G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w17903
来源IDWorking Paper 17903
Perceptions and Misperceptions of Fiscal Inflation
Eric M. Leeper; Todd B. Walker
发表日期2012-03-08
出版年2012
语种英语
摘要The Great Recession and worldwide financial crisis have exploded fiscal imbalances and brought fiscal policy and inflation to the forefront of policy concerns. Those concerns will only grow as aging populations increase demands on government expenditures in coming decades. It is widely perceived that fiscal policy is inflationary if and only if it leads the central bank to print new currency to monetize deficits. Monetization can be inflationary. But it is a misperception that this is the only channel for fiscal inflations. Nominal bonds, the predominant form of government debt in advanced economies, derive their value from expected future nominal primary surpluses and money creation; changes in the price level can align the market value of debt to its expected real backing. This introduces a fresh channel, not requiring explicit monetization, through which fiscal deficits directly affect inflation. The paper describes various ways in which fiscal policy can directly affect inflation and explains why these fiscal effects are difficult to detect in time series data.
主题Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy
URLhttps://www.nber.org/papers/w17903
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/575579
推荐引用方式
GB/T 7714
Eric M. Leeper,Todd B. Walker. Perceptions and Misperceptions of Fiscal Inflation. 2012.
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
w17903.pdf(411KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Eric M. Leeper]的文章
[Todd B. Walker]的文章
百度学术
百度学术中相似的文章
[Eric M. Leeper]的文章
[Todd B. Walker]的文章
必应学术
必应学术中相似的文章
[Eric M. Leeper]的文章
[Todd B. Walker]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w17903.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。