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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

Generational Accounts, Aggregate Saving and Intergenerational Distribution

Buiter, Willem H. - 2021

Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and (when augmented with generation-specific propensities to consume out of life-time resources) on aggregate consumption and saving? The paper makes three points. First, the...

Persistent link: https://www.econbiz.de/10013226174

The Proper Measurement of Government Budget Deficits : Comprehensive Wealth Accounting or Permanent Income Accounting for the Public Sector

Buiter, Willem H. - 2021

The paper studies budgetary, financial and monetary policy evaluationand design using a comprehensive wealth or permanent income accounting framework. A set of stylized balance sheets and permanent income accountsis constructed for the public, private and overseas sectors.These are then...

Persistent link: https://www.econbiz.de/10013234088