A central equation for the fiscal theory of the price level (FTPL) is the government budget
constraint (or “government valuation equation”), which equates the real value of government …

This paper studies, analytically and numerically, economies with multiple liquid assets: fiat
currency; fixed-supply real assets; and reproducible capital. Cases are considered where …

We propose a new model of the macroeconomy which is simple and tractable, yet explicit
about the foundations of liquidity. Monetary policy is implemented via swaps of money for …

In this paper, we study the interactions between fiscal and monetary policy in a frictional
economy where fiat money, bank deposits and short-term and long-term nominal …

Sukuk ritel adalah salah satu instrumen investasi syariah yang berfungsi sebagai alternatif
pembiayaan negara dalam membangun infrastruktur untuk meningkatkan kesejahteraan …

Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates Online Appendix
Page 1 VOL. VOL NO. ISSUE FISCAL AND MONETARY POLICY INTERACTIONS 45 Fiscal …

We examine the conduct of monetary policy in a world where the supply of outside money is
controlled by the fiscal authority–a scenario increasingly relevant for many developed …

The fiscal theory of the price level (FTPL) suggests, in its extreme form, that the fiscal
authority always constrains central bank behavior. A Fisherian model is used to show that …

We study the impact of fiscal policies on the inherent links between inflation, unemployment,
and asset prices in an environment where firms provide liquidity and the central bank follows …

We study how limited commitment in credit markets affects the implementation of open
market operations and characterize when they result in real indeterminacies and when they …