intertemporal budget constraint of the government does not pin down the price level but rather constrains fiscal policy if the latter is Ricardian. The FTPL is ...
Download from http://www.iies.su.se/. Seminar ... level is over determined.2 Even if the FTPL does not over determine the price level, it may still predict the latter ...
The fiscal theory of the price level (FTPL) describes fiscal and monetary policy rules ... This article is taken from the author's original manuscript and has not been ... are independent of money and prices; equation (1) then pins down real money.
26 Dec 2017 ... The FTPL is not about endogenous money issuance ... real money stock to zero and driving the nominal interest rate down to the ELB value of.
and the FTPL does not lie in any error of logic.7. Instead, the ... FTPL advocates, however, argue there is no ... reasoning breaks down or does not apply. This.
20 Mar 2017 ... The case against the FTPL is not and never was an empirical one. ... under an exogenous nominal interest rate rule, the FTPL breaks down if.
the FTPL does not arise from the use of models well known to generate violations of. Ricardian ... are pinned down by monetary policy, their constancy.
16 Nov 2017 ... context, we show that the FTPL is no longer able to select a unique ... equilibrium breaks down when government debt plays a liquidity role.5.
have not challenged the existence of a Puttkamer purge: see David Blackbourn, ... more surprised to find that it is a diffuse piece that meanders down such ... iously, one scholar has dated the de facto relaxation of the requirement of active ... amRhein, Wipperfurth, Gummersbach und Waldbro6l, 1870-1878 (Bonn, 1963), pp.
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