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The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J. - 2000

We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …

Persistent link: https://www.econbiz.de/10012471099

Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level

Cochrane, John H. - 1998

The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real … primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the …

Persistent link: https://www.econbiz.de/10012472043

A Requiem for the Fiscal Theory of the Price Level

Farmer, Roger E.A. - 2019

We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in …

Persistent link: https://www.econbiz.de/10012479401

Reforming Budgetary Language

Bradford, David F. - 2001

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...

Persistent link: https://www.econbiz.de/10012470218

Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs

Anderson, James E. - 1997

Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is implemented. The aggregate efficiency of such reforms is based" on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff" or quota changes with...

Persistent link: https://www.econbiz.de/10012472633

Public versus Private Risk Sharing

Krueger, Dirk - 2009

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is incomplete because...

Persistent link: https://www.econbiz.de/10012463067

Intertemporal Distortions in the Second best

Albanesi, Stefania - 2007

This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...

Persistent link: https://www.econbiz.de/10012465010

Did the U.S. Really Grow Out of Its World War II Debt?

Acalin, Julien; Ball, Laurence M. - National Bureau of Economic Research - 2023

The fall in the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974 is often attributed to high rates of economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged interest rates before the Fed-Treasury Accord of 1951....

Persistent link: https://www.econbiz.de/10014337810

The Central Bank's Dilemma : Look Through Supply Shocks or Control Inflation Expectations?

Beaudry, Paul; Carter, Thomas J.; Lahiri, Amartya - National Bureau of Economic Research - 2023

When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and explore optimal policy under...

Persistent link: https://www.econbiz.de/10014372498

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