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When the Taylor principle is insufficient : a benchmark for the fiscal theory of the price level in a monetary union

Brede, Maren - 2014

This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority...

Persistent link: https://www.econbiz.de/10010436521

Chapter 30. Understanding Inflation as a Joint Monetary–Fiscal Phenomenon

Leeper, E.M.; Leith, C. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 2305-2415). 2016

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which...

Persistent link: https://www.econbiz.de/10014024282

A fiscal theory of monetary policy with partially-repaid long-term debt

Cochrane, John H. - In: Review of economic dynamics 45 (2022), pp. 1-21

Persistent link: https://www.econbiz.de/10013346983

The impact of the cost-of-living crisis on European households

Chafwehé, Boris; Ricci, Mattia; Stoehlker, Daniel - 2024

consumption, income and wealth. We account for the various channels through which inflation affects individual households, and for … the monetary and fiscal policy responses to the inflationary shock. Our results indicate that the effects of inflation … differences in individual consumption patterns. On average, the effect of inflation is regressive, with lower income households …

Persistent link: https://www.econbiz.de/10014473006