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The Fallacy of the Fiscal Theory of the Price Level
Buiter, Willem H. - 2021
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/10013223568
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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/10012894996
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Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
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/10013223567
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Long-Term Debt and Optimal Policy in the Fiscal Theory of the Price Level
Cochrane, John H. - 2021
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/10013220940
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Intertemporal Distortions in the Second Best
Albanesi, Stefania - 2010
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/10012759663
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Public Versus Private Risk Sharing
Krueger, Dirk - 2010
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/10013149824
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Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs
Anderson, James E. - 2021
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/10013313650
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Reforming Budgetary Language
Bradford, David F. - 2021
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/10013237545
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The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level
Gordon, David B.; Leeper, Eric M. - 2021
produce the quantity theory of money and the fiscal theory of the price level …
Persistent link: https://www.econbiz.de/10013230965
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Money as Stock : Price Level Determination with No Money Demand
Cochrane, John H. - 2021
's (1999) criticism that fiscal price level determination mis-treats the government budget constraint. The government is not … to raise earnings if there is a bubble in its stock price. I also address McCallum's (1998) criticism that fiscal models …
Persistent link: https://www.econbiz.de/10013221860