NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Understanding Inflation as a Joint Monetary-Fiscal Phenomenon

Eric M. Leeper, Campbell Leith

NBER Working Paper No. 21867
Issued in January 2016

---- Acknowledgments ----

This paper has benefited from collaborations and discussions with many coauthors and colleagues and we thank them. We also thank Jon Faust, Ding Liu, Jim Nason, Charles Nolan, Fei Tan, and Todd Walker for conversations and Bob Barsky, John Cochrane, John Taylor, and Harald Uhlig for comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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