Artikel
New Chicago Views on Inflation Control: The Neo-Fisherian Approach and the Fiscal Theory of the Price Level
Whereas in former times, the 'Chicago View' in monetary policy stood for the Quantity Theory and money supply control, it is now the centre of unconventional approaches in macro theory. The Neo-Fisherian proposal suggests, in the case of low inflation and nominal interest rates pegged to the zero-lower bound, to increase policy rates immediately to the long-run equilibrium value that corresponds to the 'natural' real interest rate and the inflation target. The Fiscal Theory of the Price Level believes that goods prices jump to a level that validates the long-run sustainability condition of government debt even if central banks abstain from monetising. Both views are criticized for analytical and empirical reasons.
- Sprache
-
Englisch
- Erschienen in
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Journal: Credit and Capital Markets – Kredit und Kapital ; ISSN: 2199-1235 ; Volume: 52 ; Year: 2019 ; Issue: 1 ; Pages: 69-87
- Klassifikation
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Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Thema
-
unconventional interest rate policy
inflation expectations
government budget constraint
- Ereignis
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Geistige Schöpfung
- (wer)
-
Spahn, Peter
- Ereignis
-
Veröffentlichung
- (wer)
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Duncker & Humblot
- (wo)
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Berlin
- (wann)
-
2019
- DOI
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doi:10.3790/ccm.52.1.69
- Letzte Aktualisierung
- 10.03.2025, 11:44 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
- Artikel
Beteiligte
- Spahn, Peter
- Duncker & Humblot
Entstanden
- 2019
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