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Government deficits, consumption, and the price level

机译:政府赤字,消费和价格水平

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摘要

This paper investigates the dynamics of the price level in a continuous time monetary version of the Yaari-Blanchard overlapping generations model with capital accumulation. It is shown that there is an interaction between fiscal discipline and price stability when the government budget is intertemporally balanced. Relevant implications are that high debt and slow adjustment adversely affect both prices and capital accumulation.
机译:本文研究了具有资本积累的Yaari-Blanchard重叠世代模型的连续时间货币版本中价格水平的动态。研究表明,当政府预算在时间上保持平衡时,财政纪律与价格稳定之间便存在相互作用。相关的含义是高债务和缓慢的调整会对价格和资本积累产生不利影响。

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