Session 1: Eric M. Leeper – Understanding Monetary-Fiscal Policy Interactions: Part I

0:00:00 – Introduction
0:04:49 – Slide 1: Why policy interactions
0:07:00 – Slide 2: General Points about inflation
0:08:19 – Slide 3: General points about inflation
0:09:38 – Question
0:09:48 – Slide 3: General points about inflation
0:10:14 – Slide 4: Two kinds of government debt
0:12:05 – Slide 5: Two kinds of government debt
0:12:43 – Question
0:14:36 – Slide 5: Two kinds of government debt
0:15:34 – Slide 6: Game plan part 1
0:16:53 – Slide 7: What are “Consistent” Policies
0:18:46 – Slide 8: What are “Consistent” Policies
0:21:24 – Question
0:22:40 – Slide 8: What are “Consistent” Policies
0:23:07 – Slide 9: What are “Consistent” Policies
0:24:02 – Question
0:24:37 – Slide 9: What are “Consistent” Policies
0:24:49 – Slide 10: What are “Consistent” Policies
0:27:04 – Slide 11: Monetary models trivialize fiscal policy
0:28:37 – Slide 12: What are “Consistent” Policies
0:31:17 – Slide 13: The model
0:31:29 – Question
0:32:59 – Question
0:35:09 – Slide 14: The model
0:36:04 – Slide 15: The model
0:36:52 – Slide 16: The model
0:38:05 – Side 17 – The model
0:39:07 – Slide 18: Separate dynamics?
0:42:57 – Slide 19: Two tasks of policy
0:44:21 – Question
0:45:43 – Question
0:48:21 – Slide 21: Regime M
0:49:13 – Slide 22: Regime M
0:51:15 – Slide 23: Regime M
0:53:09 – Question
0:54:41 – Question
0:55:28 – Slide 23: Regime M
0:58:29 – Question
1:03:34 – Slide 26: Regime F
1:05:09 – Slide 27: Regime F
1:06:01 – Slide 28: Regime F
1:07:02 – Break
1:07:10 – Question
1:10:07 – Question
1:11:58 – Question
1:12:26 – Session continues
1:12:38 – Slide 38: Europe has backing problems
1:14:02 – Slide 39: Euro area: Policies and inflation
1:15:06 – Slide 40: Germany: Policies and inflation
1:15:26 – Slide 41: Sweden: Policies and inflation
1:16:16 – Slide 49: Consistent and effective policies
1:18:31 – Slide 54: Large ’emergency’ deficits
1:18:51 – Slide 55: Steady growth and nominal debt
1:19:06 – Slide 56: It worked! Prices rose
1:19:28 – Slide 57: Stabilized debt
1:21:46 – Slide 58: Some broader implications
1:22:27 – Question
1:23:19 – Question
1:24:09 – Question
1:27:06 – Question