Arbeitspapier
The Fiscal Theory of the Price Level with a Bubble
This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital returns depresses the interest rate on government bonds below the economy's growth rate.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 8278
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Brunnermeier, Markus K.
Merkel, Sebastian
Sannikov, Yuliy
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Brunnermeier, Markus K.
- Merkel, Sebastian
- Sannikov, Yuliy
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2020
Ähnliche Objekte (12)
Policy interaction, learning and the fiscal theory of prices
The Fallacy of the Fiscal Theory of the Price Level, Again
The fallacy of the fiscal theory of the price level - one last time
The power of forward guidance and the fiscal theory of the price level
The fallacy of the fiscal theory of the price level: One last time
The fallacy of the fiscal theory of the price level - one last time
The fallacy of the fiscal theory of the price level : One last time
The fallacy of the fiscal theory of the price level – one last time
Can the fiscal theory of the price level explain UK inflation in the 1970s?
Learning the fiscal theory of the price level: Some consequences of debt management policy
The fiscal theory of the price level in a world of low interest rates
House price bubble detection in Ukraine
Policy interaction, learning and the fiscal theory of prices
The Fallacy of the Fiscal Theory of the Price Level, Again
The fallacy of the fiscal theory of the price level - one last time
The power of forward guidance and the fiscal theory of the price level
The fallacy of the fiscal theory of the price level: One last time
The fallacy of the fiscal theory of the price level - one last time
The fallacy of the fiscal theory of the price level : One last time
The fallacy of the fiscal theory of the price level – one last time
Can the fiscal theory of the price level explain UK inflation in the 1970s?
Learning the fiscal theory of the price level: Some consequences of debt management policy
The fiscal theory of the price level in a world of low interest rates
House price bubble detection in Ukraine
Policy interaction, learning and the fiscal theory of prices
The Fallacy of the Fiscal Theory of the Price Level, Again
The fallacy of the fiscal theory of the price level - one last time
The power of forward guidance and the fiscal theory of the price level
The fallacy of the fiscal theory of the price level: One last time
The fallacy of the fiscal theory of the price level - one last time
The fallacy of the fiscal theory of the price level : One last time
The fallacy of the fiscal theory of the price level – one last time
Can the fiscal theory of the price level explain UK inflation in the 1970s?
Learning the fiscal theory of the price level: Some consequences of debt management policy
The fiscal theory of the price level in a world of low interest rates