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A Survey on Issues of the FTPL(Fiscal theory of Price Level) (in Japanese)


  • Masaaki Kawagoe
  • Noriki Hirose


This paper surveys and examines theory, empirical evidence and policy implications of FTPL. FTPL's argument that government budget constraint determines price level is vulnerable to changes in assumptions. Moreover, empirically, it is unclear whether Non-Ricardian type fiscal policy, which is a critical assumption of the argument, is actually adopted. This paper casts a doubt on validity of FTPL's policy implications by arguing that the current Japanese macro policies are, in fact, consistent with prescriptions given by FTPL.

Suggested Citation

  • Masaaki Kawagoe & Noriki Hirose, 2003. "A Survey on Issues of the FTPL(Fiscal theory of Price Level) (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 171, pages 142-184, December.
  • Handle: RePEc:esj:esriea:171g

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