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The price level, the quantity theory of money, and the Fiscal Theory of the price level

Author: David B Gordon; Eric Michael Leeper; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2002.
Series: Working paper series (National Bureau of Economic Research), no. 9084.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: We consider price level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings (transactions services), the nominal interest rate, and after-tax returns to investment goods determine the relative values of nominal and real assets. Since expectations of government policies  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David B Gordon; Eric Michael Leeper; National Bureau of Economic Research.
OCLC Number: 50921986
Notes: "July 2002."
Description: 1 online resource (31 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 9084.
Responsibility: David B. Gordon, Eric M. Leeper.

Abstract:

Abstract: We consider price level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings (transactions services), the nominal interest rate, and after-tax returns to investment goods determine the relative values of nominal and real assets. Since expectations of government policies ultimately determine the expected returns to both nominal and real assets, monetary and fiscal policies jointly determine the price level. Special cases of the fiscal and monetary policies considered produce the quantity theory of money and the fiscal theory of the price level.

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