Tax Revenue Response To The Business Cycle

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Tax Revenue Response To The Business Cycle

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Author : Ms.Cemile Sancak
language : en
Publisher: International Monetary Fund
Release Date : 2010-03-01

Tax Revenue Response To The Business Cycle written by Ms.Cemile Sancak and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-01 with Business & Economics categories.

This paper examines tax revenue during the business cycle by estimating the relationship between tax revenue efficiency and the output gap. We find a positive and significant relationship between these variables; results are consistent for quarterly and annual data, and across advanced and developing economies. We also find that a worsening (improvement) in the VAT C-efficiency is driven by shifts in consumption patterns and changes in tax evasion during contractions (expansions). A key implication is that, particularly during major economic booms and downturns, policy makers should look beyond simple, long-run revenue elasticities and incorporate into their analysis the effects of the economic cycle on tax revenue efficiency.

The Optimal Distribution Of The Tax Burden Over The Business Cycle

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Author : Kōnstantinos Angelopulos
language : en
Publisher:
Release Date : 2013

The Optimal Distribution Of The Tax Burden Over The Business Cycle written by Kōnstantinos Angelopulos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

Tax Analysis In A Real Business Cycle Model

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Author : Jeremy Greenwood
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1991

Tax Analysis In A Real Business Cycle Model written by Jeremy Greenwood and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business cycles categories.

When And How To Adjust Beyond The Business Cycle A Guide To Structural Fiscal Balances

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Author : Fabian Bornhorst
language : en
Publisher: International Monetary Fund
Release Date : 2011-04-11

When And How To Adjust Beyond The Business Cycle A Guide To Structural Fiscal Balances written by Fabian Bornhorst and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-11 with Business & Economics categories.

Technical Notes and Manuals are produced by IMF departments to expand the dissemination of their technical assistance advice. These papers present general advice and guidance, drawn in part from unpublished technical assistance reports, to a broader audience. This new series was launched in August 2009.

Is The Political Business Cycle For Real

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Author : S. Brock Blomberg
language : en
Publisher:
Release Date : 2008

Is The Political Business Cycle For Real written by S. Brock Blomberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

This paper constructs and examines a macroeconomic model which combines features from both real and political business cycle models. Our goal is to augment a standard real business cycle tax model by introducing political leaders who possess heterogeneous preferences for taxation and uncertain levels of competence to replicate two important empirical regularities: First, that the economy expands early under Democratic Presidents. Second, that Presidents whose parties successfully retain the presidency have stronger than average growth in the second half of their terms. The economic and political implications from this model conform to Post World War II data. Key features of the model are as follows: when Democratic Presidents are elected, the representative agent knows that they will increase government services and hence will expect taxes to rise in the future causing him to substitute labor for leisure in the current period in anticipation of policy change. If the President is incompetent and uses the tax revenue inefficiently while in office, then in the future period, real activity will fall sharply, and the President will fail in his re-election bid. However, if the President uses the tax revenue efficiently, neither recession nor loss in election will occur. The opposite dynamic response follows the election of Republican Presidents.

Growth And Variability In State Tax Revenue

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Author : Randall G. Holcombe
language : en
Publisher: Praeger
Release Date : 1997-10-28

Growth And Variability In State Tax Revenue written by Randall G. Holcombe and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-28 with Business & Economics categories.

During recessions state government fiscal crises are widespread, as states find their revenues inadequate to meet their expenditure demands. This volume shows that state fiscal crises have only one significant cause: revenue downturns associated with recessions. Other analysts have argued that fiscal crises are the result of an interaction of many complex causes, including inadequate tax bases, increasing expenditure demands, and limits placed on state governments by voters. This analysis examines these other factors and shows that while they present significant challenges to state policymakers, they are not the cause of fiscal crises. The book presents an improved methodology for measuring cyclical variability of revenues and uses this methodology to show that there is no way to restructure state tax systems in order to appreciably reduce the fiscal stress associated with recessions. Fiscal stress can be lessened by setting aside revenues during prosperous years in a rainy day fund, but current rainy day funds are not large enough to eliminate the fiscal stress caused by recessions.

