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Paper money

Author(s): Sims, Christopher A.

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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.
Publication Date: Apr-2013
Citation: Sims, CA. (2013). Paper money. American Economic Review, 103 (2), 563 - 584. doi:10.1257/aer.103.2.563
DOI: doi:10.1257/aer.103.2.563
ISSN: 0002-8282
Pages: 563 - 584
Type of Material: Journal Article
Journal/Proceeding Title: American Economic Review
Version: Final published version. Article is made available in OAR by the publisher's permission or policy.

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