| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14680 |
| DP14680 The Fiscal Theory of the Price Level with a Bubble | |
| Markus Brunnermeier; Sebastian Merkel; Yuliy Sannikov | |
| 发表日期 | 2020-04-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital returns depresses the interest rate on government bonds below the economy's growth rate. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Monetary economics Fiscal policy |
| URL | https://cepr.org/publications/dp14680 |
| 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/543596 |
| 推荐引用方式 GB/T 7714 | Markus Brunnermeier,Sebastian Merkel,Yuliy Sannikov. DP14680 The Fiscal Theory of the Price Level with a Bubble. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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