measures of arginal cost as the relevant determinant of inflation, as the theory suggests, instead of an ad-hoc output gap …

fully operational. A second relevant body of theory is that pertaining to currency crises. Formal models clarify various … recently- developed fiscal theory of price level determination, which if valid would have major implications for monetary …-fiscal arrangements in currency unions. This theory does not contend that fiscal behavior drives an accommodative monetary authority, but …

mechanism follows from our theory that when the profit rate is above a normal-target rate, competitive forces operate to lower … as a strategy to improve profitability. The notion of "correlated strategy" is adopted from game theory. The mechanism …-priori notions of positive association between inflation rates and profit rates, our theory proposes a critical test of a negative …

The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its … appeared to provide a theory whose implications differ greatly from conventional monetary analysis; accordingly we review …

Financial innovation challenges the foundations of monetary theory, and standard monetary theory has not been very … U.S. inflation using a framework that ignores monetary frictions? The fiscal theory of the price level allows us to … nominal government debt with the present value of surpluses. I describe the theory, and I argue that it is a return to pre …

This paper proposes a theory of supply shocks, or shifts in the short-run Phillips curve, based on relative …

-fold increase in the price level in most industrialized nations. A full answer will require a better theory of the political process …