<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832017000100010</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2016.11.005</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Tax policy and the macroeconomy: Measurement, identification, and non-linearities,]]></article-title>
<article-title xml:lang="es"><![CDATA[Política tributaria y macroeconomía: medición, identificación y no linealidades]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Riera-Crichton]]></surname>
<given-names><![CDATA[Daniel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vegh]]></surname>
<given-names><![CDATA[Carlos A.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vuletin]]></surname>
<given-names><![CDATA[Guillermo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Bates College  ]]></institution>
<addr-line><![CDATA[Lewiston ]]></addr-line>
<country>USA</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Johns Hopkins University  ]]></institution>
<addr-line><![CDATA[Baltimore MD]]></addr-line>
<country>USA</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Inter-American Development Bank  ]]></institution>
<addr-line><![CDATA[Baltimore MD]]></addr-line>
<country>United States</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<volume>35</volume>
<numero>spe82</numero>
<fpage>10</fpage>
<lpage>17</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000100010&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000100010&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000100010&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper examines the measurement and identification of tax policy shocks using novel multi-country databases on tax rates. On the measurement front, we argue that there is no substitute for using tax rates, a true policy instrument, as opposed to the much more popular revenue-based measures, such as cyclically adjusted revenues. On the identification front, we argue that the narrative approach (whereby changes in tax rates are classified into exogenous or endogenous to the business cycle based on contemporaneous economic records) is the most accurate method. When properly measured and identified, tax multipliers for both industrial and developing countries are, on average, about -2. Further, we find important non-linearities with multipliers becoming bigger (in absolute value) as both the level of initial taxes and the size of tax changes become larger. JEL classification: E32, E62, H20.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo estudia la medición e identificación de los choques de política tributtaria por medio de bases novedosas de datos multinacionales de tasas de impuestos. Desde el punto de vista de la medición, se argumenta que no existe un sustituto para las tasas de impuestos, un verdadero instrumento de política, en contraposición a las mediciones basadas en la renta mucho más populares, como la de renta ajustada por el ciclo. En cuanto a la identificación, se argumenta que el enfoque narrativo (donde los cambios en las tasas fiscales se clasifican en exógenos o endógenos al ciclo coyuntural en función de los registros económicos contemporáneos) es el método más preciso. Cuando se miden e identifican adecuadamente, los multiplicadores fiscales para los países industriales y en desarrollo están, en promedio, en torno a -2. Asimismo, se encuentran no linealidades importantes al incrementar los multiplicadores (en valor absoluto) a medida que tanto el nivel de los impuestos iniciales como el tamaño de los cambios en los impuestos es mayor. Códigos JEL: E32, E62, H20.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Tax policy]]></kwd>
<kwd lng="en"><![CDATA[Multiplier]]></kwd>
<kwd lng="en"><![CDATA[Fiscal policy]]></kwd>
<kwd lng="en"><![CDATA[Identification]]></kwd>
<kwd lng="en"><![CDATA[Measurement]]></kwd>
<kwd lng="es"><![CDATA[Política tributaria]]></kwd>
<kwd lng="es"><![CDATA[Multiplicador]]></kwd>
<kwd lng="es"><![CDATA[Política fiscal]]></kwd>
<kwd lng="es"><![CDATA[Identificación]]></kwd>
<kwd lng="es"><![CDATA[Medición]]></kwd>
</kwd-group>
</article-meta>
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