G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1806
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
URLhttps://cepr.org/publications/dp1806
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/530965
推荐引用方式
GB/T 7714
Luigi Zingales. DP1806 Corporate Governance. 1998.
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