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Government deficits, consumption, and the price level

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  • Barbara Annicchiarico
  • Giancarlo Marini

Abstract

This paper investigates the dynamics of the price level in a continuous time monetary version of the Yaari-Blanchard overlapping generations model with capital accumulation. It is shown that there is an interaction between fiscal discipline and price stability when the government budget is intertemporally balanced. Relevant implications are that high debt and slow adjustment adversely affect both prices and capital accumulation. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Barbara Annicchiarico & Giancarlo Marini, 2005. "Government deficits, consumption, and the price level," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 4(3), pages 193-205, December.
    • Handle: RePEc:spr:portec:v:4:y:2005:i:3:p:193-205
    DOI: 10.1007/s10258-005-0047-1
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    Cited by:

    1. Annicchiarico, Barbara, 2003. "Government deficits, wealth effects and the price level in an optimizing model," Working Paper Series 285, European Central Bank.

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