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La théorie budgétaire du niveau des prix, un bilan critique

Author

Listed:
  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

This article presents a survey of the Fiscal Theory of the Price Level. According to it, there are two stable regimes of economic policies : one, traditional, where the monetary authorities control inflation and where the fiscal authorities must be concerned with their intertemporal balance. The other, where the monetary policy is passive and where the fiscal authorities can be non-ricardian, i.e. unconcerned with public debt: the price level adjusts the real debt to the future discounted primary surpluses. The FTPL is presented following its historical developments: from its precursors (Sargent, Begg...) to its recent promoters (Leeper, Woodford) ; from its theoretical critics (Buiter) to its empirical criticisms. The FTPL is neither consistent with the observed behaviour of monetary authorities, nor with the empirical sluggishness of inflation Ithis latter result is an original one). However, it highlights the need to analyse the strategic interactions between fiscal and monetary policies.

Suggested Citation

  • Jérôme Creel & Henri Sterdyniak, 2001. "La théorie budgétaire du niveau des prix, un bilan critique," Sciences Po Economics Publications (main) hal-03416639, HAL.
    • Handle: RePEc:hal:spmain:hal-03416639
    DOI: 10.3917/redp.116.0909
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03416639
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    Cited by:

    1. Vigninou GAMMADIGBE & Ismaël ISSIFOU & Sampawende J.-A. TAPSOBA & Daouda SEMBENE, 2018. "Convergence et divergence budgétaire en Afrique : le rôle des Communautés économiques régionales et des Unions économiques et monétaires," Working Papers P217, FERDI.
    2. Jérôme Creel, 2001. "Faut-il contraindre la politique budgétaire en Union monétaire ?. Les enseignements d'une maquette simulée," Revue de l'OFCE, Presses de Sciences-Po, vol. 77(2), pages 199-249.
    3. Mouldi Djelassi & Lobna Essid, 2012. "Le niveau des prix en Tunisie est-il déterminé par la politique budgétaire?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(2), pages 231-256.
    4. Sampawende J.-A. TAPSOBA TAPSOBA & Daouda SEMBENE & Vigninou GAMMADIGB & Ismaël ISSIFOU, 2019. "Fiscal Convergence in Africa: What Role for Regional Economic Communities?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 34(2), pages 214-235.
    5. Hassan Ayoub & Jérôme Creel & Étienne Farvaque, 2008. "Détermination du niveau des prix et finances publiques : le cas du Liban, 1965 – 2005," Revue d’économie du développement, De Boeck Université, vol. 16(3), pages 115-141.
    6. Jerome Creel & Jacques Le Cacheux, 2003. "Inflation divergence and public deficits in a monetary union," Documents de Travail de l'OFCE 2003-05, Observatoire Francais des Conjonctures Economiques (OFCE).
    7. repec:spo:wpmain:info:hdl:2441/3244 is not listed on IDEAS

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