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Housing market convergence: Evidence from Germany

Unal, Umut; Hayo, Bernd; Erol, Isil - 2022

This paper provides an analysis of the convergence pattern of German housing prices and rents employing a new dataset … that covers all the country's administrative districts. In addition to conventional tests for β-convergence and δ-convergence … districts. Our results reveal no evidence of convergence across Germany or within states; rather, we discover widespread …

Persistent link: https://www.econbiz.de/10014322584

The effects of legislated tax changes in Germany

Hayo, Bernd; Uhl, Matthias - 2011

This paper studies the short-run macroeconomic effects of legislated tax changes in Germany using a vector autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer (2010). Results indicate a moderate, but statistically...

Persistent link: https://www.econbiz.de/10010286390

Political leaders' socioeconomic background and fiscal performance in Germany

Hayo, Bernd; Neumeier, Florian - 2011

This paper investigates whether the socioeconomic status of the head of government helps explain fiscal performance. Applying sociological research that attributes differences in people's ways of thinking and acting to their relative standing within society, we test whether the social status of...

Persistent link: https://www.econbiz.de/10010286424

COVID-19 and Financial Markets: A Panel Analysis for European Countries

Klose, Jens; Tillmann, Peter - 2020

In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy...

Persistent link: https://www.econbiz.de/10012534485

Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2020

We study the effect of tax policy on stock market returns in the United States, Germany, and the United Kingdom using GARCH models and a unique daily dataset of legislative tax changes during the period 1 December 1978 to 31 January 2018. We find that days of discretionary tax legislation during...

Persistent link: https://www.econbiz.de/10012543679

The Effect of Legislated Tax Changes on the Trade Balance: Empirical Evidence for the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

Using a narrative account of quarterly discretionary changes in tax liabilities from 1974Q4 to 2018Q2 in a VAR setting, we study whether legislative tax changes affect the trade balance in the United States, Germany, and the United Kingdom. As legislative tax changes we consider (i) all changes,...

Persistent link: https://www.econbiz.de/10012543684

Estimating Policy-Corrected Long-Term and Short-Term Tax Elasticities for the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha; Unal, Umut - 2021

We estimate the elasticities of the most important tax categories using a new quarterly database of discretionary tax measures for the United States, Germany, and the United Kingdom over the period 1980Q1 to 2018Q2. Employing Romer and Romer's (2009) narrative approach, we construct a...

Persistent link: https://www.econbiz.de/10012543693

State-dependent effects of tax changes in Germany and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

We study state-dependent effects of narratively identified tax shocks in Germany and the UK over the period 1974Q1-2018Q4 using local projections. In addition, we distinguish between aggregated and disaggregated tax types (direct and indirect taxes) as well as look for possible asymmetries...

Persistent link: https://www.econbiz.de/10012653874

Spillovers from tax shocks to the euro area

Mierzwa, Sascha - 2021

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find spillovers from US tax legislation to have the...

Persistent link: https://www.econbiz.de/10012653882

Legislative tax announcements and GDP: Evidence from the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

We study the announcement effect of legislated tax changes on GDP in the US, Germany, and the UK. Using, as the shock of interest, narratively identified information (Romer & Romer, 2009) about future tax changes at the quarter of their introduction to the legislative body, we analyse the...

Persistent link: https://www.econbiz.de/10012653883