Tax increases appear to have a very large sustained and highly significant negative impact on output.
Christina Romer
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The goal of long-run economic growth without asset price bubbles is not only achievable, but is something we should expect if we put a sound regulatory framework in place and if policymakers remain vigilant.
- Christina Romer -
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Our estimates suggest that a tax increase of 1 percent of GDP reduces output over the next three years by nearly 3 percent. The effect is highly significant.
- Christina Romer -
