Inflation and the Financing of Government Expenditure: an Introductory Analysis with an Application to Turkey
提出了一个简单框架，用于评估财政赤字与通货膨胀等宏观经济目标的一致性，并分析了政府债务对当前与未来调整权衡的影响，最后以1985年土耳其为例展示了该框架的应用。
This article presents a simple framework to assess the consistency of appropriately defined fiscal deficits with other macroeconomic targets, such as inflation. It also considers the relation of fiscal deficits to output growth, real exchange rate developments, and management of internal and external debt. Finally, it considers the implications of relying on interest-bearing government debt to postpone the adjustment necessary to restore consistency with inflation targets. It demonstrates how the intertemporal budget constraint of the government creates a tradeoff between current and future adjustment. Real interest rates and output growth rates are shown to determine the terms at which this tradeoff takes place. The usefulness of this framework is demonstrated through an analysis of fiscal policy options in Turkey in 1985.