The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks
E273023
"The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks" is an influential empirical economics paper that quantifies how exogenous tax policy changes impact output and other key macroeconomic variables.
All labels observed (1)
| Label | Occurrences |
|---|---|
| The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T2509190 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks Context triple: [David Romer, notableWork, The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks]
-
A.
Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?
"Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?" is an influential macroeconomics paper by Jordi Galí that empirically evaluates the ability of real business cycle models driven by technology shocks to explain postwar U.S. economic fluctuations.
-
B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
"The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area" is an influential empirical economics paper by Jordi Galí that tests and supports New Keynesian inflation dynamics using euro area data.
-
D.
Monetary Policy, Inflation, and the Business Cycle
"Monetary Policy, Inflation, and the Business Cycle" is a widely cited macroeconomics book that develops and applies New Keynesian models to analyze how monetary policy affects inflation dynamics and economic fluctuations.
-
E.
Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?
"Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?" is an influential macroeconomics paper by Jordi Galí that empirically investigates how technology shocks affect employment and output over the business cycle.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks Target entity description: "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks" is an influential empirical economics paper that quantifies how exogenous tax policy changes impact output and other key macroeconomic variables.
-
A.
Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?
"Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?" is an influential macroeconomics paper by Jordi Galí that empirically evaluates the ability of real business cycle models driven by technology shocks to explain postwar U.S. economic fluctuations.
-
B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
"The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area" is an influential empirical economics paper by Jordi Galí that tests and supports New Keynesian inflation dynamics using euro area data.
-
D.
Monetary Policy, Inflation, and the Business Cycle
"Monetary Policy, Inflation, and the Business Cycle" is a widely cited macroeconomics book that develops and applies New Keynesian models to analyze how monetary policy affects inflation dynamics and economic fluctuations.
-
E.
Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?
"Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?" is an influential macroeconomics paper by Jordi Galí that empirically investigates how technology shocks affect employment and output over the business cycle.
- F. None of above. chosen
Statements (42)
| Predicate | Object |
|---|---|
| instanceOf |
academic paper
ⓘ
economics paper ⓘ macroeconomics paper ⓘ |
| approach |
treats certain tax changes as exogenous to current macroeconomic conditions
ⓘ
uses narrative records to classify tax legislation ⓘ |
| author |
Christina D. Romer
ⓘ
linked to:
Christina Romer
David H. Romer ⓘ
linked to:
David Romer
|
| contribution |
constructs a new narrative measure of exogenous tax shocks
ⓘ
distinguishes between exogenous and endogenous tax changes ⓘ quantifies the impact of tax changes on output ⓘ |
| countryStudied |
United States
ⓘ
linked to:
United States of America
|
| dataSource |
U.S. federal tax legislation
ⓘ
narrative policy documents ⓘ |
| discipline | economics ⓘ |
| field |
empirical economics
ⓘ
macroeconomics ⓘ public finance ⓘ |
| finding |
exogenous tax increases reduce real GDP over several years
ⓘ
tax changes motivated by deficit reduction have strong output effects ⓘ tax changes motivated by short-run stabilization have different effects than long-run motivated changes ⓘ tax increases have large negative effects on output ⓘ |
| focus |
exogenous tax changes
ⓘ
macroeconomic effects of tax policy ⓘ output response to tax changes ⓘ |
| influence |
influential in debates on fiscal multipliers
ⓘ
used as a benchmark for identifying tax shocks ⓘ widely cited in empirical macroeconomics literature ⓘ |
| language | English ⓘ |
| methodology |
narrative identification of tax changes
ⓘ
time-series analysis ⓘ |
| peerReviewed | true ⓘ |
| publicationYear | 2010 ⓘ |
| publishedIn | American Economic Review ⓘ |
| publisher | American Economic Association ⓘ |
| relatedConcept |
exogenous policy shock identification
ⓘ
fiscal multiplier ⓘ tax multiplier ⓘ |
| timePeriodCovered | postwar United States ⓘ |
| topic |
fiscal policy
ⓘ
fiscal shocks ⓘ macroeconomic fluctuations ⓘ tax policy ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks Description of subject: "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks" is an influential empirical economics paper that quantifies how exogenous tax policy changes impact output and other key macroeconomic variables.
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
David Romer
→
notableWork
→
The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks
ⓘ