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- W2182041323 abstract "The traditional view of inflation as a purely monetary phenomenon is challenged by the recent development of the Fiscal Theory of the Price Level in which the price level is determined by the government budget constraint. I take the theory to the data by studying whether fiscal policy has been of a Ricardian or non-Ricardian regime. I use a panel data set compromising eleven countries that adopted the euro in 2002 to test the presence of a non-Ricardian regime. I find no evidence that supports such an interpretation. On the contrary, the results suggest that the regime has been predominately Ricardian during the sample period." @default.
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- W2182041323 date "2011-01-01" @default.
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- W2182041323 title "Who dominates who within the euro area? An empirical study of the Theory of the Price Level" @default.
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