| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1812 |
| DP1812 A Theory of Fairness, Competition and Cooperation | |
| Klaus Schmidt; Ernst Fehr | |
| 发表日期 | 1998-03-09 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price level has to ?jump? to assure fiscal solvency. In this regime (which we call fiscal dominant), monetary policy has to work through seignorage to control the price level. If, on the other hand, primary surpluses are expected to respond to the level of debt in a way that assures fiscal solvency (a regime we call money dominant), then the price level is determined in more conventional ways. This paper develops testable restrictions that differentiate between the two regimes. Using post-war data, the paper presents what we think is overwhelming evidence that the United States is in a money dominant regime; even the post-Reagan data (1980?95) seem to support that contention. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy monetary policy Price determination |
| URL | https://cepr.org/publications/dp1812 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530951 |
| 推荐引用方式 GB/T 7714 | Klaus Schmidt,Ernst Fehr. DP1812 A Theory of Fairness, Competition and Cooperation. 1998. |
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