Empirical Evidence on the Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks
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Parts of this paper were earlier circulated under the title “The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence”. We are grateful for comments received from Robert Barro, Peter Claeys, Stephen Coate, Bob Driskill, Martin Eichenbaum, Carlo Favero, Jordi Galì, Mark Gertler, Eric Leeper, Roberto Perotti, Juan Rubio-Ramirez, Raf Wouters, and from seminar participants at the TAPES conference, 2010, SED 2008, ESSIM 2008, the Belgian National Bank, Bocconi University, Cornell University, Norges Bank, Penn State University, University of Amsterdam, UC Davis, University College London, Universite’ Catholique de Louvain, University of Southampton, University of Warwick and at the Federal Reserve Banks of Chicago and San Francisco. We also thank Andres Dallal for superb research assistance. The responsibility for any errors is entirely ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.