Infinite-maturity public debt and the fiscal theory of the price level

Gaetano Bloise; Pietro Reichlin

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Infinite-maturity public debt and the fiscal theory of the price level

机译：无限期公共债务和价格水平的财政理论

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The fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that price determinacy, in general, fails when at least part of the public debt takes the form of securities of infinite maturity. Indeed, price determinacy requires non-Ricardian fiscal plans and a predetermined nominal debt of the government. As no equilibrium restriction prevents the occurrence of a speculative bubble on infinite-maturity public debt, the initial nominal debt of the government is indeterminate and so is the price level under canonical specifications of non-Ricardian fiscal plans.

机译：价格水平的财政理论认为，价格水平由未偿还的公共名义债务与政府实际基本预算盈余的现值之比确定。我们在这里辩称，当至少一部分公共债务采取无限期到期的证券形式时，价格确定性通常会失败。实际上，价格确定性需要非里卡德的财政计划和政府预先确定的名义债务。由于没有均衡限制可以防止无限期到期的公共债务出现投机泡沫，因此政府的初始名义债务是不确定的，在非Ricardian财政计划的规范下价格水平也是如此。

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来源
《Journal of Economic Dynamics and Control》 |2008年第6期|p.1721-1731|共11页
作者
Gaetano Bloise; Pietro Reichlin;
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作者单位

Department of Economics, University of Rome III, Via Silvio D'Amico 77, I-00145 Rome, Italy;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
fiscal policy; monetary policy; speculative bubbles; long-term public debt;

机译：财政政策;货币政策;投机泡沫;长期公共债务;

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Infinite-maturity public debt and the fiscal theory of the price level

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