Piergallini, Alessandro; Rodano, Giorgio - Volkswirtschaftliche Fakultät, … - 2009
if fiscal policy is passive, that is, guarantees public debt stabilization irrespectively of the inflation path, monetary ….e., responding to upward perturbations in inflation with a more than one-for-one increase in the nominal interest rate. This paper … unfeasible. For any given target inflation rate, there exists a threshold level of public debt beyond which monetary policy …