²⁶Germany tends to be an outlier in all our IV regressions (reported and unreported). This may reflect difficulties associated with comparing pre- and post-reunification German data. Prior to reunification in 1991, the German data reflect only West German economic growth. Subsequent to unification, they are for the united Germany. We include a dummy for the quarter of reunification, but it would be surprising if there were structural stability across such an extreme event. These problems are compounded by the highly erratic behavior of German consumption growth during the years immediately following reunification.