Output Effects of a Measure of Tax Shocks Based on Changes in Legislation for Portugal

Manuel Pereira and Lara Wemans ()
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Lara Wemans: Banco de Portugal

Hacienda Pública Española / Review of Public Economics, 2015, vol. 215, issue 4, 27-62

Abstract: This paper develops a new measure of quarterly discretionary tax shocks for Portugal resulting from changes in legislation, following the narrative approach. A comprehensive analysis of tax policy mea-sures in the period 1996-2012 was undertaken. The findings point to strongly negative and persistent effects of legislated tax increases on GDP and private consumption, matching the tendency of the narrative approach to yield comparatively high tax multipliers.

Keywords: fiscal policy; tax shocks; macroeconomic stabilization. (search for similar items in EconPapers)
JEL-codes: E32 E62 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (12)

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Related works:
Working Paper: Output effects of a measure of tax shocks based on changes in legislation for Portugal (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hpe:journl:y:2015:v:215:i:4:p:27-62

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