| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17455 |
| DP17455 Short-Term Tax Cuts, Long-Term Stimulus | |
| James Cloyne; Joseba Martinez; Haroon Mumtaz; Paolo Surico | |
| 发表日期 | 2022-07-10 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the persistent effects of temporary changes in U.S. federal corporate and personal income tax rates using a narrative identification approach. A corporate income tax cut leads to a sustained increase in GDP and productivity, with peak effects between five and eight years. R&D spending and capital investment display hump-shaped responses while hours worked and employment are much less affected. In contrast, personal income tax cuts trigger a short-lived boost to GDP, productivity and hours worked but have no long-term effects. We develop and estimate an endogenous growth model with variable factor utilization and show that these features generate a pro-cyclical response of productivity which is key to account for our empirical findings. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Corporate taxes Narrative identification Fiscal stimulus Productivity R&d |
| URL | https://cepr.org/publications/dp17455 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546545 |
| 推荐引用方式 GB/T 7714 | James Cloyne,Joseba Martinez,Haroon Mumtaz,et al. DP17455 Short-Term Tax Cuts, Long-Term Stimulus. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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