ǥ ʸ ʶ Ȥ ơˤޤȤ 褦 Ƥ 롢 Ȥ Τϡ Ʊ Ʊ ؽѻ ˤ ʤ ơ ޤ ʸ Ƥ 롢 Ȥ ȤǤ 礦 Ȥ ƣ Ω 줫 ǥ ե Ƥߤ Ȥ

ȥ Ǽ 夲 ꥹ ǥ ? ιͻ ϡ ݥ륤 Ρ ե β ñ 㲽 줿 Simplistic theories of inflation ˡפȤ ȥ ä Ÿ Ƥ Ʊ ݥ륤 Υ ȥ 롼 ޥ Υ ȥ ˮ ˤǤιͻ Τ ä ˤ Ƥ 롣
The Fiscal Theory of the Price Level is potentially another simplistic theory of inflation. This works from the identity phonegap that the real value of government debt must equal the discounted value of primary surpluses (taxes less government spending). It also can be used in a naive way: treat future primary surpluses as fixed, and any increase in nominal phonegap government debt must lead to higher prices. But, as Chris Sims explains in this nice exposition at Lindau, future primary surpluses are not fixed. If debt increases, future primary surpluses can increase to pay the interest on that additional debt, and more.
There may be some that say that we cannot trust politicians to do that. To which I say which planet have you been on for the last five years? As Brad DeLong reminds us for the US, this recession has been unusual in the zeal that governments have shown in rapidly reducing primary deficits, and of course in the Eurozone this zeal - embodied in the fiscal compact phonegap - has led to a second recession. Chris Sims raised the possibility that so great has this zeal been that even though nominal debt has risen, the price level might fall to make the identity hold.
One lesson I would draw from this is that the Fiscal phonegap Theory of the Price Level, like monetarism, is not a terribly helpful way of thinking about future inflation. The idea that we can take one variable, or one equation, and distil from that the future price level is a fantasy. What is surprising is that this fantasy has been, and still remains, so attractive for some economists.
ʪ κ ϡ Ĥ ե β ñ 㲽 줿 Ȥʤ 롣 Ư ϡ μ ϴ Ū Ǽ ٽ Ρˤγ ʤ ʤ ƤϤʤ ʤ Ȥ 餭 Ƥ 롣 ñ ʷ Ѥ 뤳 Ȥ Ǥ 롣 δ Ū ȸ С Τ ʤ ä ɬ ʪ 徺 ˤĤʤ 롣 ꥹ ॺ Υ Ǹ 褦 ˡ δ Ū ϸ ꤵ ƤϤ ʤ *1 ä 硢 ɲ Ū Ҥ Ť ʾ Ū 뤳 Ȥ 롣
ȤϿ ʤ Ȥ Ԥ 뤫 ʤ Ф ϡ 5ǯ ˤ ʤ Ϥɤ ˤ Τ ȿҤ åɡ ǥ ƹ ˤĤ Ʋ桹 褦 *2 Ū 뤳 Ȥ Ǯ Ȥ ǡ ʵ ǤϤʤ ä Ƹ ޤǤ ʤ 桼 Ǥϡ Ȥ Ƕ 줿 ξ Ǯ ϡ ʵ 餷 ꥹ ॺ ϡ ξ Ǯ 뤢 ޤꡢ ä Ƥ ʪ ब ǽ
η狼 䤬 Ф ΰ Ĥϡ ʪ κ ϡ ޥ ꥺ Ʊ ե Ǥ Ω Ĥ ΤǤϤʤ Ȥ ȤǤ 롣 Ĥ ѿ ʤ Ĥ Ф ơ 龭 ʪ Ƴ Ф 뤳 Ȥ Ǥ 롢 Ȥ Τϥե ʤ ä ϡ Υե кѳؼ 礤 դ ȡ Ӹ ߤ դ Ƥ 뤳 ȤǤ 롣
17 http://t.co/0b3OjO7GNB 11 http://feedly.com/index.html 10 http://t.co/GTA01J5AyX 5 http://www.google.co.uk/url?sa=t&source=web&cd=1 4 http://ask.fm/uncorrelated/answer/117581968701 4 http://t.co/NBTEC2v6y6 3 http://b.hatena.ne.jp/entry/d.hatena.ne.jp/himaginary/20140920/simplistic_theories_of_inflation 3 http://feedly.com/ phonegap 3 http://t.co/0MLw0BAKfO 3 https://www.google.co.jp/
[ к ] ꥢ ӥ ȹ [ ʳ ][ к ][ Ҳ ] ʳ Ū ʻ ͼ ȵ ǽ ʤ ʳ Ū ʻ ͼ [ к ]FRB Ƥ 1923ǯ θ [ к ] кѤˤ ͻ º Ū ԲȤΤ Ω ij [ к ] Զ [ к ] кѳػˤˤ ? [ к ] Ԥȥ [ к ] ƹ κ ܤξ Ǥΰ㤤 [ к ] ܤ ΰ㤤 21 [ к ][ Ҳ ] Ʊ ߤ ҳ Ӥ 夲
2014-12-20   ɤ Ϥ 2014-12-13   2014-11-22  oumu79358 2014-07-27  shavetail1 2011-04-10  shavetail1 2014-10-27   ܡ 2014-09-24  himaginary 2014-09-24  keizaikaisekiroom 2014-10-14  anoma 2014-10-13  anoma 2014-09-30  himaginary 2014-09-30  maeda_a 2014-09-23  himaginary 2014-09-23  perfectspell 2014-09-23  himaginary
2010-12-29 phonegap   ȥ 2/3? 굡 ȤȤ Ƥμ 2014-08-02   5/5? Ѿ Ϥʤ 2011-04-09   ư Υ Υ ɤ - ʵ ȳʺ ȡ ܤ ü פˤ ... 2013-04-01   ?7 ǯ? ƱѤ ƴ Ƥ 2014-11-09 phonegap   Ϲ DT01ACA300 Ǥ
John Quiggin 塼 μҲ ʳ Ū Think outside the box Moneybox Free exchange: our economics blog | The Economist Noahpinion phonegap mainly macro The Longing Rock The Grumpy Economist Mostly Economics ƥ ߤ ? ߤ ? naked capitalism Grasping Reality with Both Hands: The Semi-Daily Journal of Economist Brad DeLong Worthwhile Canadian Initiative The Curious Capitalist - Commentary on the economy, the markets, and business - TIME.com FT Alphaville phonegap Economist s View Marginal Revolution The Baseline Scenario
ǥ ʸ ʶ Ȥ ơˤޤȤ 褦 Ƥ 롢 Ȥ Τϡ Ʊ Ʊ ؽѻ ˤ ʤ ơ ޤ ʸ Ƥ 롢 Ȥ ȤǤ 礦 Ȥ ƣ Ω 줫 ǥ ե Ƥߤ Ȥ