Money as stock

被引：84

作者：

Cochrane, JH ^{[1
]}

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2005年 / 52卷 / 03期

基金：

美国国家科学基金会;

关键词：

fiscal theory; price level; inflation; government budget constraint;

D O I：

10.1016/j.jmoneco.2004.07.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The fiscal theory determines the price level from the value of nominal government debt as a claim to government primary surpluses, just as private stock is valued as a claim to corporate profits. Valuation equations are not constraints, so this theory does not mistreat the government's intertemporal budget constraint. I anchor the analysis in a simple cash in advance model. When money demand falls to zero, I show that the price level can still be determined by the government debt valuation equation. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：501 / 528

页数：28

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