| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2205 |
| DP2205 The Fallacy of the Fiscal Theory of the Price Level | |
| Willem Buiter | |
| 发表日期 | 1999-08-31 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The literature on monetary policy games establishes that policy makers' attempts to boost employment above the 'natural' rate are futile and result in an inflationary bias when wage setters have rational expectations and the policy maker cannot precommit. This implies that a variation of the policy maker's degree of inflation aversion does not have a systematic effect on the employment level. This paper shows that this last neutrality result hinges crucially on the assumption that wage setters are atomistic. In the presence of non-atomistic agents, who set nominal wages and have monopolistic power, the policy maker's inflation aversion may have a systematic effect on equilibrium employment even if agents have rational expectations and complete information. The model is used to re-assess the welfare implications of monetary policy delegation to a 'conservative' central bank. |
| 主题 | International Macroeconomics |
| 关键词 | inflation Monopolistic power Non-atomism Non-neutrality Unemployment Unions |
| URL | https://cepr.org/publications/dp2205 |
| 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/531311 |
| 推荐引用方式 GB/T 7714 | Willem Buiter. DP2205 The Fallacy of the Fiscal Theory of the Price Level. 1999. |
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