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. …

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. …

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 which …

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 …