论文标题
临时增值减税是否传递给消费者？德国刺激的证据
Are temporary value-added tax reductions passed on to consumers? Evidence from Germany's stimulus
论文作者
论文摘要
本文提供了对正在进行的临时增值税（VAT）减少的传递率的首次估计，这是德国对Covid-19的财政响应的一部分。我们使用包含在2020年6月和法国燃料站的价格变化宇宙的独特数据集，我们采用了差异性策略，发现通行证速度快，很大，但对于所有燃料类型仍然不完整。此外，我们发现不同燃料类型的通过估计值之间的高度异质性。我们的结果与以下解释一致：对于更有可能通过购买较低价格来施加竞争压力的客户群体，通行率较高。我们的结果对刺激度量的有效性和非常规财政政策的成本效益设计具有重要意义。
This paper provides the first estimates of the pass-through rate of the ongoing temporary value-added tax (VAT) reduction, which is part of the German fiscal response to COVID-19. Using a unique dataset containing the universe of price changes at fuel stations in Germany and France in June and July 2020, we employ a difference-in-differences strategy and find that pass-through is fast and substantial but remains incomplete for all fuel types. Furthermore, we find a high degree of heterogeneity between the pass-through estimates for different fuel types. Our results are consistent with the interpretation that pass-through rates are higher for customer groups who are more likely to exert competitive pressure by shopping for lower prices. Our results have important implications for the effectiveness of the stimulus measure and the cost-effective design of unconventional fiscal policy.
