全球智库信息集成服务系统(G2TT): Monetary-Fiscal Policy Interactions and the Price Level: Background and Beyond

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11646
来源ID	Working Paper 11646
	Monetary-Fiscal Policy Interactions and the Price Level: Background and Beyond
	Eric M. Leeper; Tack Yun
发表日期	2005-10-03
出版年	2005
语种	英语
摘要	The paper presents the fiscal theory of the price level in a variety of models, including endowment economies with lump-sum taxes and production economies with proportional income taxes. We offer a microeconomic perspective on the fiscal theory by computing a Slutsky-Hicks decomposition of the effects of tax changes into substitution, wealth, and revaluation effects. Revaluation effects arise whenever tax changes alter the value of outstanding nominal government liabilities by changing the price level. Under certain assumptions on monetary and fiscal behavior, the revaluation effect reflects the fiscal theory mechanism. When taxes distort, two Laffer curves arise, implying that a tax increase can lower or raise the price level and the revaluation effect can be positive or negative, depending on which side of a particular Laffer curve the economy resides.
主题	Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy
URL	https://www.nber.org/papers/w11646
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/569292
推荐引用方式 GB/T 7714	Eric M. Leeper,Tack Yun. Monetary-Fiscal Policy Interactions and the Price Level: Background and Beyond. 2005.

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
w11646.pdf（487KB）	智库出版物		限制开放	CC BY-NC-SA	浏览