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A Requiem for the Fiscal Theory of the Price Level
Farmer, Roger E. A. - 2019
We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in …
Persistent link: https://www.econbiz.de/10012894996
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Intertemporal Distortions in the Second Best
Albanesi, Stefania - 2010
This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...
Persistent link: https://www.econbiz.de/10012759663
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On the General Relativity of Fiscal Language
Kotlikoff, Laurence J. - 2010
A century ago, everyone thought time and distance were well defined physical concepts. But neither proved absolute. Instead, measures/reports of time and distance were found to depend on one%u2019s reference point, specifically one%u2019s direction and speed of travel, making our apparent...
Persistent link: https://www.econbiz.de/10012761261
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Long-Term Debt and Optimal Policy in the Fiscal Theory of the Price Level
Cochrane, John H. - 2021
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 …
Persistent link: https://www.econbiz.de/10013220940
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Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …
Persistent link: https://www.econbiz.de/10013223567
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The Fallacy of the Fiscal Theory of the Price Level
Buiter, Willem H. - 2021
or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …
Persistent link: https://www.econbiz.de/10013223568
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Debt and Taxes in the Theory of Public Finance
Feldstein, Martin S. - 2021
If a specified amount of government spending must be financed, how should that finance be divided between taxes and government borrowing? In the case of a temporary increase in government spending, it has been argued that debt finance is optimal because the small increments in all future tax...
Persistent link: https://www.econbiz.de/10013225423
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Reforming Budgetary Language
Bradford, David F. - 2021
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...
Persistent link: https://www.econbiz.de/10013237545
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Public Sector Dynamics
Auerbach, Alan J. - 2021
Using Musgrave's The Theory of Public Finance as a starting point, this paper reviews the scholarly developments in …
Persistent link: https://www.econbiz.de/10013249162
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Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs
Anderson, James E. - 2021
Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is implemented. The aggregate efficiency of such reforms is based" on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff" or quota changes with...
Persistent link: https://www.econbiz.de/10013313650