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2. Monetary policy shocks and consumer expectations in the euro area. (2023). Scharler, Johann ; Grundler, Daniel ; Geiger, Martin.
   In: Journal of International Economics.
   RePEc:eee:inecon:v:140:y:2023:i:c:s0022199622001404.

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3. Fiscal policy in the semi-structural model ECB-BASE. (2023). Bakowski, Krzysztof.
   In: Working Paper Series.
   RePEc:ecb:ecbwps:20232802.

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4. .

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5. The Expected, Perceived, and Realized Inflation of U.S. Households before and during the COVID19 Pandemic. (2022). Weber, Michael ; Gorodnichenko, Yuriy ; Coibion, Olivier.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:29640.

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6. The Expected, Perceived, and Realized Inflation of U.S. Households before and during the COVID-19 Pandemic. (2022). Gorodnichenko, Yuriy ; Coibion, Olivier ; Weber, Michael.
   In: IZA Discussion Papers.
   RePEc:iza:izadps:dp15027.

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7. Household expectations and the release of macroeconomic statistics. (2021). Binder, Carola Conces.
   In: Economics Letters.
   RePEc:eee:ecolet:v:207:y:2021:i:c:s0165176521003189.

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8. Firm expectations and economic activity. (2021). Müller, Gernot ; Enders, Zeno ; Muller, Gernot J ; Hunnekes, Franziska.
   In: Working Paper Series.
   RePEc:ecb:ecbwps:20212621.

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1. A VAT increase of 3% was therefore highly unexpected. Consistently, the opposition parties and the popular press accused the new government between CDU and SPD of electoral fraud after it announced this policy measure in November 2005, and they fiercely criticized the new government. The Section A.5 of the Online Appendix contains press clippings commenting on the VAT policy.
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2. actual expenditures elicited with surveys. Spending data in surveys typically contain noise, because survey participants might not recall their actual purchases, or they might overstate their purchases of visible products, such as cars, and understate the consumption of “sin” products, such as tobacco and alcohol (see Hurd and Rohwedder (2015) and Atkinson and Micklewright (1983)).
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3. Agarwal, S. and W. Qian (2014). Consumption and debt response to unanticipated income shocks: Evidence from a natural experiment in singapore. American Economic Review 104(12), 4205–30.

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7. “Mehrwertsteuer ist glatter Betrug an den Waehler.” Gruenen-Vorsitzende Claudia Roth haelt den Koalitionsvertrag fuer unsozial “VAT is electoral fraud.” Green party leader Claudia Roth calls coalition agreement antisocial Berliner Morgenpost, 11/21/2005 Opposition kritisiert“Wahlbetrug.” Vor allem hoehere Mehrwertsteuer stoesst auf Protest Opposition criticizes “electoral fraud.” Especially higher VAT fiercely criticized Frankfurter Rundschau, 11/14/2005 Opposition spricht von Wahlbetrug.
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8. Andersen, S., J. Y. Campbell, K. M. Nielsen, and T. Ramadorai (2020, October). Sources of inaction in household finance: Evidence from the danish mortgage market. American Economic Review 110(10), 3184–3230.

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23. Berliner Morgenpost, 5/19/2006 Westerwelle geisselt Steuererhoehungen. Westerwelle criticizes tax hike.
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25. Campbell, J. R., C. L. Evans, J. D. Fisher, A. Justiniano, C. W. Calomiris, and M. Woodford (2012). Macroeconomic effects of federal reserve forward guidance [with comments and discussion]. Brookings Papers on Economic Activity, 1–80.

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28. change did affect nondurable goods less than durable goods (see discussion below). We do not observe households’ attitudes towards purchases of non-durable goods. To address this concern directly, we show realized non-durable consumption growth increased during 2006. German households also lowered their savings attitudes during 2006 in absolute terms and relative to matched foreign households, supporting the conclusion that households increased overall consumption (see Table 3).
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29. Christiano, L. J., M. Eichenbaum, and C. L. Evans (2005). Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113(1), 1–45.

