Eric Leeper on the Interactions of Fiscal and Monetary Policy
Macro Musings with David Beckworth
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The European Central Bank, Is It a Fiduciary Theory?
For an individual country that's part of te m u, there is no fiscal theory that's applicableb as they don't control monetary policy. So to them, it's almost as if they're issuing real debt. They have to take that price level as given. And i think it also plays into your preferences for what type of assets you hold. It also plays into our growth rates too. Rhight as its declining population growth rate. For me, that's one of the biggest concerns i have along trim for the us economy. We get ideas from innovation and indogenous growth theories here.
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