Money growth and inflation: does fiscal policy matter?

Charles Carlstrom () and Timothy S. Fuerst ()

Economic Commentary, 1999, issue Apr 15

Abstract: Is inflation (in the often-quoted words of Milton Friedman) "always and everywhere a monetary phenomenon"? Some say no, arguing that inflation is controlled not only by the central bank but also by the fiscal authority. This Commentary authors explore their argument, known as the fiscal theory of the price level.

Keywords: Fiscal policy; Inflation (Finance); Monetary policy (search for similar items in EconPapers)
Date: 1999
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