Disturbing the fiscal theory of the price level: Can it fit the eu-15?



to-GDP ratio. In other words, the FTPL does not seem to fit the EU-15, even if one
were to endorse its theoretical framework.

Annex - statistical sources

- Net lending (+) or net borrowing (-) excluding interest payments of general
government (Percentage of gross domestic product at market prices). AMECO Code:
1.0.310.0.UBLGI.

- Public debt; ESA 95; Maastricht and former definition (linked series) (Percentage of
gross domestic product at market prices). AMECO Code: 1.0.310.0.UDGGL.

- Total public receipts (Percentage of gross domestic product at market prices).
AMECO Code: 1.0.310.0.UTCTF.

- Price deflator of private final consumption expenditure. National currency. Index
number. AMECO Code: 3.1.0.0.PCPH.

Source: AMECO (ANNUAL MACRO ECONOMIC DATABASE): European
Commission, Directorate General, Economic and Financial Affairs, Directorate A:
Economic studies and research; Unit 2: Economic databases and statistical co-
ordination; Sector: Macro-economic database, November 2001.

References

Afonso, A. (2000). “Fiscal policy sustainability: some unpleasant European evidence,”
ISEG-UTL, Economics Department, Working Paper 12/2000/DE/CISEP.

Aiyagari. S. and Gertler, M. (1985). "The Backing of Government Bonds and
Monetarism,"
Journal of Monetary Economics, 16 (1), 19-44.

Alvarez, J. and Arellano, M. (1998). “The Time Series and Cross-Section Asymptotics
of Dynamic Panel Data Estimators,” Working Paper 9808 CEMFI, Madrid.

Andrés, J; Ballabriga, F. and Vallés, J. (2000). "Monetary Policy and Exchange Rate
Behaviour in the Fiscal Theory of the Price Level," Banco de Espanha, Documento de
Trabajo 0004.

Arellano, M. and Honoré, B. (2001) “Panel Data Models: Some Recent Developments,”
in Heckman, J. and Leamer, E. (eds.)
Handbook of Econometrics, Volume 5, Elsevier.

Auernheimer, L. and Contreras, B. (1991). "A Nominal Interest Rate Rule: the Case of
the Open Economy,"
mimeo, Texas A&M University, July.

Bassetto, M. (2001). “A Game-Theoretic View of the Fiscal Theory of the Price Level,”
Federal Reserve Bank of Minneapolis, Working Paper 612, March.

Begg, D. and Haque, B. (1984). “A Nominal Interest Rate Rule and Price Level
Indeterminacy Reconsidered,”
Greek Economic Review, 6 (1), 31-46.

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