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Understanding the fiscal theory of the price level

Author

Listed:
  • Lawrence J. Christiano
  • Terry J. Fitzgerald

Abstract

Price stability is an important goal of public policy. To reach this goal, two key questions must be addressed: How can price stability be achieved? And, how much price stability is desirable? The authors review the fiscal theory of the price level, with special emphasis on its implications for the feasibility and desirability of price stability.

Suggested Citation

  • Lawrence J. Christiano & Terry J. Fitzgerald, 2000. "Understanding the fiscal theory of the price level," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 2-38.
    • Handle: RePEc:fip:fedcer:y:2000:i:qii:p:2-38
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    File URL: https://fraser.stlouisfed.org/title/economic-review-federal-reserve-bank-cleveland-1328/2000-quarter-2-4670?page=3
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    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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