| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1806
|
| DP1806 Corporate Governance |
| Luigi Zingales
|
| 发表日期 | 1998-03-31
|
| 出版年 | 1998
|
| 语种 | 英语
|
| 摘要 | The paper establishes the following: First, money is neutral even if there is a non-zero stock of non-monetary nominal public debt, because the government adjusts real taxes to satisfy its inter-temporal budget constraint. Second, Woodford?s fiscal theory of the price level, according to which for certain fiscal rules the (initial) price level is independent of the nominal money stock, is invalid. It combines an overdetermined fiscal-financial programme with an unwarranted weakening of the government?s inter-temporal budget constraint, requiring it to hold only in equilibrium, and only for arbitrarily restricted configurations of public spending, taxes and initial debt stocks. Third, there is price level determinacy under an exogenous nominal interest rate rule if the transactions technology has cash-in-advance features. The price level is hysteretic in this case. Finally, it is not possible to draw inferences about the historical process of technological improvements in the transactions technology leading to a cashless economy, by studying the limiting behaviour, as a transactions efficiency index takes on successively higher values, of a sequence of histories, each one of which is indexed for all time by a given level of efficiency. |
| 主题 | International Macroeconomics
|
| 关键词 | Fiscal theories of the price level
Interest rate pegs
Neutrality
Price level determinacy
|
| URL | https://cepr.org/publications/dp1806
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530965
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推荐引用方式
GB/T 7714 |
Luigi Zingales. DP1806 Corporate Governance. 1998.
|
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