dc.contributor.author | Alstadheim, Ragna | |
dc.date.accessioned | 2018-05-16T12:54:36Z | |
dc.date.available | 2018-05-16T12:54:36Z | |
dc.date.issued | 2005 | |
dc.identifier.isbn | 82-7553-302-3 | |
dc.identifier.isbn | 82-7553-303-1 | |
dc.identifier.issn | 0801-2504 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2498442 | |
dc.description.abstract | The Norwegian public sector has net financial assets. The fiscal theory of price determination applies equally to Norway and economies with net public debt: If primary surpluses evolve independently of nominal debt (or assets), the price level has to adjust to satisfy the intertemporal budget constraint of the public sector. In this ‘non-Ricardian’ regime, monetary policy cannot provide the nominal anchor. In the alternative ‘Ricardian’ regime, surpluses respond to debt, and monetary policy is the nominal anchor. The plausibility of NR regimes is disputed. I use fiscal data and oil prices to argue that the Norwegian regime is Ricardian. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;5/2005 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: E60 | nb_NO |
dc.subject | JEL: E63 | nb_NO |
dc.subject | Ricardian regime | nb_NO |
dc.subject | price level determinacy | nb_NO |
dc.subject | fiscal policy | nb_NO |
dc.subject | nominal anchor | nb_NO |
dc.title | Is the Price Level in Norway Determined by Fiscal Policy? | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 21 | nb_NO |