IDEAS home Printed from https://ideas.repec.org/p/hal/spmain/hal-03945934.html
   My bibliography  Save this paper

The Interactions between Monetary and Fiscal Policies in Britain during the French Wars (1793–1821)

Author

Listed:
  • Pamfili Antipa

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, Centre de recherche de la Banque de France - Banque de France)

Abstract

What causes prices to evolve? This question lies at the heart of economics, a science concerned with the human decision-making process. Prices contain most relevant information for investment, consumption, or production decisions; they also reflect the equilibrium conditions of markets. For a central bank, a comforting answer to the above question would be "Inflation is always and everywhere a monetary phenomenon in the sense that it can be produced only by a more rapid increase in the quantity of money than in output" (Friedman 1970, p. 24). In my PhD, I show, on the contrary, that the central bank is incapable of maintaining price stability when fiscal policies do not guarantee a sustainable public budget. The importance of fiscal policy for the determination of the price level has been emphasized in a number of papers, such as Chamley and Polemarchakis 1984, Del Negro and Sims 2015, Tobin 1961, Sargent and Wallace 1981, and Woodford 2001. These articles serve as the theoretical backdrop to my analysis.

Suggested Citation

  • Pamfili Antipa, 2020. "The Interactions between Monetary and Fiscal Policies in Britain during the French Wars (1793–1821)," SciencePo Working papers Main hal-03945934, HAL.
    • Handle: RePEc:hal:spmain:hal-03945934
    DOI: 10.1093/ereh/hez017
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03945934
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:spmain:hal-03945934. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Contact - Sciences Po Departement of Economics (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.