Police had believed that the recruitment message was the work of a hoaxer. Times, Sunday Times (2013) But it is now thought hoaxers photographed a toy in a field and posted the picture online. The Sun (2014) Anyone expecting the story of a compulsive hoaxer to be funny will quickly realise their mistake. Times, Sunday Times (2010)
Fiscal reform under way in the United States will have an impact on the Mexican economy, above all because Mexico has little room to adjust its own tax rates, the head of a United Nations economic commission said yesterday.
Thus, examining the behavior of output following these relatively exogenous tax changes is likely to provide more reliable estimates of the output effects of tax changes. The results of this more reliable test indicate that tax changes have very large effects: an exogenous tax increase of 1 percent of GDP lowers real GDP by roughly 2 to 3 percent. These output effects are highly persistent.