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The Fiscal Theory of Money as an Unorthodox Financial Theory of the Firm

In: Monetary Theory as a Basis for Monetary Policy

Author

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  • Ramon Marimon

    (European University Institute
    Universitat Pompeu Fabra)

Abstract

There are three issues in which everyday macroeconomic life and economic theory seem to be quite apart. The first is the zeal with which governments in Europe and elsewhere pursue fiscal discipline as almost a precondition for price stability. One would think that governments were trying to implement a well-established theorem in monetary theory, but while the need to co-ordinate fiscal and monetary policies is a well-understood principle,1 such a theorem has been missing.

Suggested Citation

  • Ramon Marimon, 2001. "The Fiscal Theory of Money as an Unorthodox Financial Theory of the Firm," International Economic Association Series, in: Axel Leijonhufvud (ed.), Monetary Theory as a Basis for Monetary Policy, chapter 3, pages 72-95, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-4039-3961-6_3
    DOI: 10.1007/978-1-4039-3961-6_3
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    Cited by:

    1. Cochrane, John H., 2005. "Money as stock," Journal of Monetary Economics, Elsevier, vol. 52(3), pages 501-528, April.
    2. Hannes Malmberg & Erik Öberg, 2021. "Price‐Level Determination When Tax Payments Are Required in Money," Scandinavian Journal of Economics, Wiley Blackwell, vol. 123(2), pages 621-644, April.

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