Historical data supports fiscal theory of the price level, Bundesbank paper argues
Data relevant to policy-makers in current environment, authors say
Historical evidence of interactions between fiscal and monetary policy is useful to policy-makers in today's macroeconomic climate, argues a discussion paper published by the Deutsche Bundesbank today (December 1).
In Monetary-fiscal policy interaction and fiscal inflation: a tale of three countries, Martin Kliem, Alexander Kriwoluzky and Samad Sarferaz compare the fiscal and monetary experience of the US, Italy and Germany between 1965 and 1999.
The authors use a vector autoregressive model to
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