Hayo, Bernd; Mierzwa, Sascha - 2021 - This version: 08 October 2021
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 introduction to the legislative body, we analyse the...