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 …

A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price …

This paper presents a prototype model for development of the fiscal theory of the price level.' In this simple setting …, the fiscal theory's distinctiveness relies upon adoption of a bubble solution, rather than the rational …

The paper presents the fiscal theory of the price level in a variety of models, including endowment economies with lump …-sum taxes and production economies with proportional income taxes. We offer a microeconomic perspective on the fiscal theory by … level. Under certain assumptions on monetary and fiscal behavior, the revaluation effect reflects the fiscal theory …

We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in …

The recently-developed fiscal theory of price level determination contends that there is an important class of policy …

We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …

This paper incorporates a bubble term in the standard Fiscal Theory of the Price Level equation to explain why …