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The Fiscal Theory of the Price Level and Initial Government Debt

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Author Info
Betty Daniel (SUNY Albany)

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Abstract

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)

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File URL: http://dx.doi.org/10.1016/j.red.2007.02.001
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Publisher Info
Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 10 (2007)
Issue (Month): 2 (April)
Pages: 193-206
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Handle: RePEc:red:issued:06-142

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Related research
Keywords: Fiscal theory of the price level; Active and passive fiscal policy; Ricardian and non-Ricardian fiscal policy; Monetary policy;

Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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This page was last updated on 2009-6-30.

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