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Fiscal Theory Of The Price Level
The fiscal theory of the price level is the idea that government fiscal policy, including debt and taxes present and future, is the primary determinant of the price level or inflation as opposed to monetary theory. FTPL requires confidence the government will not default on its debts, but rather 'inflate away' debts. FTPL suggests that currency is like a stock in a government and if the government has structural deficit then the 'stock' loses value. Statement In nominal terms, government must pay off its existing domestic liabilities ( government debt denominated in local currency units) either by refinancing (rolling over the debt, issuing new debt to pay the old) or amortizing (paying it off from surpluses in tax revenue). In real terms, a government can also inflate away the debt: if it causes or allows high inflation, the real amount it must repay will be smaller. Alternatively, it could default on its obligations. The fiscal theory states that if a government has an unsu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation (which is considered "healthy" at the level in the range 2%–3%) and to increase employment. Additionally, it is designed to try to k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Dean Woodford
Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who currently teaches at Columbia University. Academic career Woodford holds B.A. from the University of Chicago (1977) and a J.D. from Yale Law School (1980). He completed his Ph.D. in economics at MIT in 1983. He began his teaching career at Columbia, and then taught at Chicago and Princeton before returning to Columbia to accept the John Bates Clark chair in 2004. He was awarded the John D. and Catherine T. MacArthur Foundation Prize Fellowship, which financed his research from 1981 to 1986. In 2007, he was awarded the Deutsche Bank Prize. Theoretical contributions Woodford's early research topics included sunspot equilibria, and imperfect competition. Thereafter he began to work on macroeconomic models with sticky prices; together with Julio Rotemberg he developed one of the first microfounded New Keynesian macroeconomic models. Since then he has used this framework to study many top ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation (which is considered "healthy" at the level in the range 2%–3%) and to increase employment. Additionally, it is designed to try to k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theory Of Taxation
Several theories of taxation exist in public economics. Governments at all levels (national, regional and local) need to raise revenue from a variety of sources to finance public-sector expenditures. Adam Smith in ''The Wealth of Nations'' (1776) wrote: : "Such things as defending the country and maintaining the institutions of good government are of general benefit to the public. Thus, it is reasonable that the population as a whole should contribute to the tax costs. It is also reasonable to demand certain other things of a tax system – for example, that the amounts of tax individuals pay should bear some relationship to their abilities to pay… Good taxes meet four major criteria. They are (1) proportionate to incomes or abilities to pay (2) certain rather than arbitrary (3) payable at times and in ways convenient to the taxpayers and (4) cheap to administer and collect. In modern public-finance literature, there have been two main issues: who can pay and who can benefit ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Economics
Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions. History The foundational conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leonardo Auernheimer
Leonardo Auernheimer (August 27, 1936 – 2010) was an economist, professor, and international monetary consultant. (Nicknamed "pepe"). Auernheimer was born in Argentina to Jose Ignacio Auernheimer and Maria Elena Savanti de Auernheimer. He graduated from the University of Buenos Aires and received his Ph.D. in economics from the University of Chicago in 1973. Prior to that, he was a visiting professor at the Universidade Federal de Viçosa, Brazil, and upon graduation he came to the economics department at Texas A&M University, where he was a professor of economics until his death in 2010. He was the department head from 2002 to 2006. Research His research was in the area of monetary economics and open economy macroeconomics, particularly dynamic inconsistency and the fiscal theory of the price level, and has been published in the premier economic journals, including ''Journal of Political Economy'', ''Econometrica'', the ''American Economic Review'', and the ''Journal of Mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Discipline
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. A ''cyclically'' balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time. Balanced budgets and the associated topic of budget deficits are a contentious point within academic economics and within politics. Some economists argue that moving from a budget deficit to a balanced budget decreases interest rates, increases investment, shrinks trade deficits and helps the economy grow faster in the longer term. Other economists, especially those associated with Modern Monetary Theory (MMT), downplay the need for balanced budgets among c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox * * * * * * macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.Warren MoslerME/MMT: The Currency as a Public MonopolyTymoigne, Éric; Wray, L. Randall (November 2013)"Modern Money Theory 101: A Reply to Critics" Levy Economics Institute of Bard College. Working Paper No. 778. MMT is opposed to the mainstream understanding of macroeconomic theory and has been criticized heavily by many mainstream economists. MMT says that governments create new money by using fiscal policy and that the primary risk once the economy reaches full employment is inflation, which can be addressed by gathering taxes to reduce the spending capacity of the private sector. MMT is debated with active dialogues about its theoretical integrity, the implications o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John H
John is a common English name and surname: * John (given name) * John (surname) John may also refer to: New Testament Works * Gospel of John, a title often shortened to John * First Epistle of John, often shortened to 1 John * Second Epistle of John, often shortened to 2 John * Third Epistle of John, often shortened to 3 John People * John the Baptist (died c. AD 30), regarded as a prophet and the forerunner of Jesus Christ * John the Apostle (lived c. AD 30), one of the twelve apostles of Jesus * John the Evangelist, assigned author of the Fourth Gospel, once identified with the Apostle * John of Patmos, also known as John the Divine or John the Revelator, the author of the Book of Revelation, once identified with the Apostle * John the Presbyter, a figure either identified with or distinguished from the Apostle, the Evangelist and John of Patmos Other people with the given name Religious figures * John, father of Andrew the Apostle and Saint Peter * Pope Jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oxford Review Of Economic Policy
''Oxford Review of Economic Policy'' is a quarterly peer-reviewed academic journal of economics. Each issue concentrates on a current theme in economic policy, with a balance between macro- and microeconomics, and comprises an assessment and a number of articles. See also * List of scholarly journals in economics The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazines or other publications related to economics, finance, or business are not listed. A *'' Affilia'' * ... External links * Economics journals Publications established in 1985 Quarterly journals Oxford University Press academic journals English-language journals 1985 establishments in the United Kingdom {{econ-journal-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bennett McCallum
Bennett Tarlton McCallum (July 27, 1935 - December 28, 2022) was an American monetary economist. He was H. J. Heinz Professor of Economics at Carnegie Mellon University's Tepper School of Business. He is known for the McCallum Rule, a monetary policy proposal advocating targeting the growth rate of the monetary base. McCallum earned a B.A. and a B.Sc. (in chemical engineering) from Rice University. He then attended Harvard Business School to earn his M.B.A., before returning to Rice in order to obtain his Ph.D. in economics. He became professor at Carnegie Mellon in 1981, after holding a professorship at the University of Virginia (1974–1982). Among his doctoral students was Charles L. Evans, the current president of the Federal Reserve Bank of Chicago. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Willem Buiter
Willem Hendrik Buiter CBE (born 26 September 1949) is an American-British economist. He spent most of his career as an academic, teaching at various universities. More recently, he was Chief Economist at Citigroup. Early life and education Buiter was born in The Hague, Netherlands on 26 September 1949. He is a national of the United States and the United Kingdom. Willem's father, Harm Buiter, was a Dutch economist, international trades union official and politician of the Labour Party (PvdA), who had served as Mayor of Groningen. Buiter went to the European School in Brussels, Belgium from 1962 to 1967, where he obtained his European Baccalaureate. After studying Political and Social Science for one year at the University of Amsterdam from 1967 to 1968, Buiter went to Emmanuel College, Cambridge, to study Economics and received his B.A. with First-Class Honours in 1971. He was awarded his M.A. in Economics in 1972 and his M.Phil. in Economics in 1973, his fields of concentrat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
