Marzo, Massimiliano () (Universita di Bologna;) Romagnoli , Silvia () (Universita di Bologna) Zagaglia, Paolo (Dept. of Economics, Stockholm University)
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We study the term structure implications of the fiscal theory of price level determination. We introduce the intertemporal budget constraint of the government in a general equilibrium model in continuous time. Fiscal policy is set according to a simple rule whereby taxes react proportionally to real debt. We show how to solve for the prices of real and nominal zero coupon bonds.
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Paper provided by Stockholm University, Department of Economics in its series Research Papers in Economics with number
2008:6.
Length: 27 pages Date of creation: 29 Jul 2008 Date of revision: Handle: RePEc:hhs:sunrpe:2008_0006
Contact details of provider: Postal: Department of Economics, Stockholm, S-106 91 Stockholm, Sweden Phone: +46 8 16 20 00 Fax: +46 8 16 14 25 Email: Web page: http://www.ne.su.se/ More information through EDIRC
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