30. Coibion, O. and Y. Gorodnichenko (2015). Information rigidity and the expectations formation process: A simple framework and new facts. American Economic Review 105(8), 2644–78.

31. Coibion, O., D. Georgarakos, Y. Gorodnichenko, and M. Weber (2020). Forward guidance and household expectations. Technical report, National Bureau of Economic Research.

32. Coibion, O., Y. Gorodnichenko, and M. Weber (2019). Monetary policy communications and their effects on household inflation expectations. Technical report, National Bureau of Economic Research.

33. Coibion, O., Y. Gorodnichenko, and M. Weber (2020a). The cost of the covid-19 crisis: Lockdowns, macroeconomic expectations, and consumer spending. Technical report, National Bureau of Economic Research.
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34. Coibion, O., Y. Gorodnichenko, and M. Weber (2020b). Labor markets during the covid-19 crisis: A preliminary view. Technical report, National Bureau of Economic Research.
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35. Coibion, O., Y. Gorodnichenko, K. Saten, and M. Pedemonte (2018). Inflation expectations as a policy tool? NBER Working Paper No. 24788.

36. Correia, I., E. Farhi, J. P. Nicolini, and P. Teles (2013). Unconventional fiscal policy at the zero bound. American Economic Review 103(4), 1172–1211.

37. Crump, R. K., S. Eusepi, A. Tambalotti, and G. Topa (2015). Subjective intertemporal substitution. FRB of New York Staff Report (734).

38. D’Acunto, F. (2014). Basic education in the long run: Innovation, investments.
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39. D’Acunto, F. (2015). Tear down this wall street: The effect of anti-market ideology on investment decisions. Available at SSRN 2705545.
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40. D’Acunto, F. (2018). Tear down this wall street: Anti-market rhetoric, motivated beliefs, and investment. Working Paper.
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41. D’Acunto, F. and A. G. Rossi (2021). New frontiers of robo-advising: Consumption, saving, debt management, and taxes. Working Paper.
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42. D’Acunto, F., A. Fuster, and M. Weber (2020). Diverse policy committees are more effective. Chicago Booth Research Paper.
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43. D’Acunto, F., A. Rossi, and M. Weber (2019). Crowdsourcing financial information to change spending behavior. Chicago Booth Research Paper (19-09).

44. D’Acunto, F., D. Hoang, and M. Weber (2018). Unconventional fiscal policy. AEA Papers and Proceedings 108.

45. D’Acunto, F., D. Hoang, M. Paloviita, and M. Weber (2019a). Cognitive abilities and inflation expectations. AEA Papers & Proceedings 109, 562–566.
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46. D’Acunto, F., D. Hoang, M. Paloviita, and M. Weber (2019b). Human frictions in the transmission of economic policies. Working Paper.
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47. D’Acunto, F., D. Hoang, M. Paloviita, and M. Weber (2020a). Effective policy communication: Targets versus instruments. Chicago Booth Research Paper.
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48. D’Acunto, F., D. Hoang, M. Paloviita, and M. Weber (2020b). Iq, expectations, and choice. Working Paper.
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49. D’Acunto, F., M. Prokopczuk, and M. Weber (2018). Historical antisemitism, ethnic specialization, and financial development. The Review of Economic Studies 86(3), 1170–1206.
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50. D’Acunto, F., P. Ghosh, and A. Rossi (2021). Political polarization and the transmission of fiscal policy. Working Paper.
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51. D’Acunto, F., P. Ghosh, R. Jain, and A. G. Rossi (2020). How costly are cultural biases? Available at SSRN 3736117.
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52. D’Acunto, F., T. Rauter, C. K. Scheuch, and M. Weber (2020). Perceived precautionary savings motives: Evidence from fintech. Technical report, National Bureau of Economic Research.

