Nguyen, Anh D. M.
The macroeconomic effects of income and consumption tax changes / Anh D. M. Nguyen, Luisanna Onnis and Raffaele Rossi .-- , 2021
Resumen.
Bibliografía.
This paper estimates the effects of exogenous changes in income and consumption taxes. The tax shocks are proxied with a narrative account of tax liability changes in the United Kingdom. Income tax cuts have large effects on GDP, private consumption, and investment. The effects of consumption tax cuts are modest and not statistically significant on GDP and its components. Shifting the burden of taxation from income to consumption is expansionary. Consistent with conventional public finance theories, these results indicate that it is crucial to distinguish between direct and indirect taxation when studying the transmission mechanism of fiscal policy.
RENTA
CONSUMO
IMPUESTOS
POLITICA FISCAL
REINO UNIDO
ANALISIS MACROECONOMICO
Onnis, Luisanna
Rossi, Raffaele
American Economic Journal : Economic Policy 1945-7731v. 13, n. 2, May 2021, p. 439-466
The macroeconomic effects of income and consumption tax changes / Anh D. M. Nguyen, Luisanna Onnis and Raffaele Rossi .-- , 2021
Resumen.
Bibliografía.
This paper estimates the effects of exogenous changes in income and consumption taxes. The tax shocks are proxied with a narrative account of tax liability changes in the United Kingdom. Income tax cuts have large effects on GDP, private consumption, and investment. The effects of consumption tax cuts are modest and not statistically significant on GDP and its components. Shifting the burden of taxation from income to consumption is expansionary. Consistent with conventional public finance theories, these results indicate that it is crucial to distinguish between direct and indirect taxation when studying the transmission mechanism of fiscal policy.
RENTA
CONSUMO
IMPUESTOS
POLITICA FISCAL
REINO UNIDO
ANALISIS MACROECONOMICO
Onnis, Luisanna
Rossi, Raffaele
American Economic Journal : Economic Policy 1945-7731v. 13, n. 2, May 2021, p. 439-466