摘要：The fiscal theory of the price level has challenged the conventional view that
monetary factors drive prices and exchange rates and has also provided a rationale
for fiscal restrictions in a monetary union. This paper reviews the main results and
compelling criticisms of this theory, analyzing the effects of monetary and fiscal
shocks under a fiscal regime. We pay special attention to the determinants of the
exchange rate and to the ways to eliminate the exchange rate indeterminacy that
arise under interest rate peg.
关键词：words: fiscal theory of the price level, exchange rates, endogenous rules