53. D’Acunto, F., U. Malmendier, and M. Weber (2020). Gender roles and the gender expectations gap. Proceedings of the National Academy of Sciences (forthcoming).

54. D’Acunto, F., U. Malmendier, J. Ospina, and M. Weber (2021). Exposure to grocery prices and inflation expectations. Journal of Political Economy (forthcoming).

55. Data from the OECD show unit labor costs decreased in Germany during 2006 and 2007 in absolute terms and relative to France, Sweden, and the UK (see: http://stats.oecd.org/Index.aspx?QueryName=426).
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56. Data on the consumer price index, the unemployment rate, real durable consumption expenditure, real GDP, and industrial production are from the German Statistical Office (DeStatis); Data on the European and German uncertainty index are from Baker et al. (2016); Data on DAX and Volatility DAX are from the Deutsche Boerse; and oil price data are from Bloomberg. We obtain the harmonized consumer price indexes (CPI) from the Statistical Data Warehouse at the European Central Bank. The data ID for the harmonized overall CPI is ICP.M.DE.N.000000.4.INX; for the all items CPI excluding food and energy it is ICP.M.DE.N.XEF000.4.INX; for the major durables CPI it is ICP.M.DE.N.0921 2.4.INX; and for the non-durable households goods CPI it is ICP.M.DE.N.056100.4.INX.
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57. Del Negro, M., M. P. Giannoni, and C. Patterson (2015). The forward guidance puzzle. FRB of New York Staff Report (574).

58. Doepke, M. and M. Schneider (2006). Inflation and the redistribution of nominal wealth. Journal of Political Economy 114(6), 1069–1097.

59. Eggertsson, G. B. and M. Woodford (2003). The zero bound on interest rates and optimal monetary policy. Brookings Papers on Economic Activity 2003(1), 139–211.

60. Empirically, households’ inflation expectation over the next 12 months did not increase until January 2006, after the new government had announced its plans in November 2005 to increase VAT in 2007, rather than 2006 as the CDU had planned initially which is direct evidence German households did not expect an increase in VAT in 2006, as the CDU proposed.1 Neither of the two blocks—CDU and Liberals on the one hand, and SPD and Greens on the other hand—had a majority in polls before the elections.2 In the actual election on September 1
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61. Farhi, E. and I. Werning (2018). Monetary policy, bounded rationality, and incomplete markets. Working Paper.

62. Farhi, E., G. Gopinath, and O. Itskhoki (2014). Fiscal devaluations. The Review of Economic Studies 81(2), 725–760.
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63. Feldstein, M. (2002). The role for discretionary fiscal policy in a low interest rate environment. Technical report, National Bureau of Economic Research.

64. Figure 11: Channels of Forward Guidance: Income Effect? 0 5 / 1 3 0 7 / 1 3 0 9 / 1 3 1 1 / 1 3 0 1 / 1 4 0 3 / 1 4 0 5 / 1 4 0 0.2 0.4 0.6 Inflation Expectations Income Perception Income Expectations This figure plots average monthly inflation expectation, perception of past income, and expectation of future income over time. We use the confidential micro data underlying the GfK Consumer Climate MAXX survey to construct those variables. GfK asks a representative sample of 2,000 households how consumer prices will evolve in the next 12 months compared to the previous 12 months, how the financial situation of the household evolved during the past 12 months, and how the financial situation of the household will evolve during the next 12 months. We create a dummy variable that equals 1 if a household expects inflation to increase, perceives an improved financial situation, and expects an improved financial situation. The sample period is April 2013 to June 2014.
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65. Figure 4: Common Support of Treated and Matched Households Panel A. Unconventional Fiscal Policy 0 .2 .4 .6 .8 Propensity Score Untreated Treated Panel B. Forward Guidance 0 .2 .4 .6 .8 Propensity Score Untreated Treated This figure plots the number of households in the untreated (blue) and treated (red) groups across forty equal-length partitions of the distribution of the propensity score in the baseline months (June 2005 and March 2013) for the difference-in-differences analyses. We estimate the propensity score with a logit specification whose outcome variable is the indicator for whether a household is in the treated or control group. The controls are the observables we use for the matching of households: age group, gender, education group, income group, and socio-economic status group. The treated group includes German households, whereas the control group includes households from the UK, France, and Sweden in Panel A and from the UK and Sweden in Panel B.

