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Money growth and inflation: does fiscal policy matter?

Author

Listed:
  • Charles T. Carlstrom
  • Timothy S. Fuerst

Abstract

Is inflation (in the often-quoted words of Milton Friedman) \\"always and everywhere a monetary phenomenon\\"? Some say no, arguing that inflation is controlled not only by the central bank but also by the fiscal authority. This Commentary authors explore their argument, known as the fiscal theory of the price level.

Suggested Citation

  • Charles T. Carlstrom & Timothy S. Fuerst, 1999. "Money growth and inflation: does fiscal policy matter?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Apr.
    • Handle: RePEc:fip:fedcec:y:1999:i:apr15
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    File URL: https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/1999-economic-commentaries/ec-19990415-money-growth-and-inflation-does-fiscal-policy-matter.aspx
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    Citations

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    Cited by:

    1. Jérôme Creel & Henri Sterdyniak, 2001. "La théorie budgétaire du niveau des prix, un bilan critique," Revue d'économie politique, Dalloz, vol. 111(6), pages 909-939.
    2. Khan, Safdar Ullah & Saqib, Omar Farooq, 2011. "Political instability and inflation in Pakistan," Journal of Asian Economics, Elsevier, vol. 22(6), pages 540-549.
    3. Jerome Creel & Henri Sterdyniak, 2000. "La théorie budgétaire du niveau des prix : un bilan critique (The Fiscal Theory of the Price Level, a critical assessment) (in French with English summary)," Documents de Travail de l'OFCE 2000-03, Observatoire Francais des Conjonctures Economiques (OFCE).
    4. repec:hal:wpspec:info:hdl:2441/5122 is not listed on IDEAS
    5. Jude Okechukwu Chukwu, 2013. "Budget Deficits, Money Growth and Price Level in Nigeria," African Development Review, African Development Bank, vol. 25(4), pages 468-477, December.
    6. José Isidro García de Paso, 2002. "The 1628 Castilian crydown: A test of competing theories of the price level," Hacienda Pública Española / Review of Public Economics, IEF, vol. 163(4), pages 71-92, December.
    7. repec:hal:spmain:info:hdl:2441/5122 is not listed on IDEAS
    8. repec:spo:wpecon:info:hdl:2441/5122 is not listed on IDEAS
    9. Khani Hoolari, Seyed Morteza & Abounoori, Abbas Ali & Mohammadi, Teymour, 2014. "The Effect of Governance and Political Instability Determinants on Inflation in Iran," MPRA Paper 55827, University Library of Munich, Germany, revised Mar 2014.

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