Interest rate rules and price determinacy: The role of transactions services of bonds
In: Journal of Monetary Economics, Band 52, Heft 2, S. 329-343
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In: Journal of Monetary Economics, Band 52, Heft 2, S. 329-343
In: The Stability and Growth Pact, S. 53-74
In: Journal of international economics, Band 35, Heft 3-4, S. 351-365
ISSN: 0022-1996
In: The Economic Journal, Band 98, Heft 392, S. 746
In: Journal of Monetary Economics, Band 21, Heft 1, S. 35-46
In: Journal of Monetary Economics, Band 54, Heft 7, S. 1863-1881
In: Journal of international economics, Band 66, Heft 2, S. 363-384
ISSN: 0022-1996
In: American economic review, Band 91, Heft 5, S. 1221-1238
ISSN: 1944-7981
The fiscal theory of price determination suggests that if primary surpluses evolve independently of government debt, the equilibrium price level "jumps" to assure fiscal solvency. In this non-Ricardian regime, fiscal policy—not monetary policy—provides the nominal anchor. Alternatively, in a Ricardian regime, primary surpluses are expected to respond to debt in a way that assures fiscal solvency, and the price level is determined in conventional ways. This paper argues that Ricardian regimes are as theoretically plausible as non-Ricardian regimes, and provide a more plausible interpretation of certain aspects of the postwar U.S. data than do non-Ricardian regimes. (JEL E60, E63)
In: The economic journal: the journal of the Royal Economic Society, Band 111, Heft 474, S. 667-690
ISSN: 1468-0297
In: NBER International Seminar on Macroeconomics, Band 2004, Heft 1, S. 241-325
ISSN: 2150-8372