The Fiscal Theory of the Price Level / / John Cochrane.
A comprehensive account of how government deficits and debt drive inflationWhere do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Infl...
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Cochrane, John, author. aut http://id.loc.gov/vocabulary/relators/aut The Fiscal Theory of the Price Level / John Cochrane. Princeton, NJ : Princeton University Press, [2022] ©2023 1 online resource (584 p.) : 55 b/w illus. 6 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Preface -- Notation -- Part 1 The Fiscal Theory -- Introduction -- 1 A Two-PeriodModel -- 2 An IntertemporalModel -- 3 A Bit of Generality -- 4 Debt, Deficits, Discount Rates, and Inflation -- 5 Fiscal Theory in Sticky PriceModels -- 6 Fiscal Constraints -- 7 Long-Term Debt Dynamics -- Part II Assets, Rules, and Institutions -- 8 Assets and Choices -- 9 Better Rules -- 10 Balance Sheets and Pots of Assets -- Part III Monetary Doctrines, Institutions, and Some Histories -- 11 Monetary Policies -- 12 Interest Rate Targets -- 13 Monetary Institutions -- 14 Stories and Histories -- 15 Esthetics and Philosophy -- Part IV Money, Interest Rates, and Regimes -- 16 The New-Keynesian Model -- 17 Keynesian Models with Sticky Prices -- 18 History and Implications -- 19 Monetarism -- 20 The Zero Bound -- 21 The COVID-19 Inflation -- 22 Observational Equivalence -- Part V Past, Present, and Future -- 23 Past and Present -- 24 Tests,Models, and Applications -- 25 The Future -- Bibliography -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star A comprehensive account of how government deficits and debt drive inflationWhere do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. 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. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation.Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 02. Mai 2023) Fiscal policy. Inflation (Finance) Inflation (Finance). Monetary policy. Prices. BUSINESS & ECONOMICS / Economics / Macroeconomics. bisacsh Accounting rate of return. Asset price inflation. Bond Yield. Central bank. Consumer debt. Consumer economy. Consumption (economics). Credit (finance). Credit risk. Credit spread (options). Currency crisis. Currency swap. Currency union. Currency. Debt limit. Debt-to-GDP ratio. Debt. Default (finance). Diversification (finance). Econometrics. Economic equilibrium. Economic planning. Economics. Exchange rate. Finance. Financial correlation. Financial economics. Fiscal adjustment. Fiscal gap. Fiscal multiplier. Fiscal space. Fiscal theory of the price level. Fixed exchange-rate system. Functional finance. GDP deflator. GDP-linked bond. Government budget balance. Government debt. Inflation swap. Inflation targeting. Inflation tax. Inflation. Interest Cost. Interest rate risk. Interest rate. Keynesian economics. Liability (financial accounting). Liquidity premium. Macroeconomic model. Macroeconomics. Marginal rate of substitution. Mark-to-market accounting. Market Risk Premium. Market clearing. Market liquidity. Market price. Microeconomic reform. Modern Monetary Theory. Monetarism. Monetary Theory. Monetary authority. Monetary reform. Monetary system. Money market. Money multiplier. Nominal interest rate. Price Change. Price controls. Price elasticity of demand. Price fixing. Price index. Price level. Public finance. Quantity theory of money. Real business-cycle theory. Real interest rate. Real versus nominal value (economics). Relative value (economics). Risk premium. Share price. Stochastic discount factor. Stock valuation. Supply (economics). Supply-side economics. Swap (finance). Tax and spend. Tax avoidance. Tax policy. Tax reform. Tax. Terminal value (finance). The General Theory of Employment, Interest and Money. The Wealth Effect. Tight Monetary Policy. Trade credit. Treasury Bill. Valuation (finance). Value (economics). Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2023 9783110749748 print 9780691242248 https://doi.org/10.1515/9780691243245?locatt=mode:legacy https://www.degruyter.com/isbn/9780691243245 Cover https://www.degruyter.com/document/cover/isbn/9780691243245/original |
language |
English |
format |
eBook |
author |
Cochrane, John, Cochrane, John, |
spellingShingle |
Cochrane, John, Cochrane, John, The Fiscal Theory of the Price Level / Frontmatter -- Contents -- Preface -- Notation -- Part 1 The Fiscal Theory -- Introduction -- 1 A Two-PeriodModel -- 2 An IntertemporalModel -- 3 A Bit of Generality -- 4 Debt, Deficits, Discount Rates, and Inflation -- 5 Fiscal Theory in Sticky PriceModels -- 6 Fiscal Constraints -- 7 Long-Term Debt Dynamics -- Part II Assets, Rules, and Institutions -- 8 Assets and Choices -- 9 Better Rules -- 10 Balance Sheets and Pots of Assets -- Part III Monetary Doctrines, Institutions, and Some Histories -- 11 Monetary Policies -- 12 Interest Rate Targets -- 13 Monetary Institutions -- 14 Stories and Histories -- 15 Esthetics and Philosophy -- Part IV Money, Interest Rates, and Regimes -- 16 The New-Keynesian Model -- 17 Keynesian Models with Sticky Prices -- 18 History and Implications -- 19 Monetarism -- 20 The Zero Bound -- 21 The COVID-19 Inflation -- 22 Observational Equivalence -- Part V Past, Present, and Future -- 23 Past and Present -- 24 Tests,Models, and Applications -- 25 The Future -- Bibliography -- Index |
author_facet |
Cochrane, John, Cochrane, John, |
author_variant |
j c jc j c jc |
author_role |
