Replication data for: Empirical Evidence on the Aggregate Effects of Anticipated and Unanticipated US Tax Policy Shocks

Morten O. Ravn & Karel Mertens
We provide evidence on the dynamic effects of tax liability changes in the United States. We distinguish between surprise and anticipated tax changes. Preannounced but not yet implemented tax cuts give rise to contractions in output, investment, and hours worked while real wages increase. There are no significant anticipation effects on aggregate consumption. Implemented tax cuts, regardless of their timing, have expansionary effects, on output, consumption, investment, hours worked, and real wages. Results are shown...
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