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In Turkey, as in other countries, the human and economic toll of the COVID-19 pandemic has been severe. Thousands of … sharp growth rebound-set Turkey apart from its peers. Rapid monetary and credit expansion and large liquidity support meant … that Turkey was among the few countries to experience positive economic growth in 2020. But these policies also aggravated …
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This paper evaluates a novel form of fiscal stimulus: a temporary cut in the rate of Value Added Tax (VAT). In December 2008, the UK cut the standard rate of VAT by 2.5 percentage points for 13 months in an effort to stimulate spending. We estimate the effect of the cut on prices and spending...
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