We investigate the international propagation of tax rate shocks originating in the USA using a global vector error correction model. We identify shocks to corporate and personal income tax rates by using narrative series as external instruments, following the proxy-SVAR methodology. The main results are the following: (1) In terms of fiscal multiplier, domestic effects of corporate tax shocks are stronger than those of personal income tax shock; (2) spillovers are in most cases positive and significant, albeit of small size; (3) the boost to exports in recipient economies, stimulated both by stronger US demand and, to a lesser extent, by real exchange rate depreciation, is the main transmission channel; and financial channels (through long-term interest rates) also play a role.

我们使用全球矢量误差校正模型调查源自美国的税率冲击的国际传播。我们遵循代理SVAR方法，通过使用叙述性系列作为外部工具来确定对公司和个人所得税税率的冲击。主要结果如下：（1）在财政乘数方面，公司税收冲击的国内影响要大于个人所得税冲击的国内影响；（2）尽管规模很小，但溢出在大多数情况下是积极而显着的；（3）受美国需求增加以及实际汇率贬值（较小程度上）刺激的受援国出口增长是主要的传导渠道；金融渠道（通过长期利率）也发挥了作用。