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来源类型Working Paper
规范类型报告
DOI10.3386/w22563
来源IDWorking 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
URLhttps://www.nber.org/papers/w22563
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580237
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Francesco D’Acunto,Daniel Hoang,Michael Weber. The Effect of Unconventional Fiscal Policy on Consumption Expenditure. 2016.
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