Understanding Inflation as a Joint Monetary-Fiscal Phenomenon

Eric Leeper and Campbell Leith

No 21867, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary-fiscal regime. The article concludes with directions in which theoretical and empirical developments may go. The article is prepared for the Handbook of Macroeconomics, volume 2 (John B. Taylor and Harald Uhlig, editors, Elsevier Press).

JEL-codes: E31 E52 E58 E61 E62 E63 (search for similar items in EconPapers)
Date: 2016-01
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: EFG
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Citations: View citations in EconPapers (74)

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Working Paper: Understanding Inflation as a Joint Monetary-Fiscal Phenomenon (2016)
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