Inflation as a Fiscal Limit
SSRN, ISSN: 1556-5068
2022
- 3Citations
- 8,709Usage
- 37Captures
- 9Mentions
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
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Article Description
Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only account for short-lasting movements in inflation. Before the pandemic, a moderate level of fiscal inflation has counteracted deflationary pressures, helping the central bank to avoid deflation. The recent fiscal interventions in response to the COVID pandemic have altered the private sector’s beliefs about the fiscal framework, accelerating the recovery, but also determining an increase in fiscal inflation. This increase in inflation could not have been averted by simply tightening monetary policy. The conquest of post-pandemic inflation requires mutually consistent monetary and fiscal policies to avoid fiscal stagflation.
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85179580991&origin=inward; http://dx.doi.org/10.2139/ssrn.4205158; https://www.ssrn.com/abstract=4205158; https://dx.doi.org/10.2139/ssrn.4205158; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4205158; https://ssrn.com/abstract=4205158
Elsevier BV
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