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Fiscal Foundations of Price Stability in Open Economies

By Christopher A. Sims

Abstract

This draft is preliminary and incomplete. © 1997 by Christopher A. Sims. Single copies for personal use and multiple copies for educational and research purposes, are allowed, so long as this copyright notice is included in the copies, no changes are made in the document, and, in the case of multiple copies, the copies are distributed without any charge, even to reimburse the Large, economically advanced states issue public debt that is anonymously held, publicly traded in liquid markets, and regarded as essentially free of default risk. At the same time, they have monetary systems in which a central bank holds, as backing for its monetary liabilities, mainly the country’s own interest-bearing public debt. These aspects of monetary and fisca

Year: 1997
OAI identifier: oai:CiteSeerX.psu:10.1.1.195.8600
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