The Macroeconomic Effects of Income and Consumption Tax Changes

被引：20

作者：

Anh D M Nguyen ^{[1
,2
]}

Onnis, Luisanna ^{[3
]}

Rossi, Raffaele ^{[4
]}

机构：

[1] Bank Lithuania, Econ Dept, Vilnius, Lithuania

[2] Vilnius Univ, Fac Econ & Business Adm, Vilnius, Lithuania

[3] Univ Huddersfield, Dept Accountancy Finance & Econ, Huddersfield HD1 3DH, W Yorkshire, England

[4] Univ Manchester, Dept Econ, Manchester M13 9PL, Lancs, England

来源：

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY | 2021年 / 13卷 / 02期

关键词：

MONETARY-POLICY; FISCAL-POLICY; HETEROSKEDASTICITY; MULTIPLIERS; TAXATION; GROWTH; CUTS;

D O I：

10.1257/pol.20170241

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：439 / 466

页数：28

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