• Keine Ergebnisse gefunden

The fiscal theory of the price level and the backing theory of money

N/A
N/A
Protected

Academic year: 2022

Aktie "The fiscal theory of the price level and the backing theory of money"

Copied!
12
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

Munich Personal RePEc Archive

The fiscal theory of the price level and the backing theory of money

Sproul, Michael

University of Southern California

July 2011

Online at https://mpra.ub.uni-muenchen.de/32502/

MPRA Paper No. 32502, posted 30 Jul 2011 18:51 UTC

(2)
(3)
(4)

! !

" ! # " ! " ! "

! $ ! %

" ! " $ !

" ! " " " &

% ! ! " "

" ' ! "

! " " " " " ! !

" " % ! ! " " !

" ! " " "

" ! % "

% " ! ! ! " !

& ! ( ! ( # " !

( ! ! ! ! # "

! & ( ! & " ( "

" "" ! " " ) ! " !

& " ! # % ! " !

(

* ! " " + , -. / 0 ! " *

! /1 ! 0 " % "

" " * ! " "

% 0 % 2 % " ,

- % , ( - " 3 % "

! & % % " " % !

4 5 6 % 0 0 %

4 5 7 0 + % .

485 # 0 %

495 79 0 + % .

4/5 #9 0 %

& " " % # % " % +$" $. "

! % " " " "

! ! 0 " " ! " "$ %

* ! " " " " % + . 3 %

" " % 0 & 9 "

" " ! % % 9 0 " % $ !

! : :;

(5)

* " " % " " ! 0 "

! % 0 ! 3 " "

! 3 ! ! ! " ! " "

! " +& ! "

& " " "

+ 8 .. & " << 0 % " ! " ! "

" " % " " " ! & " 0

% " " " ! " " " % " "

% " % " "

! " "$ " 3 =

3 ! " " " = > ( " + 0 ?:

. " ' ! " ! " "

" ! 6 !

>@'?6 * " 3 " "$ " % " ! % :

" " % " % ? @/ 0 " % :9 "

" % " ?; @ ; ;A 0

* % * " "$ % "

% 0 % : :; & " " " !

" " " ! % % 0 & " " "

: / 3 >@'?6 % " " >@ ? / @ B 0?: % "

: / ! % 0 % " >

" 3

4 5 >@'?6 4 % C@ 5

4 5 >@ 0 ?: 4 % D 5

" "$ % " " %

$ + 9 . ! " 3 # E

& ! 3 # ! ! 3

"" " 2 ! " 3 #

" " " , ! 3 - F

& % ! % " , ! 3 -

" " 3 " ! ! 3 !

! % % " " " ! 3

! " " " ! $ % &

" ! " ! ! ! $ ! !

! $ " " " % ! %

" " " " %

! + " ". % % " !

= ; % / % " "$ % <9 0

(6)

" " :; " " " " ! )

3 " " ! >@ 0 ?: !

" " ! " " "G % % "

% " % ; 0 & " " % ; % " "

" ! % ; 0 % % " " <9 0 H

% " " " " " " "

" " H % ! :; !

% <9 0 % " ! " " % " )

" : ! % <9 0 % "

" " " " "$ " % " " 0 ?:

4;5 7" % ; 0 7; 0 + " .

4A5 7 " % 0 7 " % 0 + " .

& A " " 0 % # ! " % 0

% 0 # " " ! % " <9

0 0 % " " " %# "

% +& ! & % 0

" " " % 3 4 5 " 4 5 ! " % "

" .

,% % "# % "

! " " ( " - + ! 9B .

' " % !! % % + " .

I % %

" % 3 !

! " " = J@ ! " " *@ "

" #" ! " " " ! 3 >3 4 5 "

4 5 ! E

485 + 7J.>@'?67* 4 % C@ 5

495 >@ 4 % D 5

>3 485 F " = @* ) % 0 !

! ! " ! " "

" % ! " ! ! % "

! " ! ! !

! !

> % ! " (

! % " ! % ! G '

! ! ! + / .

( ! ! ! " %

% ! ! ! ' " !

! ! % ( % & ! "

" % " %

(7)

H " ! % ! ! 3 # "

( * ! ! " ( ! %

! ! F ( ! &

G % ! ! !

F % # " " " G

! % % ! " " % (

4B 5 7 0 7 0 + .

4< 5 # " % < 0 + ".

4 5 7< 0

& B 8 " " 0 % " " !

% ! ! " " % ! % "

" ! " & < "

" " < % " " ! " < 0 %

" " ! % " % "

"

8 % 8 & " " " " %

" = " 8 %

! 8 < 0 % " % %

! " "$ 8 % !

: " % ! "

" " 0 % ( & % #

" " " " "$ # % " %

8 9 % " "G " %

! " "

! " #

4 5 7 0 7 0 + .

4 5 7 " % < 0 7< 0

4 8 5 7 0 ( 7 0 + ".

$ #% &

4 9 5 K 0 # 0

4 / 5 7< 0 "

4 ; 5 #< 0

4 A 5 K 0 ( # 0

'

8 % ! *

! % % " ! " + "

(8)

! " " . " % " " ! L

% " " " ! " '

! " % ! !

+ . % 3 " " " " & ! ! "

! 6 & $ "

" " " " " ! " + 76. 0

! !! " " % % 0 " % %

61 & " % % ! % "

& " " 1 % 6@/1 " % % 0 "

" % % 81 & " " /1 " % %

0 " " % 3 " " 2

" ! %

" " $ ! " " "$

" % 0 ?: 3 " " %

" & " "G ! 3 " !

" " % "

H " ! ! ! * &

" % + 8. ! ! "

% " " %

" " $

( ( )

" "$ " ! 0 0 + / . * !