66. Fuchs-Schuendeln, N. and T. A. Hassan (2016). Natural experiments in macroeconomics. In J. B. Taylor (Ed.), Handbook of macroeconomics, Volume 2, pp. 923–1012. Elsevier.

67. Gabaix, X. (2020, August). A behavioral new keynesian model. American Economic Review 110(8), 2271–2327.

68. Germany UK and Sweden This figure plots the average monthly readiness to purchase durables (solid line) and one standard error bands (dashed line) over time. We use the confidential micro data underlying the GfK Consumer Climate MAXX survey to construct these variables for Germany and similar data from national statistical agencies and GfK subsidiaries for the United Kingdom, Sweden, and France. GfK asks a representative sample of 2,000 households whether it is a good time to purchase durables given the current economic conditions. Higher values correspond to better times to purchase durables. The sample periods are January 2004—December 2006 and January 2013—December 2014.
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69. Gomes, F., M. Haliassos, and T. Ramadorai (2020). Household finance. Journal of Economic Literature (forthcoming).
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70. Gorodnichenko, Y. and M. Weber (2016). Are sticky prices costly? evidence from the stock market. American Economic Review 106(1), 165–99.

71. Hall, R. E. (2011). The long slump. American Economic Review 101(2), 431–469.

72. Hurd, M. D. and S. Rohwedder (2015). Measuring total household spending in a monthly internet survey. Improving the Measurement of Consumer Expenditures 74, 365.
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73. If voters had considered the CDU proposal credible, we should already see an increase in inflation expectation during the campaign in the summer of 2005, because the plan was to increase VAT in January 2006. 2 Eleven days before the elections, the polling institute Infratest Dimap predicted a vote share of 41% for the CDU, 34% for the SPD, 8.5% for the Left, 7% for the Greens, and 6.5% for the Liberals. See http://www.infratestdimap. de/en/umfragen-analysen/bundesweit/sonntagsfrage/. All parties explicitly ruled out any coalition with the Left. The media mentioned all other possible combinations, including non-traditional combinations, as possible coalitions, including a “traffic-light” coalition among SPD, Greens, and Liberals and a “Jamaica” coalition among CDU, Liberals, and Greens.
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74. Ilut, C. and R. Valchev (2017). Economic agents as imperfect problem solvers. Unpublished Manuscript, Boston College.

75. Inflation Expectations Income Perception Income Expectations This figure plots average monthly inflation expectation, perception of past income, and expectation of future income over time. We use the confidential micro data underlying the GfK Consumer Climate MAXX survey to construct those variables. GfK asks a representative sample of 2,000 households how consumer prices will evolve in the next 12 months compared to the previous 12 months, how the financial situation of the household evolved during the past 12 months, and how the financial situation of the household will evolve during the next 12 months. We create a dummy variable that equals 1 if a household expects inflation to increase, perceives an improved financial situation, and expects an improved financial situation. The sample period is January 2004 to December 2006 for a total of 3 years.
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76. Jappelli, T. and L. Pistaferri (2014). Fiscal policy and MPC heterogeneity. American Economic Journal: Macroeconomics 6(4), 107–136.

77. Jonung, L. (1981). Perceived and expected rates of inflation in Sweden. The American Economic Review 71(5), 961–968.

78. Kaplan, G. and G. L. Violante (2018). Microeconomic heterogeneity and macroeconomic shocks. Journal of Economic Perspectives 32(3), 167–94.

79. Kaplan, G., B. Moll, and G. L. Violante (2018). Monetary policy according to HANK. American Economic Review 108(3), 697–743.

