The fiscal theory of the price level (Record no. 5937)

MARC details
000 -LEADER
fixed length control field 02354nam a22002057a 4500
005 - DATE AND TIME OF LATEST TRANSACTION
control field 20240210132048.0
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
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020 ## - INTERNATIONAL STANDARD BOOK NUMBER
International Standard Book Number 9780691242248
082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER
Classification number 339.53
Item number COC
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Cochrane, John H.
245 ## - TITLE STATEMENT
Title The fiscal theory of the price level
260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT)
Name of publisher, distributor, etc. Princeton University Press
Place of publication, distribution, etc. New Jersey
Date of publication, distribution, etc. 2023
300 ## - PHYSICAL DESCRIPTION
Extent xxvi, 558 p.
365 ## - TRADE PRICE
Price type code USD
Price amount 99.95
520 ## - SUMMARY, ETC.
Summary, etc. Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates.<br/><br/>John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation.<br/><br/>Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.<br/><br/>(https://press.princeton.edu/books/hardcover/9780691242248/the-fiscal-theory-of-the-price-level)
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Inflation (Finance)
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Monetary policy
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Pricing
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Koha item type Book
Source of classification or shelving scheme Dewey Decimal Classification
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Collection code Bill No Bill Date Home library Current library Shelving location Date acquired Source of acquisition Cost, normal purchase price Total Checkouts Full call number Accession Number Checked out Date last seen Date checked out Copy number Cost, replacement price Price effective from Koha item type
    Dewey Decimal Classification     Finance & Accounting TB3444 24-01-2024 Indian Institute of Management LRC Indian Institute of Management LRC General Stacks 02/10/2024 Technical Bureau India Pvt. Ltd. 5626.19 1 339.53 COC 005732 03/18/2025 12/18/2024 12/18/2024 1 8655.67 02/10/2024 Book

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