Registro completo de metadatos
Campo DC | Valor |
---|---|
dc.contributor.author | Arce, Óscar |
dc.date.accessioned | 2019-08-10T17:45:03Z |
dc.date.available | 2019-08-10T17:45:03Z |
dc.date.issued | 2005-10-14 |
dc.identifier.issn | ISSN: 0213-2710 (en papel) |
dc.identifier.issn | ISSN: 1579-8666 (en línea) |
dc.identifier.uri | https://repositorio.bde.es/handle/123456789/6846 |
dc.description.abstract | In this paper I analyze the classes of price-paths arising from a non-Ricardian fiscal-monetary plan along the lines of the Fiscal Theory of the Price Level (FTPL), under a price-invariant nominal money supply rule in a standard Sidrauski-Brock model. I first show that fiscalist speculative deflationary paths are irrational bubbles. Then I argue that a fully autonomous fiscal policy is, in most cases, no implementable, regardless of the time-horizon, thus complementing Buiter's (2001, 2002) findings. Finally, I claim that, contrary to the FTPL's arguments, a speculative hyperinflation can never be a necessary result. This latter observation is taken as an evidence against the analogy drawn between the equilibrium value of a firm's stock and money, as recently suggested by some proponents of this new paradigm in monetary economics.[resumen de autor] |
dc.format.extent | 40 p. : fórmulas, tab., gráf. |
dc.language.iso | eng |
dc.publisher | Banco de España. Servicio de Estudios |
dc.relation.ispartof | Documentos de Trabajo / Banco de España, 0533 |
dc.rights | Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) |
dc.rights | In Copyright - Non Commercial Use Permitted |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES |
dc.rights.uri | http://rightsstatements.org/vocab/InC-NC/1.0/ |
dc.subject | Fiscal-monetary interactions |
dc.subject | Fiscal Theory of the Price Level |
dc.subject | Explosive pricepaths |
dc.subject | Transversality conditions |
dc.title | Reflections on fiscalist divergent price-paths |
dc.type | Documento de trabajo |
dc.identifier.bdebib | 000184863 |
dc.identifier.bdepub | DTRA-200533-eng |
dc.subject.bde | Precios, inflación, deflación |
dc.subject.bde | Política fiscal |
dc.publisher.bde | Madrid : Banco de España. Servicio de Estudios, 2005 |
dc.subject.jel | E31 |
dc.subject.jel | E42 |
dc.subject.jel | E61 |