00000nam 2200000zi 4500 9.903154 CaOODSP 20221107180150 m o d f cr mn||||||||| 210908t20212021onca ob f000 0 eng d CaOODSP eng rda CaOODSP n-us--- FB3-5/2021-41E-PDF Hanson, Madeline, author. Fiscal spillovers : the case of US corporate and personal income taxes / by Madeline Hanson, Daniela Hauser and Romanos Priftis. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 1 online resource (ii, 58 pages) : illustrations (some colour). text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-41 "Last updated: August 20, 2021." Includes bibliographical references (pages 17-19). "This paper extends the identification of unanticipated changes in average federal corporate and personal income tax rates in the United States, as proposed in Mertens and Ravn (2013), to the end of 2019, and assesses their propagation to economies with tight links to the US economy. While cuts in both taxes lead to significant short-run expansions in the US economy, their spillover effects on other countries differ markedly. A cut in corporate taxes can produce negative spillovers, indicating that the contractionary effects associated to the reallocation of investment and jobs by multinational firms outweigh the potential positive effects of increased demand for country-specific goods through trade with the US. The spillover effects of lower personal income taxes are more heterogeneous across countries but are, on average, expansionary, depending on the country-specific monetary policy stance"--Abstract, page ii. Fiscal policy United States Econometric models. Corporations Taxation United States Econometric models. Income tax United States Econometric models. Politique fiscale États-Unis Modèles économétriques. Sociétés Impôts États-Unis Modèles économétriques. Impôt sur le revenu États-Unis Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2021-41. (CaOODSP)9.806221 PDF 1.03 MB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-41-eng.pdf