
(AGENPARL) – COPENHAGEN mar 30 maggio 2023 We develop a model with partially unfunded debt to propose a fiscal theory of persistent inflation. After the pandemic, unfunded fiscal shocks sustain the recovery, but also cause a persistent increase in inflation. The model predicts the inflationary effects of the ARPA stimulus out of sample and using real-time data.
Fonte/Source: http://www.nationalbanken.dk/en/publications/Pages/2023/05/Working-Paper-A-Fiscal-Theory-of-Persistent-Inflation.aspx