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Who Controls the Price Level?

Author

Listed:
  • Oya S. Erdogdu

    (Ankara University)

Abstract

Under the guidance of different theories and the problem of dominance and activeness, this study gives a survey of the rapidly growing literature on Fiscal Theory of Price Level, which opens up new horizons in a non–Ricardian world and questions the effectiveness of monetary policy on price level determination.

Suggested Citation

  • Oya S. Erdogdu, 2003. "Who Controls the Price Level?," Macroeconomics 0304011, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0304011
    Note: Type of Document - MSWord/PDF; prepared on PC; to print on any printer; pages: 21 ; figures: included
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0304/0304011.pdf
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    References listed on IDEAS

    as
    1. McCallum, Bennett T., 2001. "Indeterminacy, bubbles, and the fiscal theory of price level determination," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 19-30, February.
    2. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    3. Paul R. Bergin, 2017. "Fiscal Solvency and Price Level Determination in a Monetary Union," World Scientific Book Chapters, in: International Macroeconomic Interdependence, chapter 12, pages 343-362, World Scientific Publishing Co. Pte. Ltd..
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    inflation; FTPL; non-Ricardian;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

    NEP fields

    This paper has been announced in the following NEP Reports:

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