| 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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