NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Understanding Inflation as a Joint Monetary-Fiscal Phenomenon

Eric M. Leeper, Campbell Leith

NBER Working Paper No. 21867
Issued in January 2016
NBER Program(s):EFG

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary-fiscal regime. The article concludes with directions in which theoretical and empirical developments may go. The article is prepared for the Handbook of Macroeconomics, volume 2 (John B. Taylor and Harald Uhlig, editors, Elsevier Press).

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Document Object Identifier (DOI): 10.3386/w21867

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