| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27116 |
| 来源ID | Working Paper 27116 |
| The Fiscal Theory of Price Level with a Bubble | |
| Markus K. Brunnermeier; Sebastian A. Merkel; Yuliy Sannikov | |
| 发表日期 | 2020-05-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper incorporates a bubble term in the standard Fiscal Theory of the Price Level equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides two illustrative models with closed-form solutions in which the return on government bonds is below the economy’s growth rate. The government can “mine” the bubble by perpetually rolling over its debt. The welfare-maximizing bubble mining rate is independent of government spending, and additional spending needs should be financed exclusively through taxes. Despite the bubble, the price level remains determined provided government policy credibly promises primary surpluses off-equilibrium. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w27116 |
| 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/584789 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Sebastian A. Merkel,Yuliy Sannikov. The Fiscal Theory of Price Level with a Bubble. 2020. |
| 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 | ||
| w27116.pdf（481KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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