| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6471 |
| 来源ID | Working Paper 6471 |
| Is the Price Level Determined by the Needs of Fiscal Solvency? | |
| Matthew B. Canzoneri; Robert E. Cumby; Behzad T. Diba | |
| 发表日期 | 1998-03-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price level has to jump' to assure fiscal solvency. In this regime (which we call Fiscal Dominant), monetary policy has to work through seignorage to control the price level. If on the other hand primary surpluses are expected to respond to the level of debt in a way that assures fiscal solvency (a regime we call Money Dominant), then the price level is determined in more conventional ways. In this paper we develop testable restrictions that differentiate between the two regimes. Using post war data, we present what we think is overwhelming evidence that the United States is in a Money Dominant regime; even the post Reagan data (1980 to 1995) seem to support that contention. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w6471 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563988 |
| 推荐引用方式 GB/T 7714 | Matthew B. Canzoneri,Robert E. Cumby,Behzad T. Diba. Is the Price Level Determined by the Needs of Fiscal Solvency?. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6471.pdf（1392KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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