80. Kindermann, F., J. Le Blanc, M. Piazzesi, and M. Schneider (2020). Learning about housing cost: Survey evidence from the german house price boom.

81. Kreiner, C. T., D. D. Lassen, and S. Leth-Petersen (2014). Measuring the accuracy of survey responses using administrative register data: Evidence from denmark. In Improving the Measurement of Consumer Expenditures, pp. 289–307. University of Chicago Press.

82. Kuchler, T. and B. Zafar (2018). Personal experiences and expectations about aggregate outcomes. Journal of Finance 74, 2491–2542.
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83. Kuhnen, C. M. and A. C. Miu (2017). Socioeconomic status and learning from financial information. Journal of Financial Economics 124(2), 349–372.

84. Labor force participation, instead, barely changed from 58.4% in 2005 to 59.1% in 2007 (see: http://data.worldbank.org/indicator/SL.TLF.CACT.ZS?locations=DE). 7
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85. Leth-Petersen, S. (2010). Intertemporal consumption and credit constraints: Does total expenditure respond to an exogenous shock to credit? American Economic Review 100(3), 1080–1103.

86. Link, S., A. Peichl, C. Roth, and J. Wohlfart (2020). Information frictions among firms and households. Working Paper.
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87. Malmendier, U. and S. Nagel (2016). Learning from inflation experiences. The Quarterly Journal of Economics 131(1), 53–87.

88. Opposition stresses “electoral fraud.” Die Welt, 11/13/2005 Die dreissten Steuerluegen. Unapologetic tax lies.
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89. Our natural experiment resembles the proposals in Shapiro (1991), Feldstein (2002), and Hall (2011), but deviates from the setting in Correia et al. (2013) in a few dimensions. First, the German government used 2 percentage points of the 3% increase in VAT to consolidate the federal budget, and 1 percentage point to lower indirect labor taxes by 2%.5 Empirically, we do not find any effect on labor force participation or unit labor costs.6 Moreover, we find similar marginal effects of inflation expectations on the propensity to purchase durables for full-time, part-time, and unemployed survey participants.
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90. Poterba, J. M. (1996). Retail price reactions to changes in state and local sales taxes. National Tax Journal 49(2), 165–176.

91. Providing common signals such as information treatments about macroeconomic variables reduces the dispersion of expectations. In noisy expectations models, we would expect an immediate decrease in the cross-sectional dispersion of beliefs because of the common signal, whereas in sticky-expectations models, we might only expect a gradual decrease in the dispersion of beliefs across individuals (Coibion and Gorodnichenko (2015)). Unfortunately, our survey does not include direct elicitation of the full distribution of individual beliefs about inflation, and hence we cannot measure the second moment of inflation expectations at the individual level.
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92. Relevant Narrative about the 2005 German Elections. The Christian Democrats (CDU, center-right) were the only German party in the 2005 electoral campaign advocating an increase in VAT by 2% starting in January 2006 to lower non-wage labor costs (see CDU (2005), page 14). The Social Democrats (SPD, center-left) strongly opposed an increase in VAT, and instead favored a 3% increase in income tax for top income earners (see SPD (2005), page 39). The Greens (center-left) and Liberals (center-right) also strongly opposed an increase in VAT. The Liberals, for example, promised to decrease the general tax burden by EUR 19bn. All parties except the CDU strongly opposed raising VAT, including CDU’s preferred coalition partner, the Liberals. The projections of the election outcomes were highly uncertain (see below), as were the fiscal policy measures the new government would have implemented.
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93. Romer, C. D. and D. H. Romer (2010). The macroeconomic effects of tax changes: Estimates based on a new measure of fiscal shocks. The American Economic Review 100(3), 763–801.

