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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...
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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...
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We consider monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a …-target equilibria (BTE) with inflation always below target and constant, asymptotically approaching or eventually reaching a below …
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