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999			_c517125 _d517125
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100			_aBenigno, Pierpalolo _926147
245			_aA Central Bank theory of price level determination
260			_aAmerican Economic Journal Macroeconomic
300			_a12(3), Jul, 2020: p.258-283
520			_aThis paper develops a theory in which the central bank can control the price level without fiscal backing. It is shown that the remittances policy and the balance sheet of the central bank are important elements to specify. A central bank that is appropriately capitalized can succeed in controlling prices by setting the interest rate on reserves, holding short-term assets, and rebating its income to the treasury from which it has to maintain financial independence. – Reproduced
773			_aAmerican Economic Journal Macroeconomic
906			_aFINANCIAL INSTITUTIONS
942			_cAR