How fiscal policy affects the price level: lessons from a not so distant past

Pamfili Antipa

Rue de la Banque, 2015, issue 13

Abstract: The last decade has witnessed large-scale debt accumulation in a number of developed countries. Such increases in debt levels raise questions about the sustainability of public finances and risks of debt monetisation. This letter analyses a historical case study of significant debt accumulation – Britain during the Napoleonic Wars. The author provides evidence on how expectations regarding the sustainability of public finances can affect the price level under extraordinary circumstances.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:rueban:2015:13

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