ARTICLE IN PRESS
Understanding Inflation as a Joint
Monetary–Fiscal Phenomenon
E.M. Leeper*, C. Leith
*Indiana University and NBER, IN, United States
University of Glasgow, Glasgow, United Kingdom
Contents
1. Introduction 2307
1.1 Some Observations 2307
1.2 Our Remit 2309
1.3 What Is the Fiscal Theory? 2309
1.3.1 Real vs Nominal Government Debt ...


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