haku: @author Diba, B. T. / yhteensä: 3
viite: 1 / 3
« edellinen | seuraava »
| Tekijä: | Canzoneri, M. B. Cumby, R. E. Diba, B. T. |
| Otsikko: | Is the price level determined by the needs of fiscal solvency? |
| Lehti: | American Economic Review
2001 : DEC, VOL. 91:5, p. 1221-1238 |
| Asiasana: | Economic policy Fiscal policy USA |
| Kieli: | eng |
| Tiivistelmä: | The fiscal theory of price determination suggests that if primary surpluses evolve independently of gorvernment debt, the equilibrium price level "jumps" to assure fiscal sovency. In this non-Ricardian regime, fiscal policy - not monetary policy - provides the nominal anchor. This paper argues that Ricardian regimes are as theoretically plausible as non-Ricardian regimes, and provide a more plausible interpretation of certain aspects of the postwar U.S. data than non-Ricardian regimes. |
« edellinen | seuraava »
SCIMA