• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Andrey Kofnov
A Continuous-Time Stochastic Model of the Fiscal Theory of the Price Level and Consistency of Its Critique
Applied Economics
(Master’s programme)
10
2017
The paper tests the validity of the critique of the fiscal theory of the price level. A stochastic general equilibrium model with continuous time is constructed. An active fiscal policy and a passive monetary policy have been set. Monetary policy manages the interest rate through the Taylor’s rule. The stochastic default factor in the special form is introduced. A complete definite system of equations is obtained for the detection of equilibrium. It is asserted that the peculiarities of the approach to modeling are of critical importance for verifying the presence of certain hypotheses and formulating conclusions. The results of this work are in support of the fiscal theory of the price level.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses