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Understanding the Fiscal Theory of the Price Level

NBER Working Paper No. w7668

66 Pages Posted: 21 May 2000 Last revised: 16 Dec 2022

See all articles by Lawrence J. Christiano

Lawrence J. Christiano

Northwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER)

Terry J. Fitzgerald

Organization for Economic Co-Operation and Development (OECD)

Date Written: April 2000

Abstract

We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the feasibility of price stability.

Suggested Citation

Christiano, Lawrence J. and Fitzgerald, Terry J., Understanding the Fiscal Theory of the Price Level (April 2000). NBER Working Paper No. w7668, Available at SSRN: https://ssrn.com/abstract=228142

Lawrence J. Christiano (Contact Author)

Northwestern University ( email )

2003 Sheridan Road
Evanston, IL 60208
United States
847-491-8231 (Phone)
847-491-7001 (Fax)

Federal Reserve Bank of Cleveland

East 6th & Superior
Cleveland, OH 44101-1387
United States

Federal Reserve Bank of Chicago

230 South LaSalle Street
Chicago, IL 60604
United States

Federal Reserve Bank of Minneapolis

90 Hennepin Avenue
Minneapolis, MN 55480
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Terry J. Fitzgerald

Organization for Economic Co-Operation and Development (OECD)

2 rue Andre Pascal
Paris Cedex 16, 75775
France

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