National Tsing Hua University Institutional Repository:Explaining the Fiscal Theory of Price Level Determination and Its Empirical Plausibility for Taiwan
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    National Tsing Hua University Institutional Repository > 科技管理學院  > 計量財務金融學系 > 期刊論文 >  Explaining the Fiscal Theory of Price Level Determination and Its Empirical Plausibility for Taiwan


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    題名: Explaining the Fiscal Theory of Price Level Determination and Its Empirical Plausibility for Taiwan
    作者: Ho, Tai-Kuang
    教師: 何泰寬
    日期: 2005
    出版者: 中央研究院經濟研究所
    關聯: 經濟論文, 中央研究院經濟研究所,第三十三卷第二期, 2005年6月
    關鍵詞: Ricardian and Non-Ricardian policy regimes
    fiscal dominant
    fiscal theory of the price level
    impulse response function
    摘要: This paper illustrates the propositions of the fiscal theory of the price level (FTPL) using a simple dynamic framework. The FTPL argues that in a Ricardian policy regime, the price level is determined by the monetary variables. In a non-Ricardian policy regime, the government's solvency constraint provides an additional restriction that helps pin down the price level. This paper begins with the main propositions of the FTPL. These include the price level determinacy under an interest rate rule, the observational equivalence between the Ricardian and the non-Ricardian policy regime, the ineffectiveness of monetary policy on price control under specific fiscal rule, and the tight money paradox by which an aggressive interest rate rule can lead to explosive inflation. We then discuss the critiques of the theory, such as the fragility of the theory and the over-determination of price level. The last part examines whether Taiwan is in a Ricardian or a non-Ricardian policy regime.
    URI: http://www.econ.sinica.edu.tw/upload/file/aep33-2-4.pdf
    www.econ.sinica.edu.tw/
    http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/61999
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