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Inflation volatility, government debts, and the fiscal theory of the price level

Inflation volatility, government debts, and the fiscal theory of the price level,10.1016/j.econlet.2004.03.027,Economics Letters,Soyoung Kim

Inflation volatility, government debts, and the fiscal theory of the price level  
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Inflation responses to aggregate demand shocks, endowment shocks, and money demand shocks are examined in the policy regime in which the fiscal theory of the price level is valid, using a simple endowment economy model. An interesting finding is that, in the presence of money demand and endowment shocks, a larger steady state real value of (nominal) government debt (bonds) lowers volatility of the inflation rate.
Journal: Economics Letters - ECON LETT , vol. 85, no. 1, pp. 117-121, 2004
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