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What is Fiscal Theory of Price Level Explained about?

This document summarizes and explains the fiscal theory of the price level proposed by Woodford (1995). It makes three main points: 1) According to the fiscal theory, fiscal policy can influence inflation rates if the government can behave in a non-Ricardian manner by not satisfying its intertemporal budget constraint for all possible price paths. 2) Whether a government can actually implement non-Ricardian policies cannot be answered using data, as it concerns the government

Author

alexandrosvla

Language

EN