| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12089 |
| 来源ID | Working Paper 12089 |
| Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences | |
| Bennett T. McCallum; Edward Nelson | |
| 发表日期 | 2006-03-06 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its defining characteristics. Some writers have emphasized implications regarding interest-rate pegging and determinacy of RE solutions, whereas others have stressed its capacity to generate equilibria in which price level trajectories mimic those of bonds and differ drastically from those of money supplies. We argue that the FTPL attained prominence precisely because it appeared to provide a theory whose implications differ greatly from conventional monetary analysis; accordingly we review monetarist writings to identify the primary distinctions. In addition, we review recent findings concerning learnability %u2013 and therefore plausibility %u2013 of competing RE equilibria. These indicate that when FTPL and monetarist equilibria differ, the latter are more plausible in the vast majority of cases. Under Ricardian assumptions, necessary for clear distinctions, theoretical analysis indicates that fiscal and monetary coordination is not necessary for macroeconomic stability. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy ; Microeconomics ; Economics of Information |
| URL | https://www.nber.org/papers/w12089 |
| 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/569742 |
| 推荐引用方式 GB/T 7714 | Bennett T. McCallum,Edward Nelson. Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences. 2006. |
| 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 | ||
| w12089.pdf（275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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