| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7630 |
| DP7630 Can the Fiscal Theory of the price level explain UK inflation in the 1970s? | |
| Patrick Minford; Jingwen Fan | |
| 发表日期 | 2010-01-17 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We investigate whether the Fiscal Theory of the Price Level can deliver a reasonable explanation for UK inflation in the 1970s, a period in which the government greatly increased public spending without raising taxes and monetary policy was accommodative. The model is tested for its implied cointegration between inflation and government spending and for its dynamics by using the method of indirect inference, under which the model?s simulated behaviour is compared with the inflation time-series process. We find that the model is accepted in both respects. |
| 主题 | International Macroeconomics |
| 关键词 | Bootstrap simulation Fiscal theory of the price level indirect inference Uk inflation Wald statistic |
| URL | https://cepr.org/publications/dp7630 |
| 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/536467 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Jingwen Fan. DP7630 Can the Fiscal Theory of the price level explain UK inflation in the 1970s?. 2010. |
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