000			01908nab a2200277 c 4500
003			ES-MaIEF
005			20181011110710.0
007			ta
008			181011t2018 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_950449 _aEusepi, Stefano
245			_aFiscal foundations of inflaction _b : imperfect knowledge _c by Stefano Eusepi and Bruce Preston
260			_c2018
500			_aDisponible también en formato electrónico a través de la Biblioteca del IEF.
500			_aResumen.
520			_aThis paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. Because imperfect knowledge breaks Ricardian equivalence, the scale and composition of the public debt matter for inflation. High and moderate duration debt generates wealth effects on consumption demand that impairs the intertemporal substitution channel of monetary policy: aggressive monetary policy is required to anchor inflation expectations. Counterfactual experiments conducted in an estimated model reveal that the US economy would have been substantially more volatile over the Great Inflation and Great Moderation periods if US debt levels had been those observed in Italy or Japan.
650		4	_948067 _aPOLITICA FISCAL
650		4	_948062 _aPOLITICA MONETARIA
650		4	_946815 _aINFLACION
650		4	_942647 _aDEUDA PUBLICA
700	1		_966607 _aPreston, Bruce
773	0		_9157778 _oOP 234/2018/9 _tThe American Economic Review _w(IEF)103372 _x 0002-8282 _g v. 108, n. 9, September 2018, p. 2551-2589
856			_uhttp://resolver.ebscohost.com/openurl?sid=EBSCO%3aeoh&genre=article&issn=00028282&ISBN=&volume=108&issue=9&date=20180901&spage=2551&pages=2551-2589&title=American+Economic+Review&atitle=Fiscal+Foundations+of+Inflation%3a+Imperfect+Knowledge&aulast=Eusepi%2c+Stefano&id=DOI%3a&site=ftf-live
942			_cART
999			_c139067 _d139067