Money growth and inflation: does fiscal policy matter?
Abstract: Is inflation (in the often-quoted words of Milton Friedman) \\"always and everywhere a monetary phenomenon\\"? Some say no, arguing that inflation is controlled not only by the central bank but also by the fiscal authority. This Commentary authors explore their argument, known as the fiscal theory of the price level.
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 1999
Issue: AprOrder Number: 2