VerfasserIn VerfasserIn |
author_sort |
Cochrane, John, |
title |
The Fiscal Theory of the Price Level / |
title_full |
The Fiscal Theory of the Price Level / John Cochrane. |
title_fullStr |
The Fiscal Theory of the Price Level / John Cochrane. |
title_full_unstemmed |
The Fiscal Theory of the Price Level / John Cochrane. |
title_auth |
The Fiscal Theory of the Price Level / |
title_alt |
Frontmatter -- Contents -- Preface -- Notation -- Part 1 The Fiscal Theory -- Introduction -- 1 A Two-PeriodModel -- 2 An IntertemporalModel -- 3 A Bit of Generality -- 4 Debt, Deficits, Discount Rates, and Inflation -- 5 Fiscal Theory in Sticky PriceModels -- 6 Fiscal Constraints -- 7 Long-Term Debt Dynamics -- Part II Assets, Rules, and Institutions -- 8 Assets and Choices -- 9 Better Rules -- 10 Balance Sheets and Pots of Assets -- Part III Monetary Doctrines, Institutions, and Some Histories -- 11 Monetary Policies -- 12 Interest Rate Targets -- 13 Monetary Institutions -- 14 Stories and Histories -- 15 Esthetics and Philosophy -- Part IV Money, Interest Rates, and Regimes -- 16 The New-Keynesian Model -- 17 Keynesian Models with Sticky Prices -- 18 History and Implications -- 19 Monetarism -- 20 The Zero Bound -- 21 The COVID-19 Inflation -- 22 Observational Equivalence -- Part V Past, Present, and Future -- 23 Past and Present -- 24 Tests,Models, and Applications -- 25 The Future -- Bibliography -- Index |
title_new |
The Fiscal Theory of the Price Level / |
title_sort |
the fiscal theory of the price level / |
publisher |
Princeton University Press, |
publishDate |
2022 |
physical |
1 online resource (584 p.) : 55 b/w illus. 6 tables. |
contents |
Frontmatter -- Contents -- Preface -- Notation -- Part 1 The Fiscal Theory -- Introduction -- 1 A Two-PeriodModel -- 2 An IntertemporalModel -- 3 A Bit of Generality -- 4 Debt, Deficits, Discount Rates, and Inflation -- 5 Fiscal Theory in Sticky PriceModels -- 6 Fiscal Constraints -- 7 Long-Term Debt Dynamics -- Part II Assets, Rules, and Institutions -- 8 Assets and Choices -- 9 Better Rules -- 10 Balance Sheets and Pots of Assets -- Part III Monetary Doctrines, Institutions, and Some Histories -- 11 Monetary Policies -- 12 Interest Rate Targets -- 13 Monetary Institutions -- 14 Stories and Histories -- 15 Esthetics and Philosophy -- Part IV Money, Interest Rates, and Regimes -- 16 The New-Keynesian Model -- 17 Keynesian Models with Sticky Prices -- 18 History and Implications -- 19 Monetarism -- 20 The Zero Bound -- 21 The COVID-19 Inflation -- 22 Observational Equivalence -- Part V Past, Present, and Future -- 23 Past and Present -- 24 Tests,Models, and Applications -- 25 The Future -- Bibliography -- Index |
isbn |
9780691243245 9783110749748 9780691242248 |
callnumber-first |
H - Social Science |
callnumber-subject |
HG - Finance |
callnumber-label |
HG229 |
callnumber-sort |
HG 3229 |
url |
https://doi.org/10.1515/9780691243245?locatt=mode:legacy https://www.degruyter.com/isbn/9780691243245 https://www.degruyter.com/document/cover/isbn/9780691243245/original |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
339 - Macroeconomics & related topics |
dewey-full |
339.53 |
dewey-sort |
3339.53 |
dewey-raw |
339.53 |
dewey-search |
339.53 |
doi_str_mv |
10.1515/9780691243245?locatt=mode:legacy |
oclc_num |
1350571338 |
work_keys_str_mv |
AT cochranejohn thefiscaltheoryofthepricelevel AT cochranejohn fiscaltheoryofthepricelevel |
status_str |
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ids_txt_mv |
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carrierType_str_mv |
cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2023 |
is_hierarchy_title |
The Fiscal Theory of the Price Level / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2023 |
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level.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Public finance.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Quantity theory of money.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Real business-cycle theory.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Real interest rate.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Real versus nominal value (economics).</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Relative value (economics).</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Risk premium.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Share price.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Stochastic discount factor.</subfield></datafield><datafield tag="653" ind1=" " ind2=" 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code="c">print</subfield><subfield code="z">9780691242248</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1515/9780691243245?locatt=mode:legacy</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://www.degruyter.com/isbn/9780691243245</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="3">Cover</subfield><subfield code="u">https://www.degruyter.com/document/cover/isbn/9780691243245/original</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">978-3-11-074974-8 Princeton University Press Complete eBook-Package 2023</subfield><subfield code="b">2023</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_CL_LAEC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EBKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ECL_LAEC</subfield></datafield><datafield 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