Conference Agenda
Overview and details of the sessions of this conference.
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Some information on the session logistics:
If not stated otherwise, the discussant is the following speaker, with the first speaker being the discussant of the last paper. The last speaker of each session is the session chair. (Exception: invited sessions)
Presenters should speak for no more than 20 minutes, and discussants should limit their remarks to no more than 5 minutes. The remaining time should be reserved for audience questions and the presenter’s responses. We suggest following these guidelines also in the (less common) 3-paper sessions in a 2-hour slot, to allow participants to move between sessions. Discussants are encouraged to avoid summarizing the paper. By focusing on a few questions and comments, the discussants can help start a broader discussion with the audience.
Only registered participants can attend this conference. Further information available on the congress website https://www.iseg.ulisboa.pt/en/event/iipf/ .
Venue address: ISEG - Lisbon School of Economics & Management, R. Francesinhas 21, 1200-675 Lisboa, Portugal
Please note that all times are shown in the time zone of the conference. The current conference time is: 17th Sept 2026, 11:39:34am WEST
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Daily Overview |
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B06: Municipal Finances under Revenue Shocks and Fiscal Rules Location: Room 106 (Francesinhas 1) | |
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Tax And Vax: The Fiscal And Economic Effects Of The Biontech Shock ZEW, Germany We study how local governments respond to a large positive revenue shock when its persistence is uncertain. Exploiting quasi-experimental variation from BioNTech’s COVID-19 vaccine breakthrough, we show that German municipalities did not increase discretionary spending or public investment despite unprecedented business tax revenues. Instead, they reduced debt, accumulated reserves, and temporarily cut business and property tax rates. Firms hardly entered or relocated. Our results suggest that beliefs about persistence shaped policy and, together with fiscal oversight, led to reversal of tax cuts as revenues declined. Overall, tax policy is not only useful for attracting business but serves intertemporal expenditure smoothing.
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