LEADER 02992nam 2200685 450 001 9910463593003321 005 20170816134630.0 010 $a1-4623-5882-9 010 $a1-4527-9650-5 010 $a1-4518-7033-7 010 $a9786612841262 010 $a1-282-84126-2 035 $a(CKB)3170000000055065 035 $a(EBL)1607936 035 $a(SSID)ssj0000944146 035 $a(PQKBManifestationID)11503214 035 $a(PQKBTitleCode)TC0000944146 035 $a(PQKBWorkID)10983259 035 $a(PQKB)11591377 035 $a(OCoLC)762926226 035 $a(MiAaPQ)EBC1607936 035 $a(EXLCZ)993170000000055065 100 $a20140227h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInflation smoothing and the modest effect of VAT in Germany /$fAlina Carare and Stephan Danninger ; authorized for distribution by Ashoka Mody 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/175 300 $aDescription based upon print version of record. 311 $a1-4519-1486-5 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Stylized Facts and Rationale for Inflation Smoothing; III. Empirical Analysis; IV. Conclusions; References; Appendix; I. Data; II. Method; III. Calculating The Effect on Core Inflation 330 $aIncreases in German core inflation following the 2007 VAT hike were smaller than expected, leading to speculation about delayed inflationary effects. This paper argues to the contrary that price increases in advance of the VAT hike explain the small increase upon implementation. We find that core inflation rose by 0.36 percentage point in the run up and by a further 0.40 percentage point at the time of the VAT hike. Cumulatively, the tax hike contributed to two thirds of the increase in core inflation in 2006-07 at an estimated pass-through of 73 percent. Most of the increase in 2006 was of ge 410 0$aIMF Working Papers 606 $aInflation (Finance)$zGermany 606 $aValue-added tax$zGermany 606 $aInflation (Finance)$zGermany$xEconometric models 606 $aValue-added tax$zGermany$xEconometric models 608 $aElectronic books. 615 0$aInflation (Finance) 615 0$aValue-added tax 615 0$aInflation (Finance)$xEconometric models. 615 0$aValue-added tax$xEconometric models. 676 $a332.4943 700 $aCarare$b Alina$0912467 701 $aDanninger$b Stephan$0912468 701 $aMody$b Ashoka$0888386 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463593003321 996 $aInflation smoothing and the modest effect of VAT in Germany$92043720 997 $aUNINA