Piergallini, Alessandro; Rodano, Giorgio - Volkswirtschaftliche Fakultät, … - 2009
unfeasible. For any given target inflation rate, there exists a threshold level of public debt beyond which monetary policy … if fiscal policy is passive, that is, guarantees public debt stabilization irrespectively of the inflation path, monetary … independence is no longer possible. In such circumstances, the dynamics of public debt can be controlled only by means of higher …