Asymmetric tax multipliers |
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Institution: | 1. Departamento de Economía and INARBE, Universidad Pública de Navarra, 31006, Pamplona, Spain;2. Department of Economics, Carleton University, Ottawa, ON K1S 5B6, Canada;3. CREM, UMR CNRS 6211, Université de Rennes I, Rennes, France |
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Abstract: | Using recently published tax series by Romer and Romer (2010) and Cloyne (2013) we examine whether or not positive and negative tax shocks have asymmetric effects on the U.S. and U.K. economies. We find that in the U.S. positive tax shocks—tax increases—do not affect output while negative tax shocks—tax cuts—have large, positive effects. In the U.K., tax increases substantially reduce output while tax cuts have no significant effect. |
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Keywords: | Tax multipliers Nonlinear models |
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