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

  • Hassan Ayoub
  • Jérôme Creel
  • Étienne Farvaque

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

Volume (Year): 16 (2008)
Issue (Month): 3 ()
Pages: 115-141

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Handle: RePEc:cai:edddbu:edd_223_0115
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  1. Jérôme Creel & Henri Sterdyniak, 2000. "La théorie budgétaire du niveau des prix, un bilan critique," Sciences Po publications 2000-03, Sciences Po.
  2. António Afonso, 2008. "Ricardian fiscal regimes in the European Union," Empirica, Springer, vol. 35(3), pages 313-334, July.
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  8. John H. Cochrane, 1998. "A Frictionless View of U.S. Inflation," CRSP working papers 479, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  9. 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.
  10. 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.
  11. Matthew B. Canzoneri & Robert E. Cumby & Behzad T. Diba, 1998. "Is the Price Level Determined by the Needs of Fiscal Solvency?," NBER Working Papers 6471, National Bureau of Economic Research, Inc.
  12. Ragna Alstadheim, 2005. "Is the price level in Norway determined by fiscal policy?," Working Paper 2005/5, Norges Bank.
  13. Jérôme Creel & Günes Kamber, 2004. "Debt, Deficits and Inflation on the Road to the EU: the case of Turkey," Sciences Po publications info:hdl:2441/3003, Sciences Po.
  14. Vincent Touzé & Hélène Baudchon & Jérôme Creel & Bruno Ventelou, 2000. "La politique budgétaire américaine sous la présidence Clinton : un rêve de cigale," Revue de l'OFCE, Programme National Persée, vol. 75(1), pages 243-290.
  15. 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.
  16. repec:ebl:ecbull:v:5:y:2007:i:7:p:1-12 is not listed on IDEAS
  17. Michael Woodford, 2001. "Fiscal Requirements for Price Stability," NBER Working Papers 8072, National Bureau of Economic Research, Inc.
  18. 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.
  19. 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.
  20. Pelin Oge Guney, 2007. "Fiscal Theory of Exchange Rate Determination: Empirical Evidence from Turkey," Economics Bulletin, AccessEcon, vol. 5(7), pages 1-12.
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