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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

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

Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate

Binh Thai Pham; Sala, Hector - 2019

techniques applied to the analysis of six selected economies: France, Japan, Spain, Sweden, the United Kingdom (UK), and the … periods of economic turmoil. Okun's coefficient is most volatile in Spain and most stable in Sweden and Japan, with France, UK …

Persistent link: https://www.econbiz.de/10012054782

FiMod – a DSGE model for fiscal policy simulations

Stähler, Nikolai; Thomas, Carlos - 2011

its applications, and motivated by recent policy debate in the Euro Area, we calibrate the model to Spain and the rest of …

Persistent link: https://www.econbiz.de/10008937391

FiMod - a DSGE Model for Fiscal Policy Simulations

Stahler, Nikolai - 2016

its applications, and motivated by recent policy debate in the Euro Area, we calibrate the model to Spain and the rest of …

Persistent link: https://www.econbiz.de/10012991064

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

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

On the macroeconomic and fiscal effects of the Tax Cuts and Jobs Act

Lieberknecht, Philipp; Wieland, Volker - 2019

Persistent link: https://www.econbiz.de/10011992385

The scope for progressive tax reform in the OECD countries : a macroeconomic perspective with a case study for Germany

Godar, Sarah; Paetz, Christoph; Truger, Achim - 2015

The trend of increasing inequality in the distribution of income and wealth in most developed countries has led to calls for corrective tax increases for the rich and wealthy. Such calls are often confronted with the claim that higher taxes on top personal incomes, corporate income and wealth...

Persistent link: https://www.econbiz.de/10010519198

Top-down vs. bottom-up? : reconciling the effects of tax and transfer shocks on output

Gechert, Sebastian; Paetz, Christoph; Villanueva, Paloma - 2016

shocks for Germany by reconstructing and extending the tax shock series of Hayo and Uhl (2014) and coding a shock series for …

Persistent link: https://www.econbiz.de/10011477467