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We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …
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We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in …
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In the context of several examples of problems associated with present budgetary conventions, I revisit Musgrave's conceptual division of the government's program into Allocation, Distribution and Stabilization Branch subbudgets. I suggest progress towards Musgrave's ideal of a more informative...
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The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real … primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the …
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