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Rentenmark

Fiscal Theory of the Price Level, hyperinflation, Rentenmark, Weimar Republic, Willem Buiter
Economic History, Economic Thought, Inflation & Deflation

The Fiscal Theory of the Price Level: True and False

James Dorn/August 23, 2016June 19, 2022

There are two versions of the fiscal theory of the price level (FTPL); one true, the other false.  The true version holds that if the fiscal authority dominates the policy space, then fiscal deficits could be monetized by the central bank. This version is consistent with the…

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