Fiscal theory of the price levelInflationGovernment debtInterest ratesDynamic inefficiencyA central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or "government valuation equation"), which equates the real value of government debt to the present value...
出版社:Princeton University Press 出版年:2023-1-17 页数:584 装帧:Hardcover ISBN:9780691242248 豆瓣评分 评价人数不足 评价: 写笔记 写书评 加入购书单 分享到 推荐 内容简介· ··· Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer:...
用FTPL(fiscal theory of the price level)去解释美国目前的通胀高企是很合理的:国债本质是以未来的政府收入来支付当期的支出,当美国政府缺乏财政纪律时(大量赤字),为了偿还债务就必须高通胀,使其债务贬值到未来政府收入足以满足当期支出的程度。从这个角度看,长期稳定低通胀的前提是政府债务的偿还能力:本世纪以来美国...
The Fiscal Theory Of The Price LevelA Critique, ArtículoThis paper argues that the "fiscal theory of the price level" (FTPL) has feet of clay. The source of the problem is a fundamental "economic" misspecification. The FTPL confuses two key building blocks of a model of a market ...
摘要: Provides information on the Fiscal Theory of the Price Level (FTPL). What distinguishes FTPL; Assessment of the FTPL; Other issues addressed by the FTPL.被引量: 344 年份: 2000 收藏 引用 批量引用 报错 分享 全部来源 免费下载 求助全文 Semantic Scholar (全网免费下载) EconPapers (全网...
Section III introduces money and examines the transversality condition of nominal values. In this setting, the fiscal theory of the price level(FTPL), which asserts that the transversality condition is satisfied by price fluctuations, becomes valid. Section IV discusses three issues, taking into ...
The fiscal theory of the price level states that inflation results from more government debt than people believe will be repaid. In his remarks to the IIEA, Dr Cochrane explains the idea, and uses it to understand the surge of inflation in 2021-2022, why that inflation went away without res...
Fiscal policyMonetary EconomicsThis paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positivelyBrunnermeier, Markus K.Merkel, SebastianSannikov, YuliySocial Science Electronic Publishing...
The fiscal theory of the price level is the idea that government fiscal policy affects the price level: for the price level to be stable (to control inflation), government finances must be sustainable: they must run a balanced budget over the course of the business cycle, meaning they must ...
(2005). Discretionary policy interactions and the fiscal theory of the price level: a SVAR analysis on French data. Documento de trabajo 12. OFCE.Creel, J., P. Monperrus-Veroni and F. Saraceno (2005), "Discretionary Policy Interactions and Fiscal Theory of the Price Level: a SVAR ...