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Federal Reserve Bank of Cleveland
Economic Commentary
Money growth and inflation: does fiscal policy matter?
Charles T. Carlstrom
Timothy S. Fuerst

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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Charles T. Carlstrom & Timothy S. Fuerst, "Money growth and inflation: does fiscal policy matter?" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Apr, 1999.
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Keywords: Fiscal policy ; Inflation (Finance) ; Monetary policy
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