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Is the Price Level Determined by the Needs of Fiscal Solvency? The fiscal theory of price determination suggests that if primary surpluses evolve independently of government debt, the equilibrium price level "jumps" to  The Fiscal Theory of the Price Level | Princeton University Press The Fiscal Theory of Price Level with a Bubble | NBER This paper incorporates a bubble term in the standard Fiscal Theory of the Price Level equation to explain why countries with persistently  NBER WORKING PAPER SERIES THE PRICE LEVEL, THE The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level. David B. Gordon and Eric M. Leeper. NBER Working Paper No. 9084. Long-term Debt and Optimal Policy in the Fiscal Theory of the The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real primary surpluses. The fiscal theory of the price level and sluggish inflation According to the fiscal theory of the price level (FTPL), the interactions between monetary and fiscal policies with governments facing the possibility to  THE FISCAL THEORY OF THE PRICE LEVEL PUZZLE The policy implications are disturbing, as they call for rather adventurous fiscal policies. We show that these disturbing policy implications are specific to  The Fallacy of the Fiscal Theory of the Price Level - EconPapers The fiscal theory of the price level implies that a government could exogenously fix its real spending, revenue and seigniorage plans, and that  The Fiscal Theory of the Price Level - Amazon.com The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less  Long-Term Debt and Optimal Policy in the Fiscal Theory of the The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real primary surpluses. I analyze long-term  Dissecting fiscal multipliers under the fiscal theory of the price Standard calibrations suggest that the fiscal regime hosts a government spending multiplier on output that lies between 1 and 3. In the monetary regime, the  The Fiscal Theory of the Price Level by John H Cochrane Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of  A Game-Theoretic View of the Fiscal - Research Database ABSTRACT. The goal of this paper is to probe the validity of the fiscal theory of the price level by modeling explicitly the market structure in which  Fiscal Histories - National Bureau of Economic Research What fundamentally drives inflation or deflation, or the value of money? The fiscal theory of the price level offers a novel answer to this age-old question