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Détermination du niveau des prix et finances publiques : le cas du Liban, 1965 – 2005

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  • Hassan Ayoub
  • Jérôme Creel
  • Étienne Farvaque

Abstract

The fiscal theory of the price level makes a distinction between two kinds of policy-making regimes : a Ricardian and a non-Ricardian one. We analyse here the conditions under which these regimes can apply to different periods, some of them being troubled periods, in a given economy. The case of Lebanon, which has successively gone through periods of prosperity, war and reconstruction, offers a case study for the fiscal theory of the price level, and shows its empirical relevance.

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Bibliographic Info

Article provided by De Boeck Université in its journal Revue d'économie du développement.

Volume (Year): 22 (2008)
Issue (Month): 3 ()
Pages: 115-141

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Handle: RePEc:cai:edddbu:edd_223_0115

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Keywords: general price level; inflation; monetary and fiscal policies; public debt; nominal anchor; war economy;

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  1. Jérôme Creel & Günes Kamber, 2004. "Debt, deficits and inflation on the road to the EU: the case of Turkey," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 157-174.
  2. John H. Cochrane, 1998. "A Frictionless View of U.S. Inflation," NBER Working Papers 6646, National Bureau of Economic Research, Inc.
  3. António Afonso, 2008. "Ricardian fiscal regimes in the European Union," Empirica, Springer, vol. 35(3), pages 313-334, July.
  4. Hélène Baudchon & Jérôme Creel & Vincent Touze & Bruno Ventelou, 2000. "La politique budgétaire américaine sous la présidence Clinton : un rêve de cigale," Sciences Po publications info:hdl:2441/2944, Sciences Po.
  5. Oscar Bajo-Rubio & Carmen Díaz-Roldán & Vicente Esteve, 2007. "Deficit sustainability and inflation in EMU: An analysis from the fiscal theory of the price level," Working Papers 07-01, Asociación Española de Economía y Finanzas Internacionales.
  6. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  7. Matthew B. Canzoneri & Robert E. Cumby & Behzad T. Diba, 2001. "Is the Price Level Determined by the Needs of Fiscal Solvency?," American Economic Review, American Economic Association, vol. 91(5), pages 1221-1238, December.
  8. Leeper, Eric M., 1991. "Equilibria under 'active' and 'passive' monetary and fiscal policies," Journal of Monetary Economics, Elsevier, vol. 27(1), pages 129-147, February.
  9. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, vol. 64(4), pages 813-36, July.
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  11. Creel, Jerome & Bihan, Herve Le, 2006. "Using structural balance data to test the fiscal theory of the price level: Some international evidence," Journal of Macroeconomics, Elsevier, vol. 28(2), pages 338-360, June.
  12. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
  13. repec:ebl:ecbull:v:5:y:2007:i:7:p:1-12 is not listed on IDEAS
  14. Pelin Oge Guney, 2007. "Fiscal Theory of Exchange Rate Determination: Empirical Evidence from Turkey," Economics Bulletin, AccessEcon, vol. 5(7), pages 1-12.
  15. Willem H. Buiter, 2002. "The Fiscal Theory Of The Price Level: A Critique," Economic Journal, Royal Economic Society, vol. 112(481), pages 459-480, July.
  16. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-54, April.
  17. Daniel, Betty C., 2001. "The fiscal theory of the price level in an open economy," Journal of Monetary Economics, Elsevier, vol. 48(2), pages 293-308, October.
  18. Michael Woodford, 2001. "Fiscal Requirements for Price Stability," NBER Working Papers 8072, National Bureau of Economic Research, Inc.
  19. Sargent, Thomas J & Velde, Francois R, 1995. "Macroeconomic Features of the French Revolution," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 474-518, June.
  20. Ragna Alstadheim, 2005. "Is the price level in Norway determined by fiscal policy?," Working Paper 2005/5, Norges Bank.
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Cited by:
  1. Charles Plaigin, 2009. "Exploratory study on the presence of cultural and institutional growth spillovers," DULBEA Working Papers 09-03.RS, ULB -- Universite Libre de Bruxelles.

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