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Understanding Inflation as a Joint Monetary-Fiscal Phenomenon

We develop the fiscal theory of the price level in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies. The article is prepared for the Handbook of Macroeconomics, volume 2 (John B. Taylor and Harald Uhlig, editors, Elsevier Press).

Authors: 
Campbell Leith, University of Glasgow
Publication Date: 
January, 2016
BFI Initiative: 
Publication Status: 
Document Number: 
2016-01
File: 
File Description: 
Jan. 2016 version prepared for prepared for the Handbook of Macroeconomics, volume 2