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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2735

Title: Disturbing the fiscal theory of the price level: can it fit the EU-15?
Authors: Afonso, António
Keywords: Fiscal theory of the price level
fiscal policy
panel data models
Issue Date: 2002
Publisher: ISEG – Departamento de Economia
Citation: Afonso, António. 2002. "Disturbing the fiscal theory of the price level: can it fit the EU-15?". Instituto Superior de Economia e Gestão - DE Working papers nº 1-2002/DE/CISEP
Series/Report no.: DE Working papers;nº 1-2002/DE/CISEP
Abstract: With the fiscal theory of the price level (FTPL), Leeper-Sims-Woodford (LSW) argued that the government budget constraint plays a key role in determining the price level. Indeed, there could even be a dispute vis-à-vis the role of monetary policy in the formation of the price level. Apart from several theoretical criticisms, also addressed in the discussion given in this paper, the attempts to validate empirically the novel theory are, so far, rather sparse. Additionally, one of the purposes of this paper is to tentatively assess the possible empirical evidence, concerning the FTPL, for the EU-15 countries.
URI: http://hdl.handle.net/10400.5/2735
ISSN: 0874-4548
Publisher version: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=23825
Appears in Collections:CISEP - Documentos de Trabalho / CISEP - Working Papers
DE - Documentos de trabalho / Working Papers

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