In this paper, we apply co-integration and error correction modelling to the annual data on government deficit, interest rate, current account deficit of balance of payments, exchange rate, consumption expenditure, and government debt in Germany and the U.K. for 1950-2002. There is evidence that...

In this paper, we apply co-integration and error correction modelling to the annual data on government deficit, interest rate, current account deficit of balance of payments, exchange rate, consumption expenditure, and government debt in Germany and the U.K. for 1950-2002. There is evidence that...

We use novel transaction-level card expenditure data to estimate the effect of the temporary value-added tax (VAT) cut in Germany 2020. We find that the annualized growth rate of expenditures for durables increased by 6 percentage points (pp) during the tax cut, with a particularly strong...

We use novel transaction-level card expenditure data to estimate the effect of the temporary value-added tax (VAT) cut in Germany 2020. We find that the annualized growth rate of expenditures for durables increased by 6 percentage points (pp) during the tax cut, with a particularly strong...

We use novel transaction-level card expenditure data to estimate the effect of the temporary value-added tax (VAT) cut in Germany 2020. We find that the annualized growth rate of expenditures for durables increased by 6 percentage points (pp) during the tax cut, with a particularly strong...