Top-Down vs. Bottom-Up? Reconciling the Effects of Tax and Transfer Shocks on Output

Sebastian Gechert, Christoph Paetz () and Paloma Villanueva

VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: We construct a narrative dataset of net-revenue shocks for Germany by extending the tax shock series of Hayo and Uhl (2014) and coding a shock series for social security. We estimate the multiplier effects of shocks to taxes, social security contributions and benefits in a proxy SVAR framework (Mertens and Ravn 2013) and compare them with the top-down identification (Blanchard and Perotti 2002). We find multipliers of all components between 0 and 1 for both approaches.

JEL-codes: E62 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Top-down vs.Bottom-up? Reconciling the effects of tax and transfer shocks on output (2017)
Working Paper: Top-Down vs. Bottom-Up? Reconcilling the Effects of Tax and Transfer Shocks on Output (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168204

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