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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w22563 |
来源ID | Working Paper 22563 |
The Effect of Unconventional Fiscal Policy on Consumption Expenditure | |
Francesco D’Acunto; Daniel Hoang; Michael Weber | |
发表日期 | 2016-08-25 |
出版年 | 2016 |
语种 | 英语 |
摘要 | Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We exploit a unique natural experiment for an empirical test of the effectiveness of unconventional fiscal policy. To comply with European Union law, the German government announced in November 2005 an unexpected 3-percentage-point increase in value-added tax (VAT), effective in 2007. The shock increased households' inflation expectations during 2006 and actual inflation in 2007. Germans' willingness to purchase durables increased by 34% after the shock, compared to before and to matched households in other European countries not exposed to the VAT shock. Income, wealth effects, or intratemporal substitution cannot explain these results. |
主题 | Microeconomics ; Households and Firms ; Economics of Information ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; Fiscal Policy |
URL | https://www.nber.org/papers/w22563 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580237 |
推荐引用方式 GB/T 7714 | Francesco D’Acunto,Daniel Hoang,Michael Weber. The Effect of Unconventional Fiscal Policy on Consumption Expenditure. 2016. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w22563.pdf(558KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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