94. Rossi, A. G. and S. P. Utkus (2020). The needs and wants in financial advice: Human versus robo-advising. Available at SSRN 3759041.
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95. Roth, C. and J. Wohlfart (2019). How do expectations about the macroeconomy affect personal expectations and behavior? Review of Economics and Statistics 102, 731–748.
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96. Roth, C., S. Settele, and J. Wohlfart (2021). Risk exposure and acquisition of macroeconomic information. American Economic Review: Insights (forthcoming).

97. Second, we only observe attitudes towards purchases of durable goods. In a model with both durable and non-durable consumption, the intertemporal substitution effect of higher future consumption taxes is larger for durable goods (see Barsky et al. (2007) and Barsky et al. (2016)).7 A potential concern for policymakers aiming to stimulate overall consumption is that households might substitute intratemporally from non-durable to durable consumption, because the VAT 5 Efficiency gains in the unemployment insurance system financed the second percentage-point decrease in indirect labor taxes. 6
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98. Shapiro (1991) already emphasizes the effect of unconventional fiscal policy should mainly operate through expenditure on durable goods. Storability of durable goods can lead to an increase in durable expenditure due to a future increases in VAT even if the IES is small through an arbitrage effect.
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99. Shapiro, M. D. (1991). Economic stimulant. Technical report, New York Times.
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100. Slacalek, J., O. Tristani, and G. L. Violante (2020). Household balance sheet channels of monetary policy: A back of the envelope calculation for the euro area. Technical report, National Bureau of Economic Research.

101. SPD (2005). Vertrauen in Deutschland. Das Wahlmanifest der SPD. Electoral Manifest.
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102. Stehle, R. M. (2006, 6). Geplante Mehrwertsteuer-Anhebung treibt Inflation. Berliner Zeitung.
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103. Sueddeutsche Zeitung, 5/15/2006 Warum luegen Politiker? Why do politician lie? Welt am Sonntag, 5/14/2006 A.6 Dispersion of Inflation Expectations Our baseline analysis focuses on the first moment of inflation expectations, but the policy announcements might also imply an indirect effect on the cross sectional dispersion of expectations across individuals.9 Indeed, Coibion et al. (2019) show if priors are symmetrically distributed around a signal and agents update expectations in a Bayesian fashion, the average expectations would not change after the signal even if everyone updated their expectations.
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104. The coalition agreed on an overall contractionary fiscal policy (see below), including the 3% increase in VAT, and the use of one third of the additional tax revenue to decrease non-wage labor costs by two percentage points. The government planned to use two thirds of the VAT increase to consolidate the federal budget to comply with the Maastricht Treaty and hinder an infringement procedure by the European Commission. Total tax revenue indeed increased in 2007, and Germany no longer violated the EU Stability and Growth Pact.
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105. The sample period is January 2000 to February 2016.
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106. The sample period is January 2000 to February 2016.
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107. The sample period is September 2005 to June 2007 for a total of 3 years.
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108. The vertical lines in Panel A indicate when the VAT increased was announced (November 2005), when it was passed in parliament (May 2006), and when it was implemented (January 2007).
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109. The vertical lines in Panel B indicate the two announcements of forward guidance by former ECB president Draghi (July 2013 and January 2014).
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110. Vellekoop, N. and M. Wiederholt (2017). Inflation expectations and choices of households: Evidence from matched survey and administrative data. Unpublished Manuscript, University of Frankfurt.

111. We thank Tarun Ramadorai for suggesting this point. 10 The share of respondents who expect inflation to increase is never higher than 50%, including during the peaks of inflation expectations around the VAT announcement period in Germany in 2006. guidance announcements. Similar to the first moment, we fail to detect a drop in the dispersion of expectations around these announcements.
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112. Weber, A. (2006, June 23, 2006). Weber haelt Zinserhoehung der EZB fuer notwendig. Handelsblatt.
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113. Willingness to Spend versus Actual Spending. We are ultimately interested in how inflation expectations transform into actual consumption expenditure. Our survey only reports the willingness to purchase durable goods. Figure A.1 in the Online Appendix is a scatter plot of the cyclical components of log real durable consumption expenditure and the average propensity to purchase durables.4 Real and reported spending on durables are positively related, which is consistent with Bachmann et al. (2015). The correlation is 0.46. The reported willingness to purchase has potential advantages compared to measures of 3 See http://www.kas.de/upload/ACDP/CDU/Koalitionsvertraege/Koalitionsvertrag2005.pdf for details. 4 We use a Hodrick-Prescott filter with smoothing parameter λ of 1,600 to extract the cyclical component.
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114. Woodford, M. (2018). Monetary policy analysis when planning horizons are finite. NBER Macro Annual 33, 1–50.

