The US fiscal balance has shown tremendous variation in recent years. Large budget
deficits in the 1980s and early 1990s triggered a substantial literature examining the …

I use the valuation equation of government debt to understand fiscal and monetary policy in
and following the great recession of 2008–2009. I also examine policy alternatives to avoid …

We develop a new class of general-equilibrium models with partially unfunded debt to
propose a fiscal theory of persistent inflation. In response to business cycle shocks, the …

Seafood holds promise for helping meet nutritional needs at a low climate impact. Here, we
assess the nutrient density and greenhouse gas emissions, weighted by production method …

Where do inflation and deflation ultimately come from? The fiscal theory of the price level
offers a simple answer: Prices adjust so that the real value of government debt equals the …

This article develops a model that speaks to the goals and methods of financial stability
policies. There are three main points. First, from a normative perspective, the model defines …

We quantify government spending multipliers in US data using Bayesian prior and posterior
analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy …

This paper argues that maintaining price stability requires not only commitment to an
appropriate monetary policy rule, but an appropriate fiscal policy rule as well.'Ricardian …

We develop the theory of price-level determination in a range of models using both ad hoc
policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that …

We estimate a model for the US economy with monetary/fiscal policy mix changes. Monetary
policy accommodated fiscal policy through the'60s–'70s leading to high inflation. Monetary …