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Olga Goldfayn-Frank

Economist · Deutsche Bundesbank

Economist at the Deutsche Bundesbank in Frankfurt. Her work covers inflation expectations measurement, the effects of fiscal policy such as temporary VAT cuts, and expectation formation.

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Online First Review of Economic Studies Online 10 Jun 2026
A Temporary VAT Cut as Unconventional Fiscal Policy

Rüdiger Bachmann · Benjamin Born · Olga Goldfayn-Frank · Georgi Kocharkov · Ralph Luetticke · Michael Weber

The paper studies Germany's temporary 3 percentage-point VAT cut from July 1 to December 31, 2020 (standard rate 19%→16%, reduced rate 7%→5%), combining two causal identification strategies with …