries are confronted with the task of consolidating the Covid...

Persistent link: https://www.econbiz.de/10012796971

Economic relations between personal and corporate income tax

Skica, Tomasz; Wolowiec, Tomasz; Pavlov, Pavel - In: E-Finanse : finansowy kwartalnik internetowy 10 (2014) 1, pp. 60-68

The main goal of this article is to discuss the mutual economic relations between personal and corporate income taxes. The article consists of three parts. The first is an introduction to these taxes and taxation. The second is the analysis in which the objective of the taxation is discussed....

Persistent link: https://www.econbiz.de/10010390252

Proxy SVARs : asymptotic theory, bootstrap inference, and the effects of income tax changes in the United States

Jentsch, Carsten; Lunsford, Kurt G. - 2016

Proxy structural vector autoregressions (SVARs)identify structural shocks in vector autoregressions (VARs) with external proxy variables that are correlated with the structural shocks of interest but uncorrelated with other structural shocks. We provide asymptotic theory for proxy SVARs when the...

Persistent link: https://www.econbiz.de/10011570152

The Fiscal State-Dependent Effects of Capital Income Tax Cuts

Fotiou, Alexandra - 2020

Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: it is less expansionary when debt is high than when it is low. To explore the mechanisms that...

Persistent link: https://www.econbiz.de/10012829699

On the macroeconomic and fiscal effects of the tax cuts and jobs act

Lieberknecht, Philipp; Wieland, Volker - 2019

There is substantial disagreement about the consequences of the Tax Cuts and Jobs Act (TCJA) of 2017, which constitutes the most extensive tax reform in the United States in more than 30 years. Using a large-scale two-country dynamic general equilibrium model with nominal rigidities, we find...

Persistent link: https://www.econbiz.de/10011989723