On the Low-Frequency Relationship Between Public Deficits and Inflation
利用美国1900-2011年数据，通过时变VAR模型估计财政赤字与通胀的低频关系，发现最强关联出现在1960年代中期至1980年，且与货币政策及其与财政政策的互动密切相关。
We estimate the low-frequency relationship between fiscal deficits and inflation and pay special attention to its potential time variation by estimating a time-varying VAR model for U.S. data from 1900 to 2011. We find the strongest relationship neither in times of crisis nor in times of high public deficits, but from the mid-1960s up to 1980. Our results suggest that the low-frequency relationship between fiscal deficits and inflation is strongly related to the conduct of monetary policy and its interaction with fiscal policy after World War II.