Understanding the Aggregate Effects of Anticipated and Unanticipated Tax Policy Shocks

By Karel Mertens, Morten O. Ravn. 2009

223 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Renewable Energy, Sustainability and the Environment

View Paper: https://www.semanticscholar.org/paper/0bed34ce32a630d76e4a44ee1b491e80b8d8eee4

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

In Renewable Energy, Sustainability and the Environment

Citations in the corpus

A reconciliation of SVAR and narrative estimates of tax multipliers (2014, methodology): “We adopt an alternative approach to the estimation of tax multipliers, described in Mertens and Ravn (2012b) and Stock and Watson (2012), that integrates narrative identification into the standard”
Marginal Tax Rates and Income: New Time Series Evidence (2013, unknown): “There are many examples of dynamic general equilibrium models with exogenous tax shocks vτ in which the parameter η in (5) is a complicated function of a large number of structural parameters, e.g. Braun (1994), McGrattan (1994), Leeper, Plante and Traum (2010) or Mertens and Ravn (2011).”
The output effect of fiscal consolidation plans (2015, background): “As already argued (Mertens and Ravn 2011) this seems a very reasonable way to save on degrees of freedom.”
Precautionary Saving Over the Business Cycle (2016, unknown): “Otherwise, a is given by (29) (the precautionary saving case); substituting this value of a into (34)(35) and rearranging gives the inequality in the proposition”
Empirical evidence on the aggregate effects of anticipated and unanticipated US tax policy shocks (2012, methodology): “Mertens and Ravn (2011) show that as long as is sufficiently high, the approximation is quite precise and that the VAR provides a very good fit of the dynamics of a DSGE model.”
Economic Policy Uncertainty Spillovers in Booms and Busts (2019, unknown): “…(2013)), one ﬁnancial shock (Gilchrist and Zakrajˇsek (2012)), two ﬁscal shocks (ﬁscal spending news shocks `a la Ramey (2011) and tax news shocks as in Mertens and Ravn (2011), with the choice of focusing on the news components being justiﬁed by their relevance in the ﬁscal policy literature),…”
Interpreting pre-trends as anticipation: Impact on estimated treatment effects from tort reform (2015, unknown): “…formation, such as rational 4A less than comprehensive list includes: Acemoglu and Linn (2004), Autor, Donohue, and Schwab (2006), Ayers, Cloyd, and Robinson (2005), Bhattacharya and Vogt (2003), Finkelstein (2004), Gruber and Koszegi (2001), Lueck and Michael (2003), and Mertens and Ravn (2011).”
Estimating Fiscal Multipliers: News From A Non‐linear World (2015, unknown): “…Secondly, anticipation e¤ects are likely to be of great relevance in the transmission of scal policy e¤ects, a phenomenon often referred to as " scal foresight" (see, among others, Yang (2005), Mertens and Ravn (2011), Ramey (2011), Gambetti (2012a, 2012b), Leeper, Walker, and Yang (2013)).”
Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism (2019, background): “The model includes durable expenditures following Mertens and Ravn (2011) and Monacelli (2009). Finally, it is worth emphasizing that our model, while sufficiently rich to look at all the variables in our empirical analysis, has been kept deliberately stylized to highlight the relative importance of”
Escaping the Great Recession (2017, unknown): “…Woodford 1994, 1995, 2001; Schmitt-Grohe and Uribe 2000; Cochrane 1998, 2001; among many others, ) and to the vast literature on fiscal multipliers (e.g., Blanchard and Perotti 2002; Mountford and Uhlig 2009; Uhlig 2010; Romer and Romer 2010; Mertens and Ravn 2011 and 2013; Misra and Surico 2013).”
The Costs of Economic Nationalism: Evidence from the Brexit Experiment* (2019, background): “Finally, our paper complements a number of inﬂuential studies on the instantaneous macroeconomic impact of anticipated future (policy) changes or, more generally, “news” (see e.g. Barsky and Sims, 2011, 2012; Beaudry and Portier, 2006; Schmitt-Grohé and Uribe, 2012; Mertens and Ravn, 2011, 2012).”