Smoothing State Tax Revenues Over The Business Cycle

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Author : Yolanda K. Kodrzycki
language : en
Publisher:
Release Date : 2014

Smoothing State Tax Revenues Over The Business Cycle written by Yolanda K. Kodrzycki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

The high degree of fiscal stress experienced by state governments in the 2001 and the 2007-2009 recessions has prompted renewed discussions of alternative approaches to stabilizing state finances over the business cycle. Prompted by evidence of increased state tax revenue cyclicality in the aggregate, this study explores state-specific patterns so as to inform policymakers in individual states. It finds that while elasticity levels continued to differ across states, most states experienced greater cyclical sensitivity in the 2000s than in the 1980s and 1990s. In addition, during the 2000s personal income tax receipts varied more over the business cycle than sales tax receipts in most states that imposed both forms of taxation. This trend represented a departure from the patterns of the prior two decades, when sales tax receipts were more cyclically sensitive than individual income tax receipts in the majority of states. Cross-section regressions reveal that the main source of variation in income tax elasticities across states during the 2000s was the cyclical sensitivity of their residents' incomes as reflected on their federal income tax returns. By contrast, state-specific features such as the tax treatment of capital gains or the progressivity of tax rates did not account for significant differences in revenue elasticities across states. In addition, state departures from the federal definitions of adjusted gross income and taxable income, on the whole, did not contribute to increased revenue volatility over the business cycle. The findings are used to evaluate the efficacy of alternative measures that could be used to help stabilize state revenues, including reforms of state tax and stabilization trust structures.

Macroeconomic Effects Of Tax Rate And Base Changes Evidence From Fiscal Consolidations

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Author : Ms.Era Dabla-Norris
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-28

Macroeconomic Effects Of Tax Rate And Base Changes Evidence From Fiscal Consolidations written by Ms.Era Dabla-Norris and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-28 with Business & Economics categories.

This paper examines the macroeconomic effects of tax changes during fiscal consolidations. We build a new narrative dataset of tax changes during fiscal consolidation years, containing detailed information on the expected revenue impact, motivation, and announcement and implementation dates of nearly 2,500 tax measures across 10 OECD countries. We analyze the macroeconomic impact of tax changes, distinguishing between tax rate and tax base changes, and further separating between changes in personal income, corporate income, and value added tax. Our results suggest that base broadening during fiscal consolidations leads to smaller output and employment declines compared to rate hikes, even when distinguishing between tax types.

Behavioural Responses To Corporate Profit Taxation

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Author : John Creedy
language : en
Publisher:
Release Date : 2008

Behavioural Responses To Corporate Profit Taxation written by John Creedy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Corporate profits categories.

This paper examines behavioural responses by companies to changes in profit taxation in their home country. The elasticity of tax revenue with respect to changes in the corparation tax rate are decomposed into a variety of responses. As well as distinguishing real from profitshifting responses, it is important to separate the responses of gross profits from those of deductions (such as claims for past or current losses) where these are endogenously related to gross profits declared at home. This endogenous response can be expected to differ over the business cycle, which can be important for empirical estimates of aggregate behavioural responses especially, but not exclusively, during cyclical downturns. It is suggested that the revenue elasticity can be expected to be asymmetrical between periods of above- and belowtrend growth, arising from the asymmetric treatment of losses by the tax function.

Macroeconomic Policy

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Author : Robert J. Barro
language : en
Publisher: Harvard University Press
Release Date : 1990

Macroeconomic Policy written by Robert J. Barro and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.

This is a collection of 13 papers by a leading proponent of new classical macroeconomics, published between 1981 and 1989. The papers are classified into three topical groups. The five papers in the first section, "Rules versus Discretion," provide an overview of the models and ideas that have been deployed in this policy debate. The next three papers investigate the impact of changes in the money supply on business cycles. The third category contains five papers that address various issues in fiscal policy. Of particular note is Barro's 1989 paper on the resuscitation of the Ricardian equivalence theorem. ISBN 0-674-54080-8: $37.50.