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A Remark on the fiscal theory of price determination

Bloise, Gaetano Osvaldo (2005) A Remark on the fiscal theory of price determination. Journal of Mathematical Economics, Vol. 41 (8), p. 1037-1052. ISSN 0304-4068. Article.

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DOI: 10.1016/j.jmateco.2004.10.004

Abstract

The fiscal theory of price determination asserts that the price level is determined by the ratio of nominal public debt to the present value of real primary surpluses. To show its fragility, we describe a simple monetary economy with an infinitely lived real productive asset. Under the hypotheses of the fiscal theory, speculative bubbles occur at equilibrium, thus leading to an indeterminate price level.

Item Type:Article
ID Code:2832
Status:Published
Refereed:Yes
Uncontrolled Keywords:Money, bubbles, indeterminacy, monetary policy, fiscal policy
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Elsevier
ISSN:0304-4068
Deposited On:26 Aug 2009 10:24

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