Money as stock

• 成果类型: Article
• 署名作者: Cochrane, JH
• 署名单位: University of Chicago
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2004.07.004
• 发表日期: 2005
• 页码: 501-528
• 关键词: Fiscal theory; price level; inflation; government budget constraint

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.