DOWNLOAD [PDF] {EPUB} The Fiscal Theory of the Price Level by John Cochrane

The Fiscal Theory of the Price Level by John Cochrane

• The Fiscal Theory of the Price Level
• John Cochrane
• Page: 584
• Format: pdf, ePub, mobi, fb2
• ISBN: 9780691242248
• Publisher: Princeton University Press

Download eBook

Download kindle books to ipad via usb The Fiscal Theory of the Price Level by John Cochrane (English Edition) PDF

Overview

A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.

More eBooks: PENSAR CON CLARIDAD EBOOK | SHANE PARRISH | Descargar libro PDF EPUB download link, [PDF] Londres by Louis-Ferdinand Céline, Régis Tettamanzi link, Descargar [PDF] {EPUB} EL ARTE DE HACER CRECER TU DINERO pdf, AMOR CAPITAL ePub gratis read book, DOWNLOAD [PDF] {EPUB} Kim Ji-young, nacida en 1982 / Kim Jiyoung, Born 1982 by Cho Nam-Joo download link, LIT: Life Ignition Tools: Use Nature's Playbook to Energize Your Brain, Spark Ideas, and Ignite Action by Jeff Karp, Teresa Barker on Ipad link, Descargar PSICOPATOLOGIA: INCLUYE DSM IV-TR (3ª ED.) DAVID H. BARLOW, V. MARK DURAND Gratis - EPUB, PDF y MOBI read pdf, PDF [Download] Honey and Spice: A Novel by Bolu Babalola download link, {epub download} Tobie Lolness Tome 1 here, [PDF] LOS DE ABAJO descargar gratis link, Dian Hanson's: The History of Men's Magazines. Vol. 4: 1960s Under the Counter by Dian Hanson on Iphone New Format download pdf, {pdf download} Drive Me Crazy by Carly Robyn download link, [PDF] Club Shadowlands by Cherise Sinclair site,