The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States: Comment

被引：48

作者：

Jentsch, Carsten ^{[1
]}

Lunsford, Kurt G. ^{[2
]}

机构：

[1] TU Dortmund Univ, Fac Stat, D-44221 Dortmund, Germany

[2] Fed Reserve Bank Cleveland, POB 6387, Cleveland, OH 44101 USA

来源：

AMERICAN ECONOMIC REVIEW | 2019年 / 109卷 / 07期

关键词：

CONDITIONAL HETEROSKEDASTICITY; MONETARY-POLICY; IMPACT; VARS; SVAR;

D O I：

10.1257/aer.20162011

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Mertens and Ravn (2013) estimateimpulse response functions (MPS) from income tax changes in a structural vector autoregression (SVAR) by using narrative accounts of tax liability changes as proxy variables. To produce confidence intervals for their IRFs, they use a residual-based wild bootstrap, which has subsequently become popular in the proxy SVAR literature. We argue that their wild bootstrap is not valid, producing confidence intervals that are much too small. Using a residual-based moving block bootstrap that is proven to be asymptotically valid, we reestimate confidence intervals for Mertens and Ravn's (2013) IRFs and find no statistically significant effects of tax changes on output, labor, and investment.

引用

页码：2655 / 2678

页数：24

共 18 条

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