Showing 1 - 10 of 16
Persistent link: https://www.econbiz.de/10000659285
Persistent link: https://www.econbiz.de/10002410774
Persistent link: https://www.econbiz.de/10001844849
Persistent link: https://www.econbiz.de/10001793697
Persistent link: https://www.econbiz.de/10001543965
This paper reviews empirical findings, econometric issues,and theoretical results bearing upon the "monetary vs. fiscal policy" debate that began with the 1963 Friedrnan-Meiselman study.The main substantive conclusions are not very dramatic.The clearest is that an open-market increase in the...
Persistent link: https://www.econbiz.de/10012477529
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-expectations fundamentals solution. The paper then shows that the fiscal...
Persistent link: https://www.econbiz.de/10012468736
This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting as a strategy for monetary policy. From a theoretical perspective, it has been suggested that 'expectation trap' and 'indeterminacy' dangers are created by variants of inflation...
Persistent link: https://www.econbiz.de/10012470499
The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...
Persistent link: https://www.econbiz.de/10012472349
Persistent link: https://www.econbiz.de/10009405461