| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5397 |
| DP5397 The Logic of Compromise: Monetary bargaining in Austria-Hungary 1867-1913 | |
| Marc Flandreau | |
| 发表日期 | 2006-01-30 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that the logic of the fiscal theory fails when at least part of the public debt takes the form of securities of infinite maturity. Indeed, no equilibrium restriction prevents the occurrence of a speculative bubble on long-term public debt, so as to balance public budget intertemporally in the case of an unexpected increase in the price level. Thus, the price level is indeterminate. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy Fiscal theory of the price level Indeterminacy monetary policy Public debt |
| URL | https://cepr.org/publications/dp5397 |
| 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/534337 |
| 推荐引用方式 GB/T 7714 | Marc Flandreau. DP5397 The Logic of Compromise: Monetary bargaining in Austria-Hungary 1867-1913. 2006. |
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