% " " % " " " % <9 0 % +

0 " 7BB 0 ( 7 ; 0 " . % " %

! % 0 % % <9 ? @ <A 0 81 ! !

! < 0 % " % " % % <A(< @BA8 0

% %

+ 7BA87 @. <8 0 + 7< 7 @. : + 8 " / .

" ( >@ <8? @ <A; 0?: 2 "

# ( ! M G + . !

" ! G * " !

" " ! %

) " !

" % ! G "

* !

B # 0 " # 0 %

* % !

< # A 0 " "$ " # A 0 %

" G <A; 0 ?: " " " " "

" " % % " " A 0 % " +2

(9)

" % " N. " A 0 % % "

" 0 ?: " $ % 0 " "

" ) ! & !

!! ! % ! & "

$ % % 0 $ ! !

H " % <A; 0 ! ! 0 ?: %

"# ) "

<8 " ! " % 0 " A %

% % " "

" !! $ !

+ 8 . !! " E

2 ! I # ( # "

+! . ( # # " + " . " "

6 '

* ! ( ! "

<A; 0 ! " #! " "

0 ?: ' " " "

" % " % <8 0 %

" % " <A; 0 ) "

" " " " !! " " ! " " %

" ! ( % " 3 " '

! ! ! ! % ' > " " "

A<A " " % ! ! %

!! ! " ! % " "

" ! " ( " %

) " " ! ! ! "

( " & " <A; 0

% " ( " % <A/ 0 !

$ % % ! " "

+ ! % . % "

( " % <AA 0 ! " "

" " " " " ! " %

% " % % " % "

( ! " ( % " "

" % ! " ( ! !

% " ( " % : << $

" " ! + . ' $ " !

" ! " " $ " ! "

" ! " " ! !

" 3 485 " 495 ! "

* *@ " " "

(10)

% =@ " % " >3 485

" 495 !

4/5 + 7J.>@'?67*7=> 4 % C@ 5

4;5 >@ 4 % D 5

( ! $ # 8 " ! %

" " "" + . !

! ! 8 @ J@ '?6@ *@ 7< @ " =@ >3 4/5

" >@ 0 ?:

2 % " 9 0 % + #" ! ". " 3

" " ! " " " J '?6 %

*@ 7/ @; " =@9 ) " >@ 0 ?: ' $ #" ! "

" % A 0 * ! /A8 " 3 4/5 " >@ <;8 0 ?:

2 " " $ :9 " #" ! " " (

A 0 " >@ <;8 >@ <A; " %

" " #" ! " "

+ !

) " ! " #" ! " 3

% " % " *

" % ! % " * ! ! " !

> " " G " % "

" " % " ! "

" G ! 3 " " " ! " *

( " " ! " ! " ! " %

+ 76. " ! " " ! 0 ?: "

! ! " " G " 3

" ! " ! " " #!

!! " " ! " !

" H ++ !

+ 8. ' + . H " " + <</. + .. " " %

" " ! ) " " " !

% ! ! ' ( ! ! " !

% 3 " " " " " % " " !

F % !

, -

% ! ! ! %

! " % % E

& ! " " ! " ( " (

% " % %

% " " % ( (

! % ! ! " + ! 9B .

(11)

% % " !

% % % " % " !

! " % G &) " %

% ! " &) ( ! " " ( !

! % " % 0 * " ! % " A 0 " "

( A 0 " " % " A 0 &) "

A 0 % % % " A 0 " A 0

% # " 2 " G % " " G

% " , " % - " % "

! ! " % " " 3 "

( O % ! "P * !

! " " P & " "

! Q " & " %

" " %

& " % !

% " " 3 " ( + ! G %

! G % # 3 " . " % " & "

! G ! ! %

'

% !

0 ! " " "

" " " "

" % % # " ! " % # 3 "

% !

! ! " " ! % %

" " H " ! ! " " "

! ! ! " ! " "

" " ! " ! # G "

" " " % " " " %

)

' H ! O + . , L = E * 3 -

%%% ?R% ? F "

O + . , -

E??%%%# " ? ?F ? ?L ?

(12)

O + <. , " " L -

E??%%%# " ? ?F ? ?L ?

M 2 , ' & " " " J - H

L " L *

! ' ,& L = = P-

E?? " ? ? ? % ?<<; !

! * + . , 6 E 6 L &

<A G - > > ! % // + . 9B#/;

, G 2 - =* H L SB8 8

H " " ,L = J ! H * -

! " # $ $ %&'( )* +(,,-.

Referenzen

ÄHNLICHE DOKUMENTE

• The output share of wage income receivers is determined by the distributed profit ratio and the spending behavior of the receivers of wage income and distributed profits, that is,

This Part shows that the issue of the disappointment of expectations has been either neglected or denied by developing arguments based on the extrapolative expectations

Since the' differential permits the simultaneous addition of two quantities, it can be used in an adding machine to combine the regular feed and the tens

As a fourth and last goal, we further characterize the anticipated thinking cost function C. Focusing on the case in which the genuine preference is monotone, we suggest that

A common approach main- tains that the process starts with an exogenous increase in the monetary base made by the central bank, and that this, through a …xed multiplier, gives rise to

In line with the QTM assumptions explained above, Ozmen emphasizes that even if this requirement constitutes a necessary condition for the quantity theory, this is not a

While traditional theory regards the stock of money as the sole determinant of the price level, the FTPL argues that if fiscal policy is free to set primary surpluses independently

Altre impostazioni endogeneiste sono quella di Marx, in cui il nesso di causalità tra quantità di moneta-merce e livello dei prezzi assunto nella teoria quantitativa