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The output effects of tax changes : narrative evidence from Spain
Gil, Paula; Martí, Francisco; Pérez, Javier J.; … - 2017
Persistent link: https://www.econbiz.de/10011784413
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Robustness report on "Discretionary tax changes and the macroeconomy: new narrative evidence from the United Kingdom", by James Cloyne (2013)
Kopecky, Joseph; Campbell, Douglas L.; Brodeur, Abel; … - 2024
Cloyne (2013) constructs a novel dataset documenting fiscal tax shocks in the United Kingdom using the narrative approach developed by Romer and Romer (2010), and estimates the impact of tax changes on GDP. He finds that a tax cut of one percent of GDP causes a 0.6 percent increase in output in...
Persistent link: https://www.econbiz.de/10014556602
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Exploring the Output Effect of Fiscal Policy Shocks in Low Income Countries
Honda, Jiro - 2020
What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis-based on the local projection method-finds...
Persistent link: https://www.econbiz.de/10012831612
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News shocks in the data : olympic oames and their macroeconomic effects ; reply
Langer, Viktoria C. E.; Maennig, Wolfgang; Richter, Felix - 2015 - Version: June 2015
Recent analyses relate increases in the growth rate of countries to anticipation effects caused by bidding for the Olympic Games, so called news shocks. We argue that these findings should be interpreted cautiously. First, these analyses may suffer from an omitted variable bias because they...
Persistent link: https://www.econbiz.de/10011373571
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Opening the red budget box : nonlinear effects of a tax shock in the UK
Colombo, Valentina - 2020
This paper studies the real effects of an exogenous UK tax change in recessions and expansions. The tax shock is … regressions (Granger and Teräsvirta, 1994), tax policy shock is found to affect UK macroeconomic variables depending on the phase … of the business cycle the economy is when tax shock occurs. An exogenous tax cut in recessions triggers a large …
Persistent link: https://www.econbiz.de/10012164687
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What are the effects of tax changes in the United Kingdom? : new evidence from a narrative evaluation
Cloyne, James - 2011
This paper estimates the effects of tax changes on the U.K. economy. Identification is achieved by isolating the "exogenous" tax policy shocks in the post-war U.K. economy using a narrative strategy as in Romer and Romer (2010). The resulting tax changes are shown to be unforecastable on the...
Persistent link: https://www.econbiz.de/10009124174
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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168
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What are the effects of tax changes in the United Kingdom? New evidence from a narrative evaluation
Cloyne, James - 2011
This paper estimates the effects of tax changes on the U.K. economy. Identification is achieved by isolating the 'exogenous' tax policy shocks in the post-war U.K. economy using a narrative strategy as in Romer and Romer (2010). The resulting tax changes are shown to be unforecastable on the...
Persistent link: https://www.econbiz.de/10010274733
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Learning about fiscal multipliers during the European sovereign debt crisis : evidence from a quasi-natural experiment
Gόrnicka, Lucyna; Kamps, Christophe; Koester, Gerrit; … - 2018
Identifying fiscal multipliers is usually constrained by the absence of a counterfactual scenario. Our new data set allows overcoming this problem by making use of the fact that recommendations under the EU's excessive deficit procedure (EDP) provide both a baseline no-policy-change scenario and...
Persistent link: https://www.econbiz.de/10011856496
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The time for austerity : estimating the average treatment effect of fiscal policy
Jordà, Òscar; Taylor, Alan M. - 2014
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10010463587