?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fmpra.ub.uni-muenchen.de%2F1645%2F&rft.title=The+Relevance+of+the+fiscal+Theory+of+the+Price+Level+revisited&rft.creator=Thams%2C+Andreas&rft.subject=E52+-+Monetary+Policy&rft.subject=E31+-+Price+Level+%3B+Inflation+%3B+Deflation&rft.subject=E61+-+Policy+Objectives+%3B+Policy+Designs+and+Consistency+%3B+Policy+Coordination&rft.description=This+paper+analyzes+empirically+the+impact+of+fiscal+policy+on+the+price+level+for+Germany%0Aand+Spain.+We+investigate%2C+whether+the+fiscal+theory+of+the+price+level+(FTPL)+is+able+to%0Adeliver+a+reasonable+explanation+for+the+different+evolutions+of+the+price+levels+in+these%0Atwo+countries+during+recent+years.+We+apply+a+Bayesian+VAR+model+with+sign+restrictions%0Aon+the+impulse+responses+to+assess+the+relation+between+surpluses+and+public+debt.+The%0Aanalysis+basically+evidences+non-Ricardian+equilibria+in+Spain%2C+while+the+opposite+is+true+for+Germany.+We+interpret+this+as+evidence+for+the+inflation+differences+in+these+two+countries+being+partially+induced+by+fiscal+policy+shocks.&rft.date=2007-02-01&rft.type=MPRA+Paper&rft.type=NonPeerReviewed&rft.format=application%2Fpdf&rft.language=en&rft.identifier=https%3A%2F%2Fmpra.ub.uni-muenchen.de%2F1645%2F1%2FMPRA_paper_1645.pdf&rft.identifier=++Thams%2C+Andreas++(2007)%3A+The+Relevance+of+the+fiscal+Theory+of+the+Price+Level+revisited.++++&rft.language=en