Paper Money

Christopher Sims ()

American Economic Review, 2013, vol. 103, issue 2, 563-84

Abstract: Drastic changes in central bank operations and monetary institutions in recent years have made previously standard approaches to explaining the determination of the price level obsolete. Recent expansions of central bank balance sheets and of the levels of rich-country sovereign debt, as well as the evolving political economy of the European Monetary Union, have made it clear that fiscal policy and monetary policy are intertwined. Our thinking and teaching about inflation, monetary policy, and fiscal policy should be based on models that recognize fiscal-monetary policy interactions. (JEL E31, E52, E58, E62, H63)

JEL-codes: E31 E52 E58 E62 H63 (search for similar items in EconPapers)
Date: 2013
Note: DOI: 10.1257/aer.103.2.563
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Citations: View citations in EconPapers (76)

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