Arbeitspapier
The effects of legislated tax changes in Germany
This paper studies the short-run macroeconomic effects of legislated tax changes in Germany using a vector autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer (2010). Results indicate a moderate, but statistically significant, reduction in output as well as a strong offsetting monetary policy reaction following announcement of the tax policy. In response to a 1 percent increase in the tax-to-GDP ratio, the peak output reduction is about 0.7 percent. Distinguishing between anticipation and implementation effects suggests that tax changes affect GDP prior to actual implementation, whereas effects around the implementation period are insignificant, which is arguably due to the offsetting, forward-looking monetary policy reaction.
- Sprache
-
Englisch
- Erschienen in
-
Series: MAGKS Joint Discussion Paper Series in Economics ; No. 42-2011
- Klassifikation
-
Wirtschaft
Fiscal Policy
Fiscal Policies and Behavior of Economic Agents: General
Tax Law
- Thema
-
legislated tax change
narrative approach
fiscal policy
tax policy
Steuerpolitik
Schock
Steuerwirkung
Wirtschaftswachstum
Sozialprodukt
Geldpolitik
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hayo, Bernd
Uhl, Matthias
- Ereignis
-
Veröffentlichung
- (wer)
-
Philipps-University Marburg, Faculty of Business Administration and Economics
- (wo)
-
Marburg
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Hayo, Bernd
- Uhl, Matthias
- Philipps-University Marburg, Faculty of Business Administration and Economics
Entstanden
- 2011
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