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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
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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
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The Assessment of National Price Levels
Kravis, Irving B. - 1986
, that are superior to those implied by the absolute or relative versions of purchasing power parity theory. The structural …
Persistent link: https://www.econbiz.de/10012477162
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Exchange Rates and Prices
Dornbusch, Rudiger - 1985
The appreciation of the U.S. dollar over the past five years opens important areas of research. The fact of a large and persistent real appreciation poses a challenge for equilibrium theorists to uncover the change in fundamentals and seems to support the role of long-term wage contracts in...
Persistent link: https://www.econbiz.de/10012477307
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The Economics of Price Scissors
Sah, Raaj Kumar - 1983
We analyze consequences of changing the terms of trade between agriculture and industry on capital accumulation and on welfare of workers in different sectors. The issue was central to Soviet industrialization debate and it remains important in today's developing world. Through a simple general...
Persistent link: https://www.econbiz.de/10012477945
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Inflexible Relative Prices and Price Level Inertia
Blanchard, Olivier J. - 1983
A decrease in aggregate demand at given prices and wages decreases output and employment. The decrease in employment exerts downward pressure on real wages. The decrease in production exerts downward pressure on markups. With perfectly synchronized price and wage decisions, nominal wages and...
Persistent link: https://www.econbiz.de/10012477954
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Towards an Explanation of National Price Levels
Kravis, Irving B. - 1982
The purpose of this paper is to call attention to the need for a theory of comparative national price levels and to … explore some of the elements that seem to belong to such a theory. Most theoretical discussions have maintained that national …
Persistent link: https://www.econbiz.de/10012478071
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Price Asynchronization and Price Level Inertia
Blanchard, Olivier J. - 1982
If price decisions are taken neither continuously nor in perfect synchronization, the process of adjustment of all prices to a new nominal level will imply temporary movements in relative prices. It might then well be that, to avoid these movements in relative prices, each price setter will want...
Persistent link: https://www.econbiz.de/10012478208
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Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations
McCallum, Bennett T. - 1980
This paper reconsiders a result obtained by Sargent and Wallace, namely, that price level indeterminacy obtains in their well-known model if the monetary authorities adopt a policy feedback rule for the interest rate rather than the money stock. Since the Federal Reserve seems often to have used...
Persistent link: https://www.econbiz.de/10012478574
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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/10012479401