Fiscal Foundations of Inflation: Imperfect Knowledge
提出基于不完全知识和学习的通胀财政基础理论，发现不完全知识打破李嘉图等价，使公共债务的规模和构成影响通胀，并通过反事实实验表明美国债务水平若如意大利或日本，经济波动会更大。
This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. Because imperfect knowledge breaks Ricardian equivalence, the scale and composition of the public debt matter for inflation. High and moderate duration debt generates wealth effects on consumption demand that impairs the intertemporal substitution channel of monetary policy: aggressive monetary policy is required to anchor inflation expectations. Counterfactual experiments conducted in an estimated model reveal that the US economy would have been substantially more volatile over the Great Inflation and Great Moderation periods if US debt levels had been those observed in Italy or Japan.