An optimal taxation approach is employed to discuss the interaction between factor and commodity taxes for a small open economy when both profit-earning firms and domestic consumers are imperfectly mobile internationally. In this framework, we demonstrate two main results: first, a...

This paper estimates the incidence of state corporate taxes using new data and methods for estimating the effects on profits. We extend Suarez Serrato and Zidar (2016) by developing two new identification approaches that use the effects of business taxes on the labor demand of incumbent firms...

Building an understanding of the interrelations of housing, finance, policy and the economy is a critical step towards developing a strategy that permits policy makers to leverage resources and enable the housing market to function better in the pursuit of economic, financial, social and...

Fiscal policy shocks exert wide-reaching effects, including movements in asset markets. U.S. politics have been characterized historically by a high degree of partisan conflict. The combination of increasing polarization and divided government leads not only to significant Congressional...

The COVID-19 pandemic induced an increase in both the amount of time that households spend at home and the share of expenditures allocated to at-home consumption. These changes coincided with a period of rapidly rising house prices. We interpret these facts as the result of stay-at-home shocks...

The COVID-19 pandemic induced a significant increase in both the amount of time that households spend at home and the share of expenditures allocated to at-home consumption. These changes coincided with a period of rapidly rising house prices. We interpret these facts as the result of...

This paper studies whether the fiscal stimulus programs during the 2020-2021 COVID-19 pandemic contributed to the sharp rise in house prices during the same period. Exploiting the variation in the share of local population eligible for the historic $900 billion economic impact payments and...

This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is difficult to find robust evidence of the fiscal...

This paper quantifies the dynamic macroeconomic effects of tax changes in Germany, allowing for anticipation effects of preannounced tax reforms. Identification is achieved using a narrative approach, which provides information about the timing of tax reforms. An anticipated cut in taxes has a...