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2. Card-Sales Response to Merchant Contactless Payment Acceptance. (2020). Camara, Youssouf ; Bounie, David.
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4. Who Gained from India’s Demonetization? Insights from Satellites and Surveys. (2019). Chanda, Areendam ; Cook, Justin.
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5. Job displacement and financial outcomes. (2019). Aaronson, Daniel ; Hotchkiss, Julie L ; Agarwal, Sumit ; Kelley, Taylor .
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7. Responses to Savings Commitments: Evidence from Mortgage Run-offs. (2018). Andersen, Steffen ; Shore, Stephen H ; Martnez-Correa, Jimmy ; D'Astous, Philippe.
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8. Debt Burdens and the Interest Rate Response to Fiscal Stimulus: Theory and Cross-Country Evidence. (2018). Young, Eric ; Miranda-Pinto, Jorge ; Walsh, Kieran ; Murphy, Daniel.
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9. Do Banks Pass through Credit Expansions to Consumers Who want to Borrow?. (2018). Agarwal, Sumit ; Stroebel, Johannes ; Mahoney, Neale ; Chomsisengphet, Souphala.
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12. Stock Market Returns and Consumption. (2018). Majlesi, Kaveh ; Kermani, Amir ; di Maggio, Marco ; Dimaggio, Marco .
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14. INTEGRATED HOUSEHOLD SURVEYS: AN ASSESSMENT OF U.S. METHODS AND AN INNOVATION. (2018). Samphantharak, Krislert ; Townsend, Robert M ; Schuh, Scott.
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15. Consumer Loan Response to Permanent Labor Income Shocks: Evidence from a Major Minimum Wage Increase. (2017). Tumen, Semih ; Hacihasanoglu, Yavuz Selim ; Guney, Ibrahim Ethem.
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16. Recourse and residential mortgages: The case of Nevada. (2017). Oswald, Florian ; Li, Wenli.
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17. Recourse and residential mortgages: The case of Nevada. (2017). Oswald, Florian ; Li, Wenli.
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19. MPC Heterogeneity and Household Balance Sheets. (2017). Natvik, Gisle ; Holm, Martin ; Fagereng, Andreas.
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20. Sunk Cost Fallacy in Driving the Worlds Costliest Cars. (2017). Png, Ivan ; Ho, Teck ; Reza, Sadat .
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21. Regular versus Lump-Sum Payments in Union Contracts and Household Consumption. (2017). Zizza, Roberta ; Adamopoulou, Effrosyni.
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22. Household Debt and Monetary Policy: Revealing the Cash-Flow Channel. (2017). Vestman, Roine ; Flodén, Martin ; Sigurdsson, Josef ; Kilstrom, Matilda ; Floden, Martin .
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23. Spatial Commitment Devices and Addictive Goods: Evidence from the Removal of Slot Machines from Bars. (2017). Scholnick, Barry ; Byun, Hyungsuk .
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24. Minimum Wages and Consumer Credit : Impacts on Access to Credit and Traditional and High-Cost Borrowing. (2017). Hsu, Joanne W ; Dettling, Lisa J.
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25. Integrated household surveys: an assessment of U.S. methods and an innovation. (2017). Townsend, Robert ; Schuh, Scott ; Samphantharak, Krislert.
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26. Losing Public Health Insurance: TennCare Disenrollment and Personal Financial Distress. (2017). Tello-Trillo, Daniel ; Pitts, Melinda ; Friedson, Andrew ; Argys, Laura .
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27. Recourse and residential mortgages: The case of Nevada. (2017). Oswald, Florian ; Li, Wenli.
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28. Nudges from school children and electricity conservation: Evidence from the “Project Carbon Zero” campaign in Singapore. (2017). Agarwal, Sumit ; Yang, Yang ; Sing, Tien Foo ; Rengarajan, Satyanarain .
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29. Regular versus lump-sum payments in union contracts and household consumption. (2017). Zizza, Roberta ; Adamopoulou, Effrosyni.
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30. Household Debt and Monetary Policy: Revealing the Cash-Flow Channel. (2017). Vestman, Roine ; Flodén, Martin ; Sigurdsson, Josef ; Kilstrom, Matilda ; Floden, Martin .
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31. The Invisible Hand of Rain in Spending: Effect of Rainfall-Driven Agricultural Income on Per Capita Expenditure in Ghana. (2017). Akobeng, Eric.
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32. Commitment and Borrower Heterogeneity: Evidence from Revolving Consumer Credit. (2016). Lukas, Moritz ; Noth, Markus.
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33. MPC heterogeneity and household balance sheets. (2016). Natvik, Gisle ; Holm, Martin ; Fagereng, Andreas.
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34. Monetary Policy, Mortgages and Consumption: Evidence from Italy. (2016). Scognamiglio, Annalisa ; Jappelli, Tullio.
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35. Household Debt and Monetary Policy: Revealing the Cash-Flow Channel. (2016). Vestman, Roine ; Flodén, Martin ; Floden, Martin ; Sigurdsson, Josef ; Kilstrm, Matilda .
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36. Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand. (2016). Parker, Jonathan ; Melzer, Brian ; Green, Daniel ; Rojas, Arcenis .
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37. The Causes of Household Bankruptcy: The Interaction of Income Shocks and Balance Sheets. (2016). Mikhed, Vyacheslav ; Scholnick, Barry.
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38. Tax Credits and the Debt Position of U.S. Households. (2016). McGranahan, Leslie.
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39. The Social Cost of Near-Rational Investment. (2016). Mertens, Thomas ; Hassan, Tarek.
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40. Natural Experiments in Macroeconomics. (2016). Fuchs-Schndeln, N ; Hassan, T A.
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41. Does flattening government improve economic performance? Evidence from China. (2016). Lu, Yi ; Li, Pei ; Wang, Jin.
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42. Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment. (2016). Chitu, Livia ; Chiu, Livia .
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43. Playing the Boys Game: Golf Buddies and Board Diversity. (2016). Sing, Tien Foo ; Reeb, David M ; Qian, Wenlan ; Agarwal, Sumit.
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44. Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response. (2015). Agarwal, Sumit.
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45. Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program. (2015). yao, vincent ; Seru, Amit ; Piskorski, Tomasz ; Amromin, Gene ; Agarwal, Sumit ; Chomsisengphet, Souphala.
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46. How Individuals Respond to a Liquidity Shock: Evidence from the 2013 Government Shutdown. (2015). Tadelis, Steven ; Silverman, Dan ; Shapiro, Matthew ; Gelman, Michael ; Kariv, Shachar.
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47. Do Banks Pass Through Credit Expansions? The Marginal Profitability of Consumer Lending During the Great Recession. (2015). Stroebel, Johannes ; Agarwal, Sumit ; Strobel, Johannes ; Mahoney, Neale ; Chomsisengphet, Souphala.
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48. Accessorizing. The effect of union contract renewals on consumption. (2015). Zizza, Roberta ; Adamopoulou, Effrosyni.
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49. The Distribution of Wealth and the Marginal Propensity to Consume. (2014). White, Matthew ; Tokuoka, Kiichi ; Slacalek, Jiri ; Carroll, Christopher.
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