Fiskalna teorija razine cijena u modelima sa nefleksibilnim cijenama

master's thesis

• Title (english): Fiscal theory of the price level in sticky price models
• Author: Bruna Bandula
• Mentor: Boris Cota (mentor)
• Committee member: Boris Cota (predsjednik povjerenstva)
• Committee member: Igor Pažanin (član povjerenstva)
• Committee member: Barbara Bošnjak (član povjerenstva)
• Committee member: Damir Bakić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Science; (Department of Mathematics); Zagreb
• Defense date and country: 2024-09-25, Croatia
• Scientific / art field, discipline and subdiscipline: NATURAL SCIENCES; Mathematics

Abstract

Klasične teorije inflacije pri analizi utjecaja monetarnih instrumenata zanemaruju pravila fiskalne politike. Fiskalna teorija razine cijena tvrdi kako u popularnoj klasi teorijskih modela inflacije, razinu cijena određuje monetarna politika u ovisnosti o pravilima fiskalne politike. Teorija polazi od vrednovanja državnog duga kroz sadašnju vrijednost budućih primarnih fiskalnih suficita, čime podlogu pronalazi u temeljnim idejama teorije upravljanja financijskom imovinom. Središnja banka... More definira ciljanu kamatnu stopu, koja određuje očekivanu stopu inflacije, a očekivanje budućih fiskalnih suficita određuje neočekivanu inflaciju. Inflacija proizlazi zbog niskih očekivanja o mogućnosti otplate državnog duga budućim fiskalnim suficitima. Fiskalnu teoriju ugrađujemo u Novokeynezijanski model, prevladavajući makroekonomski model kojeg koriste središnje banke. Analiziramo utjecaj monetarnih i fiskalnih šokova na razinu cijena koristeći pretpostavku duga u dugom roku. Teorija upućuje na važnost koordinacije monetarne i fiskalne politike u održavanju stabilne razine cijena, čime otvara put k novom pravcu razvoja monetarne politike. Less

Abstract (english)

When assessing the impact of monetary instruments, general theories of inflation often overlook the rules of fiscal policy. The fiscal theory of the price level argues that in a popular class of theoretical models of inflation, the price level is determined by monetary policy depending on the rules of fiscal policy. The theory is based on valuing government debt through the present value of future primary fiscal surpluses, using the fundamental ideas of asset management theory. The... More central bank sets a target interest rate, which determines the expected inflation rate, while the expectation of future fiscal surpluses determines unexpected inflation. Inflation arises due to low expectations regarding the ability to repay government debt through future fiscal surpluses. We incorporate the fiscal theory into the New Keynesian model, the prevailing macroeconomic model used by central banks today. We analyze the impact of monetary and fiscal shocks on the price level under the assumption of long-term debt. The theory highlights the importance of coordinating monetary and fiscal policy to maintain a stable price level, thereby paving the way for a new direction in the development of monetary policy. Less

• Keywords: teorija inflacije; fiskalna teorija razine cijena; monetarna politika; fiskalna politika
• Keywords (english): theory of inflation; fiscal theory of price level; monetary policy; fiscal policy
• Language: croatian
• URN:NBN: urn:nbn:hr:217:401393
• Study programme: Title: Financial and Business Mathematics; Study programme type: university; Study level: graduate; Academic / professional title: sveučilišni magistar matematike (sveučilišni magistar matematike)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2025-02-05 13:11:38