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The Shift to Market-Based Public Debt
The Price Level and the Inflation Rate
Location:
Online
Type:
Other
YSI Presenters
Description
This our weekly discussion of the price level as it relates to Perry Mehrling's money view. The price level is the average price of goods in terms of money or, equivalently, the price of money in terms of goods. But what determines the price level? Why is the price level important? And how does it fit into the money view?
This week, we will explore what happens when public-debt management shifts away from the state toward central banks and financial markets. How does this shift constrain public borrowing and other fiscal policy? To what extent does it constrain the price level of goods and services?
To prompt discussion, we're reading a chapter by Anush Kapadia and Benjamin Lemoine from the 2020 book A World of Public Debts.
Hosted by Working Group(s):
Organizers
Attendees
Alex Howlett
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