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

Mertens, K; Ravn, MO; (2013) The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States. American Economic Review , 103 (4) 1212 -1247. 10.1257/aer.103.4.1212. Green open access

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Abstract

This paper estimates the dynamic effects of changes in taxes in the United States. We distinguish between changes in personal and corporate income taxes and develop a new narrative account of federal tax liability changes in these two tax components. We develop an estimator which uses narratively identified tax changes as proxies for structural tax shocks and apply it to quarterly post-WWII data. We find that short run output effects of tax shocks are large and that it is important to distinguish between different types of taxes when considering their impact on the labor market and on expenditure components.

Type: Article
Title: The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States
Open access status: An open access version is available from UCL Discovery
DOI: 10.1257/aer.103.4.1212
Publisher version: http://dx.doi.org/10.1257/aer.103.4.1212
Language: English
Additional information: Copyright © 2013 AEA
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/1359910
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