Using newly identified exogenous variation in German monetary policy from 580 policy meetings between 1974 and 1998, we provide new evidence on the role of the exchange rate regime …
We study the macroeconomic effects of corporate income taxes on innovation and productivity in the United States. Using narrative-identified tax changes from 1950 to 2019, we find …
Popular New Keynesian macroeconomic models predict that cuts in various types of distortionary taxes are contractionary when monetary policy is constrained at the zero lower bound …
Goods producers increase their capital expenditure and employment in response to a cut in marginal corporate income tax rates or an increase in investment tax credits. In contrast, …
The impact of fiscal policy on economic activity is still a matter of great debate. And, ever since Keynes first commented on it, interwar Britain, 1918–39, has remained a …
In response to a change in interest rates, younger firms not paying dividends adjust both their capital expenditure and borrowing significantly more than older firms paying …
The answer is ``yes'' for personal income taxes but ``no'' for corporate income taxes. Using narrative-identified US federal tax changes post-World War II and disaggregated …
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 …