Do Enlarged Fiscal Deficits Cause Inflation: The Historical Record

In this paper we survey the historical record for over two centuries on the connection between expansionary fiscal policy and inflation. As a backdrop, we briefly lay out several theoretical approaches to the effects of fiscal deficits on inflation: the earlier Keynesian and monetarist approaches;本文系统梳理了两个多世纪以来扩张性财政政策（expansionary fiscal policy）与通货膨胀（inflation）之间关联的历史史料。作为研究背景，本文简要阐述了财政赤字（fiscal deficits）对通货膨胀产生影响的若干理论路径：涵盖早期的凯恩斯主义（Keynesian）与货币主义（monetarist）研究范式。