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Fiscal Theory of the Price Level, Hardcover by Cochrane, John H, Brand New

Fiscal Theory of the Price Level, Hardcover by Cochrane, John H, Brand New

Fiscal Theory of the Price Level, Hardcover by Cochrane, John H, Brand New   Fiscal Theory of the Price Level, Hardcover by Cochrane, John H, Brand New
Fiscal Theory of the Price Level, Hardcover by Cochrane, John H. A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? Inflation breaks out when people don't expect the government to fully repay its debts. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy. This item is in the category "Books & Magazines\Books".

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  • ISBN: 9780691242248
  • EAN: 9780691242248
  • Book Title: Fiscal Theory of the Price Level
  • Item Length: 10.2in
  • Publisher: Princeton University Press
  • Publication Year: 2023
  • Format: Hardcover
  • Language: English
  • Item Height: 1.7in
  • Author: John Cochrane
  • Genre: Business & Economics
  • Topic: Inflation, Finance / General, Economics / Macroeconomics, Money & Monetary Policy
  • Item Width: 7.2in
  • Item Weight: 41.4 Oz
  • Number of Pages: 584 Pages


Fiscal Theory of the Price Level, Hardcover by Cochrane, John H, Brand New   Fiscal Theory of the Price Level, Hardcover by Cochrane, John H, Brand New