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A central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or "government valuation equation"), which equates the real value of government debt to the present value of fiscal surpluses. In the past decade, the governments of most developed economies...
Persistent link: https://www.econbiz.de/10012942155
A central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or “government valuation equation”), which equates the real value of government debt to the present value of fiscal surpluses. In the past decade, the governments of most developed...
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Part I. Understanding the Monetary System and Debt Bubbles in Modern Economies -- Chapter 1. How Money is Created in a … Modern Economy (Max Rangeley) -- Chapter 2. Business Cycles, Debt Bubbles and the Monetary System (Max Rangeley) -- Chapter 3 …. Analysis of the Formation of the Super Bubble (Max Rangeley) -- Part II. Policy Makers and the Age of Debt Bubbles -- Chapter 4 …
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We estimate a New Keynesian model on post-war US data with generalised method of moments using either constant or time- varying debt and labor income taxes. We show that accounting for government debt and distortionary taxes help the New Keynesian model match the level of the nominal term...
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