-based arguments, the effect of tax changes on output is highly non-linear. The tax multiplier is essentially zero under relatively low …

shocks for Germany by reconstructing and extending the tax shock series of Hayo and Uhl (2014) and coding a shock series for … multiplier effects of shocks to net-revenues, taxes, social security contributions and benefits in a proxy SVAR framework …). We find multiplier effects of net-revenue components for Germany between 0 and 1 for both the top-down and bottom …