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dc.contributor.authorArce, Óscar
dc.date.accessioned2019-08-10T17:50:39Z
dc.date.available2019-08-10T17:50:39Z
dc.date.issued2007-12-27
dc.identifier.issnISSN: 0213-2710 (en papel)
dc.identifier.issnISSN: 1579-8666 (en línea)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/6937
dc.description.abstractThis paper shows that there exist fiscal strategies that deliver equilibrium uniqueness in a monetary economy in which the central bank follows an interest rate peg. In contrast to the fiscal theory of the price level (FTPL), such strategies always satisfy a government intertemporal budget constraint. The government is able to rule out most prices using strategically its fiscal instruments, undercutting the private-market price whenever it is inconsistent with the fiscal targets. In the spirit of the FTPL, along the fiscal strategies of this paper the government does not follow a rule that mechanically links the fiscal surplus to the real value of its outstanding nominal debt. Like in the monetarist paradigm, the fiscal authority is forced to blink in face of an independent monetary policy, although in equilibrium the former achieves its own targets
dc.format.extent37 p.
dc.language.isoen
dc.publisherBanco de España
dc.relation.ispartofDocumentos de Trabajo / Banco de España, 0741
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectFiscal-monetray interactions
dc.subjectFiscal theory of the price level
dc.subjectInterest rate peg
dc.subjectEquilibrium (in)determinacy
dc.titlePrice determinacy under non-Ricardian fiscal strategies
dc.typeDocumento de trabajo
dc.identifier.bdebib000196777
dc.identifier.bdepubDTRA-200741-eng
dc.subject.bdeRenta, empleo y precios
dc.subject.bdePolítica fiscal
dc.subject.bdePolítica económica
dc.publisher.bdeMadrid : Banco de España, 2007
dc.subject.jelE31
dc.subject.jelE42
dc.subject.jelE61
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