Paper money

Research output: Contribution to journalArticle

51 Scopus citations

Abstract

Drastic changes in central bank operations and monetary institutions in recent years have made previously standard approaches to explaining the determination of the price level obsolete. Recent expansions of central bank balance sheets and of the levels of rich-country sovereign debt, as well as the evolving political economy of the European Monetary Union, have made it clear that fiscal policy and monetary policy are intertwined. Our thinking and teaching about inflation, monetary policy, and fiscal policy should be based on models that recognize fiscal-monetary policy interactions.

Original languageEnglish (US)
Pages (from-to)563-584
Number of pages22
JournalAmerican Economic Review
Volume103
Issue number2
DOIs
StatePublished - Apr 1 2013

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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