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Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J. - 2000

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/10012471099

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

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/10012471482

Debt and Taxes in the Theory of Public Finance

Feldstein, Martin - 1984

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/10012477656

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/10012479401

Public versus Private Risk Sharing

Krueger, Dirk - 2009

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is incomplete because...

Persistent link: https://www.econbiz.de/10012463067

Intertemporal Distortions in the Second best

Albanesi, Stefania - 2007

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/10012465010

On the General Relativity of Fiscal Language

Green, Jerry - 2006

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's reference point, specifically one's direction and speed of travel, making our apparent physical...

Persistent link: https://www.econbiz.de/10012466321

Reforming Budgetary Language

Bradford, David F. - 2001

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/10012470218

Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level

Cochrane, John H. - 1998

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/10012472043

Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs

Anderson, James E. - 1997

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/10012472633

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