Thams, Andreas - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
This paper analyzes empirically the impact of fiscal policy on the price level for the cases of Germany and Spain. We … Bayesian regime-switching model to uncover changes in monetary and fiscal policy behavior. The analysis basically shows that in … investigate whether the fiscal theory of the price level (FTPL) is able to deliver a reasonable explanation for the different …