The Fiscal Theory of the Price Level 1st Edition

The Fiscal Theory of the Price Level 1st Edition – Ebook Instant Download/Delivery ISBN(s): 9780691243245,0691243247

Product details:

• ISBN-10: 0691243247 
• ISBN-13: 9780691243245
• Author: John Cochrane

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.

Table contents:

Part I. The Fiscal Theory

Part II. Assets, Rules, and Institutions

Part III. Monetary Doctrines, Institutions, and Some Histories

Part IV. Money, Interest Rates, and Regimes

Part V. Past, Present, and Future

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