In the context of several examples of problems associated with present budgetary conventions, I revisit Musgrave's conceptual division of the government's program into Allocation, Distribution and Stabilization Branch subbudgets. I suggest progress towards Musgrave's ideal of a more informative...

We estimate a structural vector autoregressive (SVAR) model of the French economy. The econometric method originates in Blanchard and Perotti [Quarterly Journal of Economics, 2002] but owes also extensively to the fiscal theory of the price level (FTPL) that investigates the interactions between...

The purpose of this paper is to test if the Brazilian fiscal regime can be classified as non-Ricardian. This question is important since the literature, based on Loyo (1999), argues that the fiscal theory of the price level can provide an explanation for the high inflation observed in Brazil...