Deficits and Inflation: HANK meets FTPL
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In the Fiscal Theory of the Price Level (FTPL), households are Ricardian, so fiscal deficits drive output and inflation only when the fiscal authority is active or dominant. In the Heterogeneous Agent New Keynesian (HANK) paradigm, households are instead non-Ricardian, so deficits invariably drive
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美国国家经济研究局创建时间：
2024-11-01
