Marijn Bolhuis on Fiscal R-star and its Implications for Macroeconomic Policy
Macro Musings with David Beckworth
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Navigating the Fiscal-Monetary Landscape
This chapter explores the complexities of the fiscal theory of the price level, emphasizing its implications for inflation and macroeconomic stability. It examines historical data and the fiscal monetary gap across advanced economies, revealing the connections between fiscal policy interventions and economic crises. The discussion also addresses the challenges of maintaining fiscal discipline in politically fragmented environments, particularly in the context of the Eurozone and Japan's zero lower bound experience.
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