A Requiem For The Fiscal Theory Of The Price Level

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A Requiem For The Fiscal Theory Of The Price Level

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Author : Mr.Roger Farmer
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-11

A Requiem For The Fiscal Theory Of The Price Level written by Mr.Roger Farmer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-11 with Business & Economics categories.

The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies.

A Requiem For The Fiscal Theory Of The Price Level

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Author : Mr.Roger Farmer
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-11

A Requiem For The Fiscal Theory Of The Price Level written by Mr.Roger Farmer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-11 with Business & Economics categories.

The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies.

A Requiem For The Fiscal Theory Of The Price Level

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Author : Roger E.A. Farmer
language : en
Publisher:
Release Date : 2019

A Requiem For The Fiscal Theory Of The Price Level written by Roger E.A. Farmer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in the overlapping generations (OLG) model. We provide two examples of OLG models, one with three 3-period lives and one with 62-period lives. Both examples are calibrated to an income profile chosen to match the life-cycle earnings process in U.S. data estimated by Guvenen et al. (2015). In both examples, there exist multiple steady-state equilibria. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies. As long as the primary deficit or the primary surplus is not too large, the fiscal authority can conduct policies that are unresponsive to endogenous changes in the level of its outstanding debt. Monetary and fiscal policy can both be active at the same time.

Overlapping Generations

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Author : Stephen E. Spear
language : en
Publisher: Emerald Group Publishing
Release Date : 2023-09-04

Overlapping Generations written by Stephen E. Spear and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-04 with Business & Economics categories.

The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn’t become the central workhorse model for macroeconomics, as opposed to the neoclassical growth model. The authors here explore the co-evolution of the two models.

Can Heterodox Economics Make A Difference

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Author : Phil Armstrong
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-11-27

Can Heterodox Economics Make A Difference written by Phil Armstrong and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-27 with Business & Economics categories.

In a series of in-depth interviews with leading economists and policy-makers from different schools including Austrian, Monetarist, New-Keynesian, Post-Keynesian, Modern Monetary Theory, Marxist and Institutionalist, this intriguing book sheds light upon the behaviour of economists and the sociology of the economics profession by enabling economists to express their views on a wide range of issues.

Behavioral Public Finance

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Author : Edward J. McCaffery
language : en
Publisher: Russell Sage Foundation
Release Date : 2006-01-23

Behavioral Public Finance written by Edward J. McCaffery and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-23 with Business & Economics categories.

Behavioral economics questions the basic underpinnings of economic theory, showing that people often do not act consistently in their own self-interest when making economic decisions. While these findings have important theoretical implications, they also provide a new lens for examining public policies, such as taxation, public spending, and the provision of adequate pensions. How can people be encouraged to save adequately for retirement when evidence shows that they tend to spend their money as soon as they can? Would closer monitoring of income tax returns lead to more honest taxpayers or a more distrustful, uncooperative citizenry? Behavioral Public Finance, edited by Edward McCaffery and Joel Slemrod, applies the principles of behavioral economics to government's role in constructing economic and social policies of these kinds and suggests that programs crafted with rational participants in mind may require redesign. Behavioral Public Finance looks at several facets of economic life and asks how behavioral research can increase public welfare. Deborah A. Small, George Loewenstein, and Jeff Strnad note that public support for a tax often depends not only on who bears its burdens, but also on how the tax is framed. For example, people tend to prefer corporate taxes over sales taxes, even though the cost of both is eventually extracted from the consumer. James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick assess the impact of several different features of 401(k) plans on employee savings behavior. They find that when employees are automatically enrolled in a retirement savings plan, they overwhelmingly accept the status quo and continue participating, while employees without automatic enrollment typically take over a year to join the saving plan. Behavioral Public Finance also looks at taxpayer compliance. While the classic economic model suggests that the low rate of IRS audits means far fewer people should voluntarily pay their taxes than actually do, John Cullis, Philip Jones, and Alan Lewis present new research showing that many people do not underreport their incomes even when the probability of getting caught is a mere one percent. Human beings are not always rational, utility-maximizing economic agents. Behavioral economics has shown how human behavior departs from the assumptions made by generations of economists. Now, Behavioral Public Finance brings the insights of behavioral economics to analysis of policies that affect us all.

The Future Of The Sdr In Light Of Changes In The International Monetary System

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Author : James M. Boughton
language : en
Publisher: International Monetary Fund
Release Date : 1996

The Future Of The Sdr In Light Of Changes In The International Monetary System written by James M. Boughton and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

This book edited by Michael Mussa, James M. Boughton, and Peter Isard, records the proceedings of a seminar held at the IMF in March 1996 on the future of the special drawing right (SDR), given changes in the international monetary system since the inception of the SDR. the seminar focuses on the differences in opinion in the international community on the desirability or feasibility of an additional allocation of SDRs.

Finance Development September 2014

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Author : International Monetary Fund. External Relations Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-25

Finance Development September 2014 written by International Monetary Fund. External Relations Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-25 with Business & Economics categories.

This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

The Macroeconomics Of Self Fulfilling Prophecies

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Author : Roger E. A. Farmer
language : en
Publisher: MIT Press
Release Date : 1999

The Macroeconomics Of Self Fulfilling Prophecies written by Roger E. A. Farmer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.

Farmer argues for the future of macroeconomics as a branch ofapplied general equilibrium theory. His main theme is thatmacroeconomics is best viewed as the study of equilibrium environmentsin which the welfare theorems break down.

Economics For Real People

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Author : Gene Callahan
language : en
Publisher: Ludwig von Mises Institute
Release Date : 2002

Economics For Real People written by Gene Callahan and has been published by Ludwig von Mises Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Austrian school of economics categories.