The Fiscal Theory of the Price Level
批判性评述了价格水平的财政理论，该理论认为财政当局的预算政策是价格水平的主要决定因素，挑战了央行控制价格水平的传统观点。
A traditional function of the central bank is to control the price level. The fiscal theory of the price level challenges this assumption, arguing instead that the fiscal authority's budgetary policy is the primary determinant of the price level. The authors provide a critical review of the fiscal theory and its implications for monetary policy.