A requiem for the fiscal theory of the price level
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived re...
| Main Author: | |
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| Other Authors: | |
| Format: | eBook |
| Language: | English |
| Published: |
[Washington, D.C.]
International Monetary Fund,
[2019]
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| Series: | IMF working paper ;
WP/19/219. |
| Subjects: | |
| Online Access: | EBSCOhost Перейти в каталог НБ ТГУ |
| LEADER | 02611cam a22005051 4500 | ||
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| 082 | 0 | 4 | |a 336.3/0973 |
| 049 | |a MAIN | ||
| 100 | 1 | |a Farmer, Roger E. A., |9 913406 | |
| 245 | 1 | 2 | |a A requiem for the fiscal theory of the price level |c by Roger E.A. Farmer and Pawel Zabczyk. |
| 264 | 1 | |a [Washington, D.C.] |b International Monetary Fund, |c [2019] | |
| 300 | |a 1 online resource | ||
| 490 | 1 | |a IMF Working Paper ; |v WP/19/219 | |
| 520 | 3 | |a The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies. | |
| 588 | 0 | |a Online resource; title from PDF title page (IMF, viewed Sept. 14, 2020). | |
| 651 | 7 | |a United States. |2 fast |0 (OCoLC)fst01204155 |9 132186 | |
| 653 | 0 | |a Fiscal policy |z United States. | |
| 653 | 7 | |a Central Banks and Their Policies. |2 imf | |
| 653 | 7 | |a Deficit. |2 imf | |
| 653 | 7 | |a Deflation. |2 imf | |
| 653 | 7 | |a Fiscal policy. |2 fast |0 (OCoLC)fst00925806 | |
| 653 | 7 | |a Inflation. |2 imf | |
| 653 | 7 | |a Price Level. |2 imf | |
| 655 | 0 | |a EBSCO eBooks |9 905790 | |
| 655 | 4 | |a Electronic books. |9 899821 | |
| 700 | 1 | |a Zabczyk, Pawel, |9 913407 | |
| 710 | 2 | |a International Monetary Fund, |e issuing body. |9 173503 | |
| 830 | 0 | |a IMF working paper ; |v WP/19/219. |9 913013 | |
| 856 | 4 | 0 | |3 EBSCOhost |u https://www.lib.tsu.ru/limit/2023/EBSCO/2285822.pdf |
| 856 | |y Перейти в каталог НБ ТГУ |u https://koha.lib.tsu.ru/cgi-bin/koha/opac-detail.pl?biblionumber=1014270 | ||
| 910 | |a EBSCO eBooks | ||
| 999 | |c 1014270 |d 1014270 | ||
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