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A Fiscal Theory of Persistent Inflation

Citations

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Cited by:

  1. is not listed on IDEAS
  2. Rodolfo G. Campos & Jesús Fernández-Villaverde & Galo Nuño & Peter Paz, 2024. "Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates," NBER Working Papers 32219, National Bureau of Economic Research, Inc.
  3. Stéphane Dupraz & Anna Rogantini Picco, 2024. "Fiscal Requirements for Price Stability When Households are Not Ricardian," Working papers 981, Banque de France.
  4. Diego A. Comin & Robert C. Johnson & Callum J. Jones, 2023. "Supply Chain Constraints and Inflation," NBER Working Papers 31179, National Bureau of Economic Research, Inc.
  5. Lunardelli, Andre, 2025. "Fairness, ambiguity, wage markups and disinflation costs," MPRA Paper 126505, University Library of Munich, Germany.
  6. Galo Nuño & Philipp Renner & Simon Scheidegger, 2024. "Monetary Policy with Persistent Supply Shocks," CESifo Working Paper Series 11463, CESifo.
  7. Arisa Chantaraboontha, 2026. "Examining the Fiscal Theory of the Price Level: Evidence from developed and developing countries," Discussion Papers in Economics and Business 26-11, Osaka University, Graduate School of Economics.
  8. Jorge M. Uribe & Oscar Valencia, 2024. "Taking the Pulse of Fiscal Distress: Inflation, Depreciation, and Crises," IREA Working Papers 202416, University of Barcelona, Research Institute of Applied Economics, revised Dec 2024.
  9. Jonathon Hazell & Stephan Hobler, 2025. "Do Deficits Cause Inflation? A High Frequency Narrative Approach," Discussion Papers 2505, Centre for Macroeconomics (CFM).
  10. Bernoth, Kerstin & Herwartz, Helmut & Trienens, Lasse, 2024. "Interest Rates, Convenience Yields and Inflation Expectations: Drivers of US Dollar Exchange Rates," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302351, Verein für Socialpolitik / German Economic Association, revised 2024.
  11. Barauskaitė Griškevičienė, Kristina & Brand, Claus & Nguyen, Anh Dinh Minh, 2026. "Pandemic-era inflation dynamics in the euro area: the role of policy and non-policy demand and energy and non-energy supply factors," Working Paper Series 3201, European Central Bank.
  12. Jonathon Hazell & Stephan Hobler, 2024. "Do Deficits Cause Inflation? A High Frequency Narrative Approach," Discussion Papers 2439, Centre for Macroeconomics (CFM).
  13. Ettmeier, Stephanie & Kriwoluzky, Alexander, 2024. "Active or passive? Revisiting the role of fiscal policy during high inflation," European Economic Review, Elsevier, vol. 170(C).
  14. Giuli, Francesco & Ionta, Serena & Patella, Valeria, 2025. "Monetary/fiscal policy dominance and conflicts: Evidence from crises," Economics Letters, Elsevier, vol. 257(C).
  15. Ruopu Hu & Junior Maith & Shin-Ichi Nishiyama, 2026. "Regime Shifts in U.S. Trend Inflation: Pre-Volcker to Post-Great Moderation," Discussion Papers 2604, Graduate School of Economics, Kobe University.
  16. Perera-Tallo, Fernando, 2026. "The role of the central bank in managing expectations, backing up public debt, and controlling public deficits," The Quarterly Review of Economics and Finance, Elsevier, vol. 107(C).
  17. Lunardelli, Andre, 2025. "Fairness, ambiguity, wage markups and disinflation costs," MPRA Paper 128590, University Library of Munich, Germany, revised 05 Apr 2026.
  18. Denis Gorea & Ding Xuan Ng & Fabrizio Zampolli, 2026. "Financial and real effects of fiscal risk," BIS Working Papers 1364, Bank for International Settlements.
  19. Matthias Hansel, 2024. "How much inflation can fiscal policy create? Separating household heterogeneity and liquidity," Papers 2403.00471, arXiv.org, revised Jun 2026.
  20. Jagjit S. Chadha, 2026. "A Consideration of Fiscal Targetry," Scottish Journal of Political Economy, Scottish Economic Society, vol. 73(2), May.
  21. Mao, Ruoyun & Shen, Wenyi & Yang, Shu-Chun S., 2024. "Can passive monetary policy decrease the debt burden?," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
  22. Carlos Esteban Posada, 2023. "Inflation targeting strategy and its credibility," Papers 2301.11207, arXiv.org.
  23. Afonso, Antonio & Alves, José & Ionta, Serena, 2025. "Monetary policy surprise shocks under different fiscal regimes: A panel analysis of the Euro Area," Journal of International Money and Finance, Elsevier, vol. 156(C).
  24. Trienens, Lasse & Herwartz, Helmut, 2025. "Neo-Fisherism and fiscal solvency: Reinterpreting the determination of inflation, yields, and the debt ratio," Economic Modelling, Elsevier, vol. 153(C).
  25. Jerome Creel & Francois Geerolf & Sandrine Levasseur & Xavier Ragot & Francesco Saraceno, 2024. "Towards a New Paradigm: The Inflation Shock as a Catalyst?," Working Papers 4, Forum New Economy.
  26. Jiang, Shifu, 2024. "The effect of monetary policies on inflation: A fiscal perspective," Economics Letters, Elsevier, vol. 241(C).
  27. Guangling Liu & Marrium Mustapher, 2025. "The effects of monetary policy shocks on inflation: The role of backed and unbacked public debt in a monetary and fiscal policy regime mix," ERSA Working Paper Series 71, Economic Research Southern Africa.
  28. Spencer Krane & Leonardo Melosi & Matthias Rottner, 2026. "Learning Monetary Policy Strategies at the Effective Lower Bound with Sudden Surprises," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 62, November.
  29. Hänsel, Matthias, 2024. "Idiosyncratic Risk, Government Debt and Inflation," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302403, Verein für Socialpolitik / German Economic Association.
  30. Manabu Nose, 2025. "Determinants of Domestic Sovereign Bond Yields: Fiscal Policy and the Sovereign–Bank Nexus in Emerging Market and Developing Economies," Keio-IES Discussion Paper Series DP2025-022, Institute for Economics Studies, Keio University.
  31. Liu, Guangling & Mustapher, Marrium, 2025. "Spillover effects of the recent US monetary policy shocks on the South African economy: The role of monetary and fiscal policy coordination," Emerging Markets Review, Elsevier, vol. 69(C).
  32. Wenhao Li & Sebastian Merkel, 2026. "Quantitative Easing and Government Debt Sustainability," Bristol Economics Discussion Papers 26/839, School of Economics, University of Bristol, UK.
  33. Philippe Andrade & Erwan Gautier & Eric Mengus & Emanuel Münch & Tobias Schmidt, 2025. "Household Beliefs about Fiscal Dominance," Working papers 986, Banque de France.
  34. Oliver Pfauti, 2023. "The Inflation Attention Threshold and Inflation Surges," Papers 2308.09480, arXiv.org, revised Aug 2024.
  35. Jonas E. Arias & Juan F. Rubio-Ramirez & Minchul Shin, 2026. "Are Fiscal Transfers Inflationary?," Working Papers 26-23, Federal Reserve Bank of Philadelphia.
  36. Equiza-Goñi, Juan, 2026. "Inflationary U.S. Federal Budget Projections," Finance Research Letters, Elsevier, vol. 97(C).
  37. Francesco Bianchi & Qingyuan Fang & Leonardo Melosi, 2026. "Fiscal Inflation in the UK," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 74(1), pages 95-139, March.
  38. Jonathon Hazell, 2024. "Comment on "The Dominant Role of Expectations and Broad-Based Supply Shocks in Driving Inflation"," NBER Chapters, in: NBER Macroeconomics Annual 2024, volume 39, pages 277-290, National Bureau of Economic Research, Inc.
  39. SUNAKAWA, Takeki, 2025. "Fiscal Inflation in Japan : The Role of Unfunded Fiscal Shocks," Discussion paper series HIAS-E-151, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
  40. Mori, Lorenzo, 2026. "Fiscal shocks and the surge of inflation," European Economic Review, Elsevier, vol. 187(C).
  41. repec:rza:ersawp:899 is not listed on IDEAS
  42. Robert Barro & Francesco Bianchi & Carlos Giraldo & Iader Giraldo-Salazar, 2025. "Inflation as a Fiscal Phenomenon: Evidence from Latin America," Documentos de trabajo 021801, FLAR.
  43. Xu, Nancy R. & You, Yang, 2025. "Main Street’s Pain, Wall Street’s Gain," Journal of Financial Economics, Elsevier, vol. 168(C).
  44. Medina, Juan Pablo & Toni, Emiliano & Valdés, Rodrigo, 2025. "The art and science of monetary and fiscal policies in an emerging economy," Economic Modelling, Elsevier, vol. 152(C).
  45. Diamond, William & Landvoigt, Tim & Sánchez, Germán Sánchez, 2025. "Printing away the mortgages: Fiscal inflation and the post-covid boom," Journal of Financial Economics, Elsevier, vol. 171(C).
  46. repec:rza:wpaper:899 is not listed on IDEAS
  47. Micheal Bordo & Oliver Bush & Ryland Thomas, 2025. "'Muddling through or tunnelling through?’ UK monetary and fiscal exceptionalism and the Great Inflation," Bank of England Staff Working Paper series 1135, Bank of England.
  48. Kirsanova, Tatiana & Leith, Campbell & Machado, Celsa & Ribeiro, Ana Paula, 2025. "(Re)Evaluating recent macroeconomic policy in the US," European Economic Review, Elsevier, vol. 178(C).
  49. Ascari, Guido & Grazzini, Jakob & Massaro, Domenico, 2024. "Great Layoff, Great Retirement and Post-pandemic Inflation," CEPR Discussion Papers 19068, Centre for Economic Policy Research.
  50. Kwicklis, Noah, 2025. "Active vs. passive policy and the trade-off between output and inflation in HANK," Journal of Monetary Economics, Elsevier, vol. 151(C).
  51. Petr Makovský & Irena Descubes & František Høebík, 2024. "Post-Pandemic Inflation Dynamics: a Comparative Study of the Fiscal Theory in the Czech Republic and France," ACTA VSFS, University of Finance and Administration, vol. 18(2), pages 101-126.
  52. Luca Fornaro, 2025. "Fiscal stimulus with supply constraints," Economics Working Papers 1922, Department of Economics and Business, Universitat Pompeu Fabra.
  53. Barthélemy, Jean & Mengus, Eric & Plantin, Guillaume, 2024. "The central bank, the treasury, or the market: Which one determines the price level?," Journal of Economic Theory, Elsevier, vol. 220(C).
  54. Gibbs, Christopher G. & Xin, Herbert W., 2024. "The sacrifice ratio and active fiscal policy," Economics Letters, Elsevier, vol. 245(C).
  55. David Andolfatto & Fernando M. Martin, 2025. "Monetary and Fiscal Policy during the COVID-19 Pandemic," Working Papers 2025-004, Federal Reserve Bank of St. Louis, revised 17 Sep 2026.
  56. Gergő Motyovszki & Philipp Pfeiffer & Jan in ’t Veld, 2024. "The Implications of Public Investment for Debt Sustainability," European Economy - Discussion Papers 204, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  57. Niwa, Hidekazu, 2026. "Fragmented fiscal policymaking and monetary policy: Policy game in a New Keynesian economy," Economic Modelling, Elsevier, vol. 155(C).
  58. Mr. Jiaqian Chen & Ms. Era Dabla-Norris & Carlos Goncalves & Zoltan Jakab & Jesper Lindé, 2023. "Can Fiscal Consolidation help Central Banks Fight Inflation?," IMF Working Papers 2023/260, International Monetary Fund.
  59. Guangling Liu & Marrium Mustapher, 2026. "Public debt and inflation dynamics in South Africa: An estimated NK-DSGE model with a monetary and fiscal policy mix regime," ERSA Working Paper Series 283, Economic Research Southern Africa.
  60. Marco Lorusso & Francesco Ravazzolo & Claudia Udroiu, 2024. "Fiscal stimuli: Monetary versus Fiscal Financing," BEMPS - Bozen Economics & Management Paper Series BEMPS105, Faculty of Economics and Management at the Free University of Bozen.
  61. Takuji Fueki & Masashi Hino & Mitsuru Katagiri & Munechika Katayama & Taisuke Nakata, 2026. "The Perceived Government Budget Constraint," CARF F-Series CARF-F-625, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  62. Max Breitenlechner & Martin Geiger & Mathias Klein, 2024. "The Fiscal Channel of Monetary Policy," Working Papers 2024-07, Faculty of Economics and Statistics, Universität Innsbruck.
  63. Hanno Kase & Leonardo Melosi & Sebastian Rast & Matthias Rottner, 2026. "The perils of narrowing fiscal spaces," BIS Working Papers 1328, Bank for International Settlements.
  64. Elfsbacka Schmöller, Michaela & McClung, Nigel, 2024. "Can growth stabilize debt? A fiscal theory perspective," Bank of Finland Research Discussion Papers 2/2024, Bank of Finland, revised 2024.
  65. Marijn A Bolhuis & Jakree Koosakul & Neil Shenai, 2025. "Fiscal R-Star: Fiscal-Monetary Tensions and Implications for Policy," RBA Annual Conference Papers acp2025-05, Reserve Bank of Australia, revised Nov 2025.
  66. Joshua Brault & Qazi Haque & Louis Phaneuf, 2025. "Time-Varying Inflation Target and Unbiased Taylor Rule Estimation," Adelaide Economics Working Papers 2025-03 Classification-E5, Adelaide University, School of Economics.
  67. Breitenlechner, Max & Geiger, Martin & Klein, Mathias, 2026. "The Fiscal Channel of Monetary Policy," Working Paper Series 469, Sveriges Riksbank (Central Bank of Sweden).
  68. Benigno, Pierpaolo & Nisticò, Salvatore, 2025. "The economics of helicopter money," Journal of Monetary Economics, Elsevier, vol. 152(C).
  69. Eunkyu Seong & Seojeong Lee, 2026. "Are the Bank of Korea's Inflation Forecasts Biased Toward the Target?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 45(3), pages 1092-1109, April.
  70. McClung, Nigel, 2025. "Why should fiscal imbalances concern policymakers at independent inflation-targeting central banks?," BoF Economics Review 4/2025, Bank of Finland.
  71. Ko, Dong Gyun, 2025. "Did the American Rescue Plan cause inflation? A synthetic control approach," Economic Modelling, Elsevier, vol. 143(C).
  72. Brandao-Marques, Luis & Casiraghi, Marco & Gelos, Gaston & Harrison, Olamide & Kamber, Gunes, 2024. "Is high debt Constraining monetary policy? evidence from inflation expectations," Journal of International Money and Finance, Elsevier, vol. 149(C).
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