English, Article edition: The Fiscal Theory of the Price Level and Initial Government Debt Betty Daniel

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The Fiscal Theory of the Price Level and Initial Government Debt
Author
  • Betty Daniel
Physical Description
  • article
Notes
  • It is widely believed that the Fiscal Theory of the Price Level (FTPL) does not work in an environment in which initial government debt is zero. This paper demonstrates that this view is incorrect when the government issues a set of financial assets restricted to standard nominal debt contracts and money. In particular, it is possible to define a stochastic non-Ricardian fiscal policy for which the set of equilibrium price sequences under non-Ricardian fiscal policy is a proper subset of the set of equilibrium price sequences under Ricardian fiscal policy. (Copyright: Elsevier)
  • Fiscal theory of the price level; Active and passive fiscal policy; Ricardian and non-Ricardian fiscal policy; Monetary policy
  • RePEc:red:issued:06-142
Language
  • English
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