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F 24
Farmer, Roger E. A.,
A requiem for the fiscal theory of the price level / / by Roger E.A. Farmer and Pawel Zabczyk. - [Washington, D.C.] : : International Monetary Fund,, ©2019. - 1 online resource. - (IMF Working Paper ; ; WP/19/219). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/93BB0FBC-49DA-4FE3-BE20-911EC6BF5962 . - ISBN 151351735X (electronic bk.). - ISBN 9781513517353 (electronic bk.)
Online resource; title from PDF title page (IMF, viewed Sept. 14, 2020).
Параллельные издания: Print version: : Farmer, Roger. A Requiem for the Fiscal Theory of the Price Level. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781513516196
~РУБ DDC 336.3/0973
Рубрики: Fiscal policy--United States.
Central Banks and Their Policies.
Deficit.
Deflation.
Fiscal policy.
Inflation.
Price Level.
United States.
Аннотация: The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies.
Доп.точки доступа:
Zabczyk, Pawel, \author.\
International Monetary Fund,
F 24
Farmer, Roger E. A.,
A requiem for the fiscal theory of the price level / / by Roger E.A. Farmer and Pawel Zabczyk. - [Washington, D.C.] : : International Monetary Fund,, ©2019. - 1 online resource. - (IMF Working Paper ; ; WP/19/219). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/93BB0FBC-49DA-4FE3-BE20-911EC6BF5962 . - ISBN 151351735X (electronic bk.). - ISBN 9781513517353 (electronic bk.)
Online resource; title from PDF title page (IMF, viewed Sept. 14, 2020).
Параллельные издания: Print version: : Farmer, Roger. A Requiem for the Fiscal Theory of the Price Level. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781513516196
Рубрики: Fiscal policy--United States.
Central Banks and Their Policies.
Deficit.
Deflation.
Fiscal policy.
Inflation.
Price Level.
United States.
Аннотация: The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies.
Доп.точки доступа:
Zabczyk, Pawel, \author.\
International Monetary Fund,
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