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The fiscal theory of the price level makes a distinction between two kinds of policy-making regimes: a Ricardian and a non-Ricardian one. We analyse here the conditions under which these regimes can apply to different periods, some of them being troubled periods, in a given economy. The case of Lebanon, which has successively gone through periods of prosperity, war and reconstruction, offers a case study for the fiscal theory of the price level, and shows its empirical relevance.

Détermination du niveau des prix et finances publiques : le cas du Liban, 